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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
HVAC Drive Market Analysis by Region
North America leads the market due to rising urbanisation and industrialisation
North America holds a substantial share of the global market on account of the increasing availability of manufacturers and distributors of HVAC drives. Growing industrialisation coupled with surging demand for electricity and power, and rapid urbanisation in countries like the United States is further driving the market growth of HVAC drive in the North American region.
The Asia Pacific region is expected to gain momentum in the HVAC drive market on account of the rising demand for HVAC systems. This is due to hot weather, rise in average temperatures, and climatic fluctuations in countries like India, Japan, China, and Indonesia, along with developing infrastructure in the region. The growing population with expansion strategies by market players like Fuji Electric Co., Ltd. are expected to fuel the market growth of HVAC drives in the region.
HVAC Drive Market Report Snapshots
HVAC Drive Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global HVAC Drive market attained a value of nearly USD 3.13 billion.
The market is assessed to grow at a CAGR of 5.7% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach almost USD 5.15 billion by 2032.
The major market drivers are changing lifestyles, rapid urbanisation, increasing demand for electricity and power, and innovative marketing strategies by market players.
The key market trends guiding the growth of the market include the growing adoption of HVAC drive in various industries, technological advancements, and infrastructure development.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The various types that are available in the market are DC drives and AC drives, among others.
The different power ranges available for HVAC drives include less than 10 KW, 10-100 KW and above 100 KW.
The different applications in the market are air handling units, cooling towers, and pumps, among others.
The major market divisions, based on end-use, include industrial, commercial, and residential.
The major players in the market are Mitsubishi Electric Corporation, ABB Ltd., Johnson Controls, Siemens AG, Hitachi, Ltd., Eaton Corporation plc, Fuji Electric Co., Ltd., and Yaskawa America Inc., among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124