diff --git a/platform/mellanox/hw-management.mk b/platform/mellanox/hw-management.mk
index df1d3914e008..3bcc38983ea7 100644
--- a/platform/mellanox/hw-management.mk
+++ b/platform/mellanox/hw-management.mk
@@ -17,7 +17,7 @@
 #
 # Mellanox HW Management
 
-MLNX_HW_MANAGEMENT_VERSION = 7.0040.2104
+MLNX_HW_MANAGEMENT_VERSION = 7.0040.2207
 
 export MLNX_HW_MANAGEMENT_VERSION
 
diff --git a/platform/mellanox/hw-management/hw-mgmt b/platform/mellanox/hw-management/hw-mgmt
index 7051b52c03b8..2b171d7ce63e 160000
--- a/platform/mellanox/hw-management/hw-mgmt
+++ b/platform/mellanox/hw-management/hw-mgmt
@@ -1 +1 @@
-Subproject commit 7051b52c03b884876345a663b46a1b9b11f4e45c
+Subproject commit 2b171d7ce63ec886ecbb03cb06dcfd9f9c9e9b0e