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VRF Systems Market Research Report - Global Forecast till 2027

VRF Systems Market Research Report: By Component (Outdoor Units, Indoor Units and Control Systems and Accessories), Compressor Units (Air-Cooled Units and Water-Cooled Units), System Type (Heat Pump System, Heat Recovery System), Capacity (Upto 10 Tons, 11 to 18 Tons, 19 to 26 Tons, Above 26 Tons), Application (Residential, Healthcare, Automobile, Hotels, Educational Institutes, Retail Store, Others) - Forecast till 2027

ID: MRFR/SEM/8650-HCR | February 2021 | Region: Global | 100 pages

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VRF Systems Market Overview


VRF Systems Market is estimated to reach USD 29,478.1 Million by 2027, registering a CAGR of 10.30% during the forecast period of 2020–2027. Variable refrigerant flow (VRF) systems adjust the flow of refrigerant to indoor units according to the system's requirements. These systems are capable of controlling and maintaining the flow of refrigerant to a fan coil unit throughout the facility. Heat pump and heat recovery systems are the most common types of these systems, and they can be employed