Global VRF System Market
By Component (Control Systems and Accessories, Outdoor Units, Indoor Units), System Type (Heat Recovery Systems, Heat Pump Systems), Application (Residential, Commercial), and Regional Market Size, Status and Forecast to 2027
The Global VRF System Market was valued at 15.09 billion in 2019 and is projected to reach USD36.42 billion by 2027, growing at a CAGR of 12.56% from 2020 to 2027.
Variable Refrigerant Flow (VRF) air conditioning systems is an extremely energy efficient means of precisely regulating the temperature within buildings. This system enables simultaneous heating and cooling and better heat recovery from one zone to another in a heating, ventilation, and air conditioning system. Benefits of VRF system includes – quiet operation, energy efficiency, installation flexibility, heat and cools simultaneously, state-of-the-art controls, fewer breakdowns, easy design, installation and maintenance.
1. Market Drivers
1.1 Growing penetration of VRF systems for residential applications
1.2 Growing real estate and construction industries
1.3 Easy and minimum maintenance with high energy saving capability of VRF systems
1.4 Need of technologically advanced refrigerants for air conditioning and heat pump solutions
1.5 Increasing adoption of heat pump and heat recovery systems
2. Market Restraints
2.1 Increasing installation cost
2.2 Complex VRF designing
2.3 Poor safety standards
The Global VRF System Market is segmented on the component, system type, application, and region.
1.1 Control Systems and Accessories
1.2 Outdoor Units
1.3 Indoor Units
2. By System Type:
2.1 Heat Recovery Systems
2.2 Heat Pump Systems
3. By Application:
4. By Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa
The major players in the market are as follows:
1. LG Electronics
2. Fujitsu Group
3. Daikin Industries
4. Mitsubishi Electric
5. United Technologies
7. Samsung Electronics
9. Lennox International
10. Ingersoll Rand
11. Midea Group
12. Johnson Controls
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global VRF System Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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