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

Global 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).

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.