May 14, 2025 – MarketsGlob News Desk: The global HVAC Drives Market reached a size of USD 3,575 million in 2024. According to a new report from MarketsGlob, the market is expected to grow steadily in the coming years. By 2031, it is projected to reach USD 5,131.85 million, growing at a CAGR of 5.30% during the 2025–2031 forecast period.
Market Overview
HVAC drives help control the speed of motors used in heating, ventilation, and air conditioning systems. These drives reduce energy use, cut costs, and improve system performance.
Key Market Players
Some of the top companies in the global HVAC drives market include:
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ABB
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Siemens
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Danfoss
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Schneider Electric
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Emerson (Nidec)
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Mitsubishi Electric
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Fuji Electric
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Hitachi
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Yaskawa
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Toshiba
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WEG SA
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Eaton
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Others
Market Segmentation
By Product Type:
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Below 10 KW
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10~100 KW
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Above 100 KW
By Application:
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Air Handling Units
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Cooling Towers
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Pumps
By Sales Channel:
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Direct Channel
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Distribution Channel
Regional Coverage
The HVAC Drives Market is growing across major regions, including:
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North America (U.S., Canada, Mexico)
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Europe (Germany, UK, France, Italy, Spain, and others)
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Asia-Pacific (China, Japan, India, Korea, Southeast Asia, Australia)
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South America (Brazil, Argentina, Colombia, Chile, Peru)
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Middle East & Africa (UAE, Saudi Arabia, South Africa, Egypt, Nigeria)
Recent Market Developments
1. ABB Acquires Gamesa Electric’s Power Electronics Unit
In December 2024, ABB announced the acquisition of Gamesa Electric’s power electronics business in Spain. The deal is set to close in the second half of 2025. ABB aims to grow its renewable energy technology by using Gamesa’s advanced systems and engineering know-how.
2. Siemens to Buy Drive Technology Division from ebm-papst
In March 2024, Siemens shared plans to buy the industrial drive division of ebm-papst. The acquisition will boost Siemens’ automation business, especially in battery-powered drives and robotics. The deal may close by mid-2025.
3. Schneider Electric Acquires 75% Stake in Motivair
In October 2024, Schneider Electric agreed to buy 75% of Motivair Corp for $850 million. Motivair is a U.S. firm known for liquid cooling systems for high-performance computing. Schneider plans to acquire the remaining 25% by 2028.
4. Mitsubishi Electric to Build Compressor Plant in the U.S.
In December 2024, Mitsubishi Electric announced a $143.5 million investment to upgrade its Kentucky factory. The site will begin making variable-speed compressors by October 2027 to meet rising demand for energy-efficient HVAC systems in the U.S.
5. Hitachi Expands in the U.S. with Joliet Electric Motors Deal
In January 2025, Hitachi completed the acquisition of Joliet Electric Motors in Illinois. This move strengthens Hitachi’s U.S. presence in the industrial motor market and improves its maintenance services for large energy systems.
The global HVAC drives market is seeing steady growth, fueled by rising energy efficiency needs and technological progress. With major players investing in new technologies and expanding globally, the market is set for strong growth through 2031.
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