VRF System Market: Global Industry Analysis and Forecast (2021-2027), Key Trends

VRF System Market size was valued at US$ 17.60 Bn. in 2020 and the total revenue is expected to grow at a CAGR of 12.8% through 2021 to 2027, reaching nearly US$ 40.90 Bn.

VRF System Market Overview:

VRF stands for variable refrigerant flow and it is an air conditioning system that precisely controls the temperature in commercial buildings. This type of air conditioning system saves a lot of electricity. The VRF system is used when the zones within a building are expected to operate at various temperatures. Because of variable occupancy, changes in ambient temperature, and especially the position of the sun, the heating and cooling requirements of various spaces and zones alter throughout the day. To maintain a comfortable and consistent indoor environment, the combined or individual effects of these external and internal variables typically indicate that some portions of the structure require cooling and others require heating. VRF System Market To know about the Research Methodology:- Request Free Sample Report Though market forecasting through 2027 is based on real output, demand, and supply of 2020, 2020 numbers are also estimated on real numbers published by key players as well all-important players across the world. Market forecasting till 2027 is done based on past data from 2016 to 2019 with the impact of global lockdown on the market in 2020 and 2021.

VRF System Market Dynamics:

The surge in demand for energy-efficient HVAC systems has been cited as a major driver for the global VRF system market's growth during the forecast period. The VRF systems are energy efficient because they use a sophisticated variable speed compressor that only operates at the capacity required at a given temperature. Besides, these systems allow for the simultaneous heating and cooling of multiple zones, which is quite beneficial. While cooling, these systems can trap heat and utilize it in other places that require heating. The market for VRF systems is gaining pace as a result of these benefits. VRF reduces wear and tear on systems with variable speed compressors and compatibility at partial load situations, as well as the number of failures. As a result, where zoning is required, VRF systems are in high demand since they reduce downtime. In 2019, India's demand for variable refrigerant flow air conditioners was at 40 thousand units. In comparison to 2018, this was an increase. VRF air conditioners were in high demand around the world that year, with over 1.5 million units sold worldwide. However, various restraints are hindering the market's growth during the forecast period. The expense of installing a VRF system is too expensive. Also, the manufacturers may face significant hurdles as a result of the design complexity. Installation is complicated and time-consuming, as well as expensive, because of the VRF piping and specific installation requirements. Also, if the installation process is done incorrectly, the system's general functionality may be harmed.

VRF System Market Segment Analysis:

Based on the System Type, the market is segmented into heat pump systems, and heat recovery systems. The heat pump systems segment is expected to hold the largest market share of xx% by 2027. Most commercial establishments, from small stores and cafes to major office buildings and public spaces, use VRF systems. VRF zoning ensures that energy is only used to cool or heat occupied offices. Because VRF systems have quiet indoor units and can maintain precise temperature control, they provide the most comfortable and productive working environment. Factors such as rising energy costs, increasing disposable income, and growing awareness of energy conservation are expected to drive the growth of the VRF heat pump system in the global market for residential applications. As a result of these considerations, there is a growing demand for energy-efficient equipment that can assist cut energy usage and costs. VRF systems use a variety of control systems, thermostats, and sensors to address all of these difficulties. VRF System Market 1 Based on the Application, the market is segmented into commercial, residential, and others. The residential segment is expected to grow rapidly at a CAGR of xx% during the forecast period. Individual controls for each housing unit are provided by VRF systems, making them very energy-efficient and low-cost to operate. As a result, a growing number of property owners and managers are opting for VRF air conditioning. VRF systems are becoming the ideal choice for flats and collective housing because of their extended product life under difficult conditions, high air-conditioning performance, and outstanding service. VRF System Market 2

VRF System Market Regional Insights:

North America is expected to dominate the market during the forecast period. VRF systems have grown in popularity in North America as people become more aware of the importance of energy efficiency and the ease with which they can be installed with minimal piping work. Many North American corporations have recently launched VRF systems that use refrigerants with low global warming potential. In North America, the development of sophisticated environmentally friendly refrigerants like HFC-32 has promoted the usage of VRF systems. Asia Pacific is expected to grow rapidly at a CAGR of xx% during the forecast period. Thanks to the presence of most major players in the Asia Pacific region. In Asia Pacific countries such as China, India, Japan, and Indonesia, VRF adoption was higher incorporate, hospitals, and government agencies. In India, the overall demand volume for VRF air conditioners was reached 49 thousand units in 2020. These are the key drivers that are expected to drive the growth of the Asia Pacific region during the forecast period. VRF System Market 3 The objective of the report is to present a comprehensive analysis of the Global VRF System Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Global VRF System Market dynamic, structure by analyzing the market segments and projecting the Global VRF System Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global VRF System Market make the report investor’s guide.

