Pune, Jan. 29, 2021 (GLOBE NEWSWIRE) -- The global HVAC drive market is set to gain traction from the implementation of stringent energy-efficiency regulations by government bodies. This information is given by Fortune Business Insights™ in a new report, 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 report further states that market size was USD 2.34 billion in 2019 and is projected to reach USD 2.69 billion by 2027, exhibiting a CAGR of 2.8% during the forecast period.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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COVID-19 Pandemic to Affect Growth Positively Backed by Emergence of Novel Technologies
The COVID-19 pandemic has taken a toll on many heating and air conditioning system suppliers globally. Governments of various countries have imposed lockdown and social distancing rules to prevent transmission. It has resulted in the disturbances in supply chains and has compelled dealers to introduce novel HVAC drives technologies for bringing the pandemic under control. It is set to affect growth positively. We are delivering accurate research reports to help our clients better understand the current scenario and take suitable steps for business growth.
How Did We Create This Report?
We have used econometric models for short-term forecasting. But, technological models were utilized for long-term estimations. These are based on the business principles, economic outlook, regulatory frameworks, and the technology landscape. We have also conducted interviews with domain experts, suppliers, buyers, and technology providers to get a holistic picture of the HVAC drives industry.
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Drivers & Restraints-
Increasing Need to Lower Energy Costs will Accelerate Growth
The healthcare industry worldwide is striving persistently to free up valuable funds for capital investments. HVAC drives are capable of significantly lowering the cost of energy. The National Health Service (NHS), for instance, possesses a carbon footprint of 25 million tonnes of carbon dioxide per year. Besides, the healthcare sector spends around USD 911 million per year in energy requirements. These factors are set to augment this market growth in the near future. However, these products involve high cost spending, which, in turn, may hinder growth.
Segment-
DC Segment Held 13.4% Share in U.S. and Would Grow Slowly
Based on type, the DC drives segment generated 13.4% in terms of the HVAC drives market share in 2019 in the United States. These are mainly used for numerous industrial applications, such as production & fabrication units and warehouse sorting equipment. Hence, the demand for such drives is set to decline throughout the forthcoming years.
Regional Insights-
North America to Remain at the Forefront Stoked by Need to Improve Indoor Air Quality
Geographically, North America is set to retain its dominant position in the upcoming years backed by the presence of multiple manufacturers in the region. In 2019, the region procured USD 0.71 billion in terms of revenue. Besides, the rising awareness programs about enhancing indoor air quality would propel growth.
On the other hand, Asia Pacific is anticipated to grow significantly because of the increasing number of residential and commercial zones. Also, the surging investments by government agencies in industrial and infrastructure developments would spur the demand for HVAC drives in this region. In Europe, the increasing trend of smart buildings will bolster growth.
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Competitive Landscape-
Key Players Focus on Delivering Their In-house Products to Compete in Market
The market for HVAC drives houses several prominent players that are focusing on refining their pre-existing portfolios by introducing new products to fulfil the high demand from customers. Some of the others are trying to gain a competitive edge by adopting mergers and partnership strategies. Below are the two latest industry developments:
- March 2020: Danfoss Drives and Digicon installed Danfoss VLT® FC102 HVAC Drives in New College Durham. These were installed in 30 Air Handling Unit Fan (AHU) applications and were integrated with kWh consumption data into the existing CYLON BMS.
- January 2019: UQM Technologies, Inc. entered into a merger agreement with the Danfoss Power Solutions (US) Company. Under this deal, the latter will acquire all common shares of UQM for USD 1.71 million per share. It will help UQM to become a part of the latter’s Power Solutions segment.
A list of all the renowned manufacturers operating in the global market:
- 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)
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Major Table of Content:
Table of Contents
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global HVAC Drives Market Share Analysis and Matrix, 2019
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Primary Interview Responses
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