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.

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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.