VRF System Market Scope: Inquire before buying

Global VRF System Market
Report Coverage Details
Base Year: 2020 Forecast Period: 2021-2027
Historical Data: 2016 to 2020 Market Size in 2020: US $ 17.60 Bn.
Forecast Period 2021 to 2027 CAGR: 12.8% Market Size in 2027: US $ 40.90 Bn.
Segments Covered: by Component • Outdoor Units • Indoor Units • Control Systems and Accessories
by Capacity • Up to 10 Tons • 11 to 18 Tons • 19 to 26 Tons • Above 26 Tons
by System Type • Heat Pump Systems • Heat Recovery Systems
by Application • Commercial • Residential • Others

VRF System Market, by Region

• North America • Europe • Asia Pacific • South America • The Middle East and Africa

VRF System Market Key Players

Daikin Industries • Mitsubishi Electric • Hitachi • Midea Group • United Technologies • Samsung Electronics • Panasonic • Lennox International • Ingersoll Rand • Fujitsu General • LG Electronics • Carrier • Gree • Johnson Controls • Toshiba • PETRA Engineering Industries Co. • Voltas • Reznor • Blue Star Ltd. • AHI Carrier • Danfoss A/S

Frequently Asked Questions:

1] What segments are covered in the Global VRF System Market report? Ans. The segments covered in the global VRF system market report is based on component, capacity, system type, and application. 2] Which region is expected to hold the highest share in the Global VRF System Market? Ans. North America is expected to hold the highest share in the global VRF system market. 3] Who are the top key players in the Global VRF System Market? Ans. Daikin Industries, Mitsubishi Electric, Hitachi, Midea Group, United Technologies, and Samsung Electronics are the top key players in the Global VRF System Market. 4] Which segment holds the largest market share in the Global VRF System market by 2027? Ans. The heat pump systems segment holds the largest market share in the global VRF system market by 2027. 5] What is the market size of the Global VRF System market by 2027? Ans. The market size of the global VRF system market is expected to be US $40.90 Bn. by 2027. 6] What was the market size of the Global VRF System market in 2020? Ans. The market size of the global VRF system market was worth the US $17.60 Bn. in 2020.
1. Global VRF System Market: Research Methodology 2. Global VRF System Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global VRF System Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global VRF System Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Global VRF System Market Segmentation 4.1 Global VRF System Market, by Component (2020-2027) • Outdoor Units • Indoor Units • Control Systems and Accessories 4.2 Global VRF System Market, by Capacity (2020-2027) • Up to 10 Tons • 11 to 18 Tons • 19 to 26 Tons • Above 26 Tons 4.3 Global VRF System Market, by System Type (2020-2027) • Heat Pump Systems • Heat Recovery Systems 4.4 Global VRF System Market, by Application (2020-2027) • Commercial • Residential • Others 5. North America VRF System Market (2020-2027) 5.1 Global VRF System Market, by Component (2020-2027) • Outdoor Units • Indoor Units • Control Systems and Accessories 5.2 Global VRF System Market, by Capacity (2020-2027) • Up to 10 Tons • 11 to 18 Tons • 19 to 26 Tons • Above 26 Tons 5.3 Global VRF System Market, by System Type (2020-2027) • Heat Pump Systems • Heat Recovery Systems 5.4 Global VRF System Market, by Application (2020-2027) • Commercial • Residential • Others 5.5 North America VRF System Market, by Country (2020-2027) • United States • Canada • Mexico 6. Asia Pacific VRF System Market (2020-2027) 6.1. Asia Pacific VRF System Market, by Component (2020-2027) 6.2. Asia Pacific VRF System Market, by Capacity (2020-2027) 6.3. Asia Pacific VRF System Market, by System Type (2020-2027) 6.4. Asia Pacific VRF System Market, by Application (2020-2027) 6.5. Asia Pacific VRF System Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. The Middle East and Africa VRF System Market (2020-2027) 7.1 The Middle East and Africa VRF System Market, by Component (2020-2027) 7.2. The Middle East and Africa VRF System Market, by Capacity (2020-2027) 7.3. The Middle East and Africa VRF System Market, by System Type (2020-2027) 7.4. The Middle East and Africa VRF System Market, by Application (2020-2027) 7.5. The Middle East and Africa VRF System Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America VRF System Market (2020-2027) 8.1. Latin America VRF System Market, by Component (2020-2027) 8.2. Latin America VRF System Market, by Capacity (2020-2027) 8.3. Latin America VRF System Market, by System Type (2020-2027) 8.4. Latin America VRF System Market, by Application (2020-2027) 8.5. Latin America VRF System Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 9. European VRF System Market (2020-2027) 9.1. European VRF System Market, by Component (2020-2027) 9.2. European VRF System Market, by Capacity (2020-2027) 9.3. European VRF System Market, by System Type (2020-2027) 9.4. European VRF System Market, by Application (2020-2027) 9.5. European VRF System Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 10. Company Profile: Key players 10.1. Daikin Industries 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Mitsubishi Electric 10.3. Hitachi 10.4. Midea Group 10.5. United Technologies 10.6. Samsung Electronics 10.7. Panasonic 10.8. Lennox International 10.9. Ingersoll Rand 10.10. Fujitsu General 10.11. LG Electronics 10.12. Carrier 10.13. Gree 10.14. Johnson Controls 10.15. Toshiba 10.16. PETRA Engineering Industries Co. 10.17. Voltas 10.18. Reznor 10.19. Blue Star Ltd. 10.20. AHI Carrier 10.21. Danfoss A/S

About This Report

Report ID 8412
Category Electronics
Published Date JAN 2020
Updated Date Jan 2022
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