diff --git a/platform/mellanox/hw-management.mk b/platform/mellanox/hw-management.mk
index 2a2c6561a3aa..64e41428db3e 100644
--- a/platform/mellanox/hw-management.mk
+++ b/platform/mellanox/hw-management.mk
@@ -17,7 +17,7 @@
 #
 # Mellanox HW Management
 
-MLNX_HW_MANAGEMENT_VERSION = 7.0050.2002
+MLNX_HW_MANAGEMENT_VERSION = 7.0050.2930
 
 export MLNX_HW_MANAGEMENT_VERSION
 
diff --git a/platform/mellanox/hw-management/hw-mgmt b/platform/mellanox/hw-management/hw-mgmt
index f62cc011fbc0..166f823fcca0 160000
--- a/platform/mellanox/hw-management/hw-mgmt
+++ b/platform/mellanox/hw-management/hw-mgmt
@@ -1 +1 @@
-Subproject commit f62cc011fbc0e5d00322348f04e28685ef02eabb
+Subproject commit 166f823fcca0e8528d94c8757ed43df155c471b9