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 2025-2032


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

HVAC Variable Frequency Drive Market Insights

HVAC Variable Frequency Drive Market size was valued at USD 3.96 Billion in 2023 and is poised to grow from USD 4.19 Billion in 2024 to USD 6.57 Billion by 2032, growing at a CAGR of 5.8% during the forecast period (2025-2032).

The rising demand for HVAC systems is due to the increasing investment in infrastructural development for building energy efficiency. This factor is expected to positively impact the target market growth. A variable frequency drive (VFD) is a motor controller-like operates an electric motor by varying frequency and voltage supplied to the electric motor; and is commonly used in the HVAC industry in several areas. Variable frequency drives are used by induction, forced draft fans, boiler feed pumps, and others which helps in providing higher power, precise speed control, and significant energy savings.

Stringent regulations are executed by governments to reduce the CO2 impact on the environment and also save energy, which may increase adoption of energy-efficient products. This is however, resulting in the market growth during the anticipated period. The outbreak of coronavirus attributed to the market growth because of the Implementation of strict lockdown and shut down of production facilities resulted in a downfall in demand for variable frequency drives. 

US HVAC Variable Frequency Drive Market is poised to grow at a sustainable CAGR for the next forecast year.

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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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Global HVAC Variable Frequency Drive Market

Report ID: SQMIG20D2079

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