HVAC Drives Market to Hit USD 5.13 Billion by 2031, Driven by Efficiency Demand – Key Firms Include ABB, Siemens, Schneider, and More

Published: May 21, 2025 – IndustryTrends Journal

The global HVAC drives market was valued at approximately USD 3.57 billion in 2024. As per a recent analysis by MarketsGlob, the market is expected to expand steadily and reach around USD 5.13 billion by the end of 2031. This growth represents a compound annual growth rate (CAGR) of 5.3% from 2025 to 2031.

Understanding HVAC Drives

HVAC drives are used to control the operation speed of motors in heating, ventilation, and air conditioning systems. These devices enhance energy efficiency, reduce electricity bills, and ensure optimal performance of HVAC setups.

Leading Market Participants

The HVAC drives industry is competitive, with global players focusing on innovation and strategic expansions. Notable companies in the market include:

• ABB

• Siemens

• Danfoss

• Schneider Electric

• Emerson (Nidec)

• Mitsubishi Electric

• Fuji Electric

• Hitachi

• Yaskawa

• Toshiba

• WEG SA

• Eaton

• And various others

Market Breakdown

By Power Rating:

• Below 10 KW

• 10–100 KW

• Above 100 KW

By Application:

• Air Handling Units

• Cooling Towers

• Water Pumps

By Sales Channel:

• Direct Sales

• Through Distributors

Regional Insights

The adoption of HVAC drives is expanding globally. The key regional segments include:

• North America: United States, Canada, Mexico

• Europe: Germany, France, UK, Italy, Spain, and others

• Asia-Pacific: China, India, Japan, South Korea, Southeast Asia, Australia

• South America: Brazil, Argentina, Colombia, Chile, Peru

• Middle East & Africa: Saudi Arabia, UAE, South Africa, Egypt, Nigeria

Noteworthy Industry Moves

1. ABB Acquires Gamesa Electric’s Power Electronics Business
In late 2024, ABB announced its acquisition of Gamesa Electric's power electronics segment in Spain. The move will enhance ABB’s portfolio in renewable energy and drive system innovation. Completion is expected by the second half of 2025.

2. Siemens to Strengthen Robotics Division
Siemens revealed plans in March 2024 to acquire the industrial drives unit of ebm-papst. The deal aims to boost Siemens’ position in battery-operated drives and robotics. The transaction is set to conclude by mid-2025.

3. Schneider Electric Purchases 75% of Motivair
In October 2024, Schneider Electric agreed to buy a 75% share in U.S.-based Motivair Corp for $850 million. Motivair specializes in high-performance cooling solutions. Schneider intends to fully acquire the company by 2028.

4. Mitsubishi Electric Invests in U.S. Plant
Mitsubishi Electric announced a $143.5 million investment in its Kentucky facility to begin manufacturing variable-speed compressors by 2027, responding to the growing U.S. demand for energy-efficient HVAC systems.

5. Hitachi Expands with Joliet Electric Motors Acquisition
In January 2025, Hitachi completed the purchase of Joliet Electric Motors in Illinois. This acquisition is aimed at strengthening its footprint in the U.S. industrial motor sector and expanding service capabilities for large-scale energy systems.

Final Outlook

The HVAC drives market is on a steady growth trajectory, fueled by rising energy conservation efforts and evolving technologies. With top players continuing to invest in development and global expansion, the market is poised for significant progress through the end of the forecast period.