Global HVAC Variable Frequency Drive Market

HVAC Variable Frequency Drive Market Size, Share, Growth Analysis, By Type(AC Drive, DC Drive, and Servo Drive), By Power range(Micro, low, medium, and high), By Application(Residential, commercial, and industrial), By Region - Industry Forecast 2024-2031

Report ID: SQMIG20D2079 | Region: Global | Published Date: April, 2024
Pages: 202 | Tables: 91 | Figures: 70

HVAC Variable Frequency Drive Market Dynamics

HVAC Variable Frequency Drive Market Drivers

Rise of Construction Activities to Bolster Market Growth

Increasing preference of making investments in infrastructure advancements due to the growing urbanization in the developing economies, energy efficiency in buildings, increasing construction activities and others are driving the market growth.

Increasing consumer awareness for energy efficiency products which comprises features that reduce carbon emissions may also drive the global market during the aforementioned forecast period.

HVAC Variable Frequency Drive Market Restraints

High Cost to Hinder Market Growth

The overpricing of various devices such as filter, exhaust outlets, induction motor, electrical elements, compressor, coils, blower and others of HVAC system and also due to other factors like the systems require larger space. As a result, it is negatively impacting the growth of the HVAC variable frequency drive, because it suffers from low power factor, harmonics, and operational noise.

HVAC Variable Frequency Drive Market Report Snapshots

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HVAC Variable Frequency Drive Market size was valued at USD 3.74 billion in 2022 and is poised to grow from USD 3.96 billion in 2023 to USD 6.21 billion by 2031, growing at a CAGR of 5.8% during the forecast period (2024-2031).

HVAC variable frequency drive market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'ABB Ltd.', 'Siemens AG', 'Schneider Electric SE', 'Rockwell Automation, Inc.', 'Mitsubishi Electric Co.', 'Yaskawa Electric Corporation', 'RoMan Manufacturing, Inc.', 'Danfoss', 'Hammond Power Solutions', 'Controlled Magnetics, Inc.', 'TCI, LLC', 'Badger Magnetics, Inc.', 'MGM Transformer Company', 'L/C Magnetics'

Increasing preference of making investments in infrastructure advancements due to the growing urbanization in the developing economies, energy efficiency in buildings, increasing construction activities and others are driving the market growth.

The wide acceptance of HVAC variable frequency drive is increasing in several industries, modification of new technologies, and also the growing infrastructural developments, are boosting the market. The HVAC market is growing tremendously due to its properties like energy efficiency, converting power in hybridization applications, lowering mechanical load on machines, induction motor size, and others.

Asia Pacific (APAC) is assumed to hold a significant share in the HVAC variable frequency drive market owing to the increasing preference on the infrastructural upgradation in several countries including Australia, Japan, and China. The growing Foreign Direct Investments in the industrial and manufacturing sectors will also propel the market growth during the forecast period. The growing urbanization, the rising need for energy efficiency in buildings, rapid industrialisation in emerging economies, and others are also anticipated to add a positive impact to the market growth of HVAC variable frequency drive.

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HVAC Variable Frequency Drive Market Size, Share, Growth Analysis, By Type(AC Drive, DC Drive, and Servo Drive), By Power range(Micro, low, medium, and high), By Application(Residential, commercial, and industrial), By Region - Industry Forecast 2024-2031

HVAC Variable Frequency Drive Market Dynamics

HVAC Variable Frequency Drive Market Report Snapshots

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