A HVAC drive is the mechanical device which is designed to bring optimized process control to all heating, ventilation and air conditioning (HVAC) applications. Heating, ventilation, and air conditioning is a mechanical technique of providing comfort indoors as well as in vehicles. The main characteristic of HVAC drives is to provide thermal comfort and acceptable indoor air quality. The significant factor impacting the HVAC drive market is rising demand for power and electricity, industrialization, and urbanization. Global warming and climatic change have become evident over the past few decades. This expands the market for HVAC drives at a significant rate due to deployment of indoor temperate. Countries with high climatic fluctuations and hot weather are expected to be the largest markets for HVAC drives. Rising demand for construction of smart buildings and smart cities are anticipated to enhance the demand for HVAC drives during the forecast period.
Rising construction activities, expansion of industrial verticals, stringent government regulations regarding power consumption, improving lifestyle, and disposable income are expected to increase the demand for HVAC drives during the forecast period. The installation of HVAC drives has increased inside buildings due to their advanced energy-saving features. Opportunities for energy optimization exist across all buildings from small to large, particularly in the APAC region, where the number of households has increased over the last decade. According to the United Nations, urbanization in Asia will reach 64.1% by 2050, which will open up more opportunities for the construction industry in the region and impact the HVAC drive market during the forecast period. Companies invest huge amounts in R&D to manufacture innovative, cost effective, and energy efficient hybrid HVAC drive equipment.
High cost of HVAC drives hampers the growth of the market. In addition, pollution caused by HVAC systems hinders the growth of the market. Climatic conditions of different regions can have an adverse effect on the lifecycle of these systems. Regions that have damp climatic conditions tend to decrease the life span of ventilation, heating, and air conditioning systems due to their corrosive effects, which is projected to hinder the growth of the HVAC drive market.
The HVAC drive market can be segmented in terms of capacity, application, and end-use. Based on capacity, the HVAC drive market can be segmented into below 10 kw, 10-100 kw, and more than 100 kw. On the basis of application, the market is segmented into air handling units, cooling towers, and pumps. Based on end-use, the HVAC drive market is segmented into residential, commercial, and industrial sector.
The HVAC drive market is segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America. Extensive tourism industry and real estate in Europe is expected to fuel the demand for HVAC drives during the forecast period. HVAC units dominate the North American market due to the rising real estate sector and well established service industries. Implementation of government rules and regulations and rising construction activities, and a steady industrial base are anticipated to drive the HVAC drive market during the forecast period. The market in Asia Pacific is expected to expand at a significant rate due to increasing population and standard of living of the people. Middle East & Africa is anticipated to be a highly productive market for HVAC drives over the forecast period. Middle East & Africa has hot climate throughout the year which has encouraged governments to increase efforts in the improvement of infrastructure in MEA countries. This is anticipated to fuel the demand for HVAC drives during the forecast period. For example, bus stops in Dubai are equipped with air conditioners in order to maintain lower temperatures in sheltered areas during the hot weather.
The major industrial players of the HVAC drive market are Mitsubishi Electric, Johnson Controls, Fuji Electric, Hitachi, ABB HVAC drive, Qm Power,Toshiba etc.
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