USD 3.74 billion
Report ID:
SQMIG20D2079 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
91
|Figures:
70
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.
Global Market Size
USD 3.74 billion
Largest Segment
AC Drive
Fastest Growth
AC Drive
Growth Rate
5.8% CAGR
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Global HVAC variable frequency drive market is segmented based on type, power range, application, and region. Based on type, the market is segmented into AC Drive, DC Drive, and Servo Drive. Based on power range, the HVAC Variable Frequency Drive Market is segmented into micro, low, medium, and high. On the basis of application, the market is segmented as residential, commercial, and industrial. Based on region, HVAC Variable Frequency Drive Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
HVAC Variable Frequency Drive Market Analysis by Type
Based on type, HVAC variable frequency drive market is segmented into AC Drive, DC Drive, and Servo Drive. The AC drives segment accounted for a revenue share exceeding 68% in 2021. The growth can be attributable to the benefits of AC drives such as providing easy installation, high power compared to others, and minimal maintenance. The AC drives deliberately optimize energy-efficiency by different speed controls in normal and heavy-duty applications; and it is commonly used where difference in a current draw between low and medium voltage becomes significant.
The DC drive segment is anticipated to register moderate growth in the target market as DC drives have a high amount of power to generate initially, speed control, fast operating in terms of starting, ending, reversing and acceleration; which may be adopted across the globe.
HVAC Variable Frequency Drive Market Analysis by Power Range
Based on type, the HVAC variable frequency drive market is segmented into micro, low, medium, and high. The low power range segment is a group of adjustable speed drive and principally used in electro-mechanical drive systems to control AC motor speed and force differing motor input frequency and voltage. This range is largely applicable in various industrial applications.
The medium power range variable frequency drive facilitates flexibility in several applications including pumps, fans, and others which need variable speed motor control. These drives are designed to generate more energy efficiency by soft starting and different speed control in both normal & heavy-duty applications.
HVAC Variable Frequency Drive Market Analysis by Application
On the basis of application, the market is segmented as residential, commercial, and industrial. The residential sector includes private homes, apartment houses, and hotels, where HVAC systems used to balance a consistent temperature and improve air quality.
The commercial section consists of departmental stores, buildings, universities, museums, shopping centers, restaurants, and others; where in the commercial buildings, the conditioned part of a single-zone is served by the HVAC system.
Whereas, the industrial sector includes automobiles, aircraft, hospitals, cruise ships, and others and this VFD serves efficient temperatures to maintain the exact temperatures and humidity according to the industrial sector preference.
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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.
North America is holding the second spot in the market share because of the growing demand for building & construction activities in the region coupled with the increasing demand for the automation sector; and thus, it adds a positive impact to the regional growth.
Due to the availability of cold climates in the European region, the countries in the region require heat for commercial and residential sectors. As a result, it is bringing demand for HVAC variable frequency drives.
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HVAC Variable Frequency Drive Market Drivers
Rise of Construction Activities to Bolster Market Growth
HVAC Variable Frequency Drive Market Restraints
High Cost to Hinder Market Growth
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Global 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.
HVAC Variable Frequency Drive Market Top Player's Company Profiles
HVAC Variable Frequency Drive Market Recent Developments
In July 2022, MTE Corporation, a prominent leader in delivering power quality solutions, released Matrix Air EC Motor Filter for growing energy efficiency in HVAC-R and Data Center Cooling Applications.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global HVAC variable frequency drive market analysis, virtual frequency drive regulates the motor speed very efficiently within a broad range and the lower motor speed, however, delivers a crucial reduction in motor power. Rapid industrialization in developing countries is resulting in high growth in the industrial and production sectors, which is fuelling the increasing demand for variable frequency drive. The governments are largely focussing on planning and execution to meet energy efficiency and CO2 emission goals to reduce greenhouse gas emissions, which in turn growing the HVAC VFD market over the anticipated timeline. However, the stoppage or sluggish production facilities due to several factors just like previous crisis situations due to the coronavirus pandemic, may result negatively to the market growth.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 3.74 billion |
Market size value in 2031 | USD 6.21 billion |
Growth Rate | 5.8% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the HVAC Variable Frequency Drive Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the HVAC Variable Frequency Drive Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the HVAC Variable Frequency Drive Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Report ID: SQMIG20D2079