HVAC Variable Frequency Drive Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

HVAC Variable Frequency Drive Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of HVAC variable frequency Market

The HVAC variable frequency market size was valued at USD 3.16 billion in 2019, and the market is now projected to grow to USD 5.35 billion by 2032, exhibiting a CAGR of 5.9% during the forecast period of 2020-2027.

The COVID-19 outbreak has affected the development of the global HVAC VFD market significantly. This global infection problem has diversified the crisis through the evolution of this world; Every country transit in an unbelievable situation. The key influences of the current changes are the cut down demand across the globe and continued price chopping that affected severalties of the financial market. The market has also been hindered by the reduction in new construction projects, and the closure and slowdown of manufacturing industries and business premises throughout the world. These factors are hampering the HVAC variable frequency market growth.

The rising demand to consume products with minimum energy usage and fulfilling the climate change goals and regulations is expected to benefit the global market in the forecast period. Many nations around the world are now setting policies on energy-efficient products The ten countries that have signed PL mutual recognition deals are: For example, the US Environmental Protection Agency (EPA) put into force of the US Energy Independence and Security Act (EISA) that compels organisations to develop energy efficient goods. Therefore, several key players are always striving for more industrial solutions that guarantee energy efficiency, new age wireless systems, integrated controls, compactness, faster installation, and better finish work. These factors drive the HVAC variable frequency market shares.

HVAC variable frequency drives are primarily used in the building & construction sector because they guarantee that the building provides the correct temperature and setting for ventilation throughout the structure. The controlled air distribution in most HVAC systems employs a variable volume fan system. According to the research, it is established that the widely used application of an HVAC VFD is in the control of pumps, fans, as well as compressors. Commercial VFDs can operate with the ability of exercising speed and/or torque control. In addition, they link networking with diagnostics allowing the control of its performance and further enhancement of productivity. HVAC VFD are ideal for use in building automation systems due to their ability to deliver energy savings, integrated intelligent motor control and peak current reduction.

Comprehensive Analysis of HVAC variable frequency Market

The HVAC variable frequency market is responding quite an unprecedented rate of growth because of its market segmentation. This indicators growth in different regions by substituting the major forces of supply and demand which define the shape of local pharmacy benefit management market. Therefore, they are logically divided into 3 Segments, By Type Analysis, By Power Range and By Application Analysis. The market by type is classified into AC drive, DC drive, and servo drive. The major segment of the market in 2019 was the AC drive segment due to the increased demand for photovoltaic systems. AC drives are designed for variable speed control and soft starting in normal duty and additionally in heavy duty services. Depending on the power range it classified into four segments, namely micro power, low power, medium to high power. Out of them, medium power range segment hold the largest market share in the battery electric car market in 2019. Medium variable frequency drives are used in a variety of choice applications such as fans, pumps, compressors and any other motor speed variable application. According to application, the global market is divided into the residential, commercial, and industrial segments. The commercial building type category include offices, shopping malls, hypermarkets, commercial and educational institution, art gallery, indoor sporting facility, theatre, cinema, leisure centre, shopping arcade, food court, restaurants and cafes.

The Asia Pacific region stood at USD 1.14 Billion in 2019. The region is expected to remain dominant owing to the fast-growing industrialized as well as the urbanization factor. Further, the growing investment by governments and private agencies towards the development of building automation sector will benefit the regional growth of the market significantly.

ABB Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), Rockwell Automation, Inc. (U.S.), Mitsubishi Electric Co. (Japan), Yaskawa Electric Corporation (Japan), RoMan Manufacturing, Inc. (U.S.), Danfoss (Denmark), Hammond Power Solutions (Canada), Controlled Magnetics, Inc. (U.S.), TCI, LLC (U.S.), Badger Magnetics, Inc. (U.S.), MGM Transformer Company (U.S.) and L/C Magnetics (U.S.) are significant players in the Power market. They are the key player that ensures the industry's success while still having to keep pace with their innovation in product and services. They offer a competitive zone that incites the growth of technologies and quality assurance. They operate on a global scale and have a wide range of product lines ensuring that the market players compete on a fair playing field bringing in innovations that result in the market's evolution.

In May 2020, Abb and Metsä fibres agreed on a deal of for EUR 40 million. According to the deal, ABB Finland will provide electrification and drive technology for the planned bioproduct mill for Metsä Fibre in Kemi, northern Finland.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2016-2027

Base Year 2019

Forecast Period 2020-2027

Historical Period 2016-2018

Unit Value (USD Billion)

Segmentation By Type; Power Range; Application; and Region

By Type

AC Drive

DC Drive

Servo Drive

By Power Range

Micro

Low

Medium

High

By Application

Residential

Commercial

Industrial

By Region By Region

North America

By Type

By Power Range

By Application

U.S. (By Application)

Canada (By Application)

Europe

By Type

By Power Rating

By Application

UK (By Application)

Germany (By Application)

France (By Application)

Italy (By Application)

Spain (By Application)

Russia (By Application)

Rest of Europe (By Application)

Asia Pacific

By Type

By Power Rating

By Application

China (By Application)

India (By Application)

Japan (By Application)

Australia (By Application)

Southeast Asia (By Application)

Rest of Asia Pacific (By Application)

The Middle East & Africa

By Type

By Power Rating

By Application

GCC (By Application)

South Africa (By Application)

Rest of the Middle East & Africa (By Application)

Latin America

By Type

By Power Rating

By Application

Brazil (By Application)

Mexico (By Application)

Rest of Latin America (By Application)