HVAC Drives Market to Reach $2.69 Billion by 2027; MARELLI Partners Up with Shanghai Highly to Strengthen its Position in China

The global HVAC drives market size is projected to reach USD 2.69 billion by 2027. Nowadays, state-of-the-art HVAC drives are proving to be an important energy management tool. They are equipped with the diagnostic alert function that notifies the staff immediately in case of broken pipes or leakages. Fortune Business Insights™ published this information in a new study, titled, “HVAC Drive Market Size, Share & COVID-19 Impact Analysis, By Type (DC Drives, AC Drives and Others), By Power Range (Less Than 10 KW, 10-100 KW and 101 and Above KW), By Application (Air Handling Units, Pumps, Cooling Towers and Others) and Regional Forecast, 2020-2027.” The study further mentions that the market stood at USD 2.34 billion in 2019. It is set to exhibit a CAGR of 2.8% during the forecast period between 2020 to 2027.

Yaskawa America Unveils HV600 Variable Speed Drives and Packages

In September 2020, Yaskawa America, Inc., a robotics company headquartered in Japan, announced that its Drives & Motion Division is launching the brand new ‘HV600 Variable Speed Drives and Packages’ for shipment and sale immediately. These drivers provide quick connectivity and high contrast display with Android smartphones. It can also enhance embedded BAS protocol communications. Whether a customer needs multiplex pump control or an advanced bypass control, these drivers will meet all requirements.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/hvac-drive-market-104661

Rising Integration of HVAC Drives in Hospitals to Bolster Growth

Hospitals are mainly considered to be an extremely energy-intensive building. Such spaces represent over 50% of their energy costs and account for approximately 18% of their delivered energy use. In such cases, the integration of these drives can play a vital role in being a useful energy management tool. It can further help to look into the total energy savings. Besides, they are capable of managing the flow of energy and temperature efficiently in hospitals. These factors are expected to accelerate the HVAC drive market growth in the near future.

Key Players Aim to Enhance Their Positions by Joining Hands with Renowned Firms

The market for HVAC drives possesses a large number of companies that are mainly focusing on broadening their pre-existing product ranges to meet the changing demand from customers. Some of the others are also participating in the partnership and collaboration strategy to strengthen their positions in the global market.

Fortune Business Insights™ lists out the names of all the prominent HVAC drives manufacturers operating in the global market. They are as follows:

• Siemens AG (Germany)
• ABB (Switzerland)
• Danfoss A/S (Denmark)
• YASKAWA Electric Corporation (Japan)
• Regal Beloit Corporation (United States)
• Fuji Electric Co., Ltd. (Japan)
• Eaton (Ireland)
• WEG Industries (Brazil)
• Schneider Electric (France)
• Galco Industrial Electronics, (United States)

A Notable Industry Development-

• August 2019: MARELLI, a renowned automotive supplier, joined hands with Shanghai Highly (Group) Co., Ltd. (Highly), a China-based organization. It would help the former enhance its position in the Chinese market and invest more in electrification technologies. Apart from this collaboration, they have also decided to set up a joint venture for operating the business owned by MARELLI.

Further Report Findings-

• In 2019, North America generated USD 0.71 billion in terms of revenue. It is set to remain at the forefront throughout the forthcoming years because of the implementation of strict norms by government agencies to lower carbon emissions and create a sustainable environment.
• Asia Pacific is anticipated to grow significantly in the upcoming years on account of the presence of multiple unauthorized and authorized local HVAC drives manufacturers in Japan, India, and China.
• Based on type, the DC drives segment held 13.4% in terms of the HVAC drive market share in 2019 in the U.S. The segment is set to grow gradually fueled by the usage of these drives in production units, fabrication, and warehouse sorting equipment.

The global market can be segmented in the following way: