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HVAC Variable Frequency Drive Market to Reach USD 3.99 Billion by 2027; Rising Construction & Building Sector to Favor Growth: Fortune Business Insights™

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Pune, India, Feb. 18, 2021 (GLOBE NEWSWIRE) — The global HVAC variable frequency drive market size is expected to gain momentum by reaching USD 3.99 billion while exhibiting a CAGR of 5.8% between 2020 and 2027. This is attributable to the rising construction and building sector and the growing demand for energy-efficient HVAC systems that will boost the adoption of HVAC variable frequency drives globally. 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.”, mentions that the market stood at USD 3.16 billion in 2019.COVID-19 Impact: Market to Exhibit -15.05% CAGR in 2020The global HVAC Variable Frequency Drive Market is likely to experience a negative CAGR of -15.05% in 2020 owing to the effects of the COVID-19 pandemic. The reduced number of construction projects and temporary shutdown of industrial operations is likely to impact the market. However, the market will soon experience a pre-pandemic level of growth once the effects of the novel coronavirus subsides and things return to normalcy.In HVAC variable frequency drive (VFD) an electric motor is driven by varying the frequency and voltage levels of the power supply. The VFD has a capacity to control the ramping-up and ramping-down of the motor during the start/stop process. It ensures smooth startup of the motor across light-duty and heavy-duty HVAC applications.
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What does the Report Include?
The HVAC Variable Frequency Drive Market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate that will further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the HVAC Variable Frequency Drive Market growth during the forecast period.DRIVING FACTORSRising Construction and Building Sector to Stimulate GrowthAccording to the data by the Central Intelligence Agency, the urban population is most likely to double compared to the rural population by 2040. The growing urbanization and industrialization is expected to bode well for the growth of the construction and building sector due to the increasing demand for advanced infrastructure. This is expected to surge the adoption of advanced HVAC variable frequency drives globally. Moreover, taking into consideration the degrading climate and the rising carbon emission levels, the demand for energy efficient HVAC systems is expected to contribute to the global HVAC Variable Frequency Drive Market growth in the forthcoming years.Click here to get the short-term and long-term impact of COVID-19 on this HVAC VFD market.
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SEGMENTATIONCommercial Segment Held 48.6% Market Share in 2019Based on application, the commercial segment held a market share of about 48.6% in 2019 and is expected to showcase exponential growth due to increasing number of commercial settings such as supermarkets, hospitals, and convenience stores that require advanced HVAC variable frequency drives for improved energy efficiency across the globe.REGIONAL INSIGHTSAsia-Pacific to Remain at Forefront; Rapid-Paced Urbanization to Augment GrowthAsia-Pacific – The region stood at USD 1.14 billion in 2019 and is expected to hold the highest HVAC variable frequency drive market share in the forthcoming years. This is attributable to the rapid-paced urbanization and industrialization in countries such as China, India, and Japan that are likely to boost the adoption of HVAC variable frequency drives in the region between 2020 and 2027.North America – The region is expected to hold the second position in the market during the forecast period. This is ascribable to factors such as the increasing demand from the building & construction sector to ensure energy-efficient infrastructure in the region.
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COMPETITIVE LANDSCAPECollaboration between Eminent Companies to Expand Their Product Portfolio & Boost Sales RevenueThe global market for HVAC variable frequency drive is consolidated by companies such as Siemens AG, Danfoss Group, Rockwell Automation, Inc., and Schneider Electric SE, among others that collectively hold around one-fourth of the market share. These companies are establishing collaboration with other companies to expand their product portfolio and further gain significant market revenue. In addition to this, other key players are preferring organic and inorganic strategies to maintain their presence in the regional and global marketplace.Industry Development:May 2020 – ABB announced its agreement with Metsä Fibre to deliver electrification and drive technology solutions. The agreement between the companies is worth EUR 40 million and is expected to ensure efficient production of the utilization of energy.
List of the Companies Profiled in the HVAC Variable Frequency Drive Market:ABB Ltd.Siemens AGSchneider Electric SERockwell Automation, Inc.Mitsubishi Electric Co.Yaskawa Electric CorporationRoMan Manufacturing, Inc.DanfossHammond Power SolutionsControlled Magnetics, Inc.TCI, LLCBadger Magnetics, Inc.MGM Transformer CompanyL/C Magnetics
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Table Of Content:IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsKey Emerging Trends – For Major CountriesLatest Technological AdvancementRegulatory LandscapePorters Five Forces AnalysisQualitative Analysis – Impact of COVID-19Impact of COVID-19 on the HVAC VFD Market Steps Taken by the Government to Overcome the ImpactKey Developments in the Industry in Response to COVID-19Potential Opportunities and Challenges due to COVID-19 OutbreakGlobal HVAC Variable Frequency Drive Market Analysis (USD Billion), Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By Product TypeAC DriveDC DriveServo DriveMarket Analysis, Insights and Forecast – By Power RangeMicroLowMediumHighMarket Analysis, Insights and Forecast – By ApplicationResidentialCommercialIndustrialMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia PacificLatin AmericaMiddle East & Africa
TOC Continued…!
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