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HVAC Variable Frequency Drive Market to Hit USD 3.99 Billion by 2027; Stringent Government Regulation to Promote Energy-Efficient HVAC Products to Aid Growth

February 17, 2021 | Energy & Power

The global HVAC variable frequency drive market size is expected to reach USD 3.99 billion by 2027. This is attributable to the presence of stringent government regulations to reduce the greenhouse gases emission levels that is likely to propel the demand for HVAC variable frequency drives across the globe. This information is published by Fortune Business Insights in its latest report, titled, “HVAC Variable Frequency Drive Market Size, Share & Covid-19 Impact Analysis, By Type (AC Drive, DC Drive, and Servo Drive), By Power Range (Micro, Low, Medium and High), By Application (Residential, Commercial, and Industrial), and Regional Forecast, 2020-2027.” The report further observes that the market stood at USD 3.16 billion in 2019 and is projected to exhibit a CAGR of 5.8% between 2020 and 2027.


Rockwell Automation Launches PowerFlex 6000T Medium Voltage Drive to Amplify its Market Position


Rockwell Automation has been one of the pioneers in the global market for HVAC variable frequency drive through its constant focus on innovations. The company, in April 2020, announced the launch of PowerFlex 6000T medium voltage drive that is preconfigured with advanced visual user interface, data translator, and data configurator. Additionally, the drive consists of a 10” color touchscreen equipped with HIM and forensic data recorder functionality that can be used in input power monitoring capabilities for kVA, kW, kVAR, and others. The launch is expected to strengthen its position in the global marketplace.


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


https://www.fortunebusinessinsights.com/hvac-variable-frequency-drive-market-104845


Imposition of Stringent Government Regulations to Reduce Carbon Emissions to Aid Growth


The European Union (EU) has put forth an Energy Performance of Buildings Directive 2010/31/EU (EPBD) and the Energy Efficiency Directive 2012/27/EU that promotes policies to achieve energy-efficient and decarbonized infrastructure by 2050. The imposition of stringent government regulations to ensure reduction of carbon emissions and prevent degradation of the environment is expected to surge the demand for advanced HVAC variable frequency drives worldwide. Moreover, the increasing consumer awareness regarding the energy efficient HVAC products is anticipated to bode well for the global HVAC VFD market growth in the forthcoming years.


Product Innovation by Major Companies to Brighten Their Market Prospects


The global market is experiencing a healthy competition among the companies that are focusing on maintaining a stronghold by developing advanced HVAC variable frequency systems. Additionally, other key players are adopting strategies such as merger and acquisition, collaboration, and partnership that will contribute to the growth of the market during the forecast period.


Industry Development:



  • November 2020 - Rockwell Automation, Inc. announced the expansion of its Kinetix line of servo drives with intelligent and scalable solutions. The expansion is aimed at strengthening its footprint in the global marketplace.


List of the Companies Profiled in the Global Market for HVAC Variable Frequency Drive:



  • 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


Further Report Findings:



  • Asia-Pacific is expected to dominate and hold the highest position in the global HVAC variable frequency drive market in the forthcoming years. This dominance is attributable to the increasing investment by government and private agencies to develop advanced HVAC variable frequency drives with an aim to boost automation solutions across the building and construction sector in the region. Asia-Pacific stood at USD 1.14 billion in 2019.

  • On the other hand, the market in North America is expected to hold the second position in the market owing to the massive technological advancement in the automation sector that is likely to drive the demand for HVAC VFDs in the region between 2020 and 2027. 

  • Based on application, the commercial segment is expected to showcase exponential growth during the forecast period. This is ascribable to factors such as the rising commercial spaces such as hospitals, restaurants, supermarkets that propels the demand for advanced HVAC variable frequency drives. The segment held a HVAC variable frequency drive market share of about 48.6% in 2019.


Table of Segmentation


















































 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)


Global HVAC Variable Frequency Drive Market
  • PDF
  • 2019
  • 2016-2018
  • 250

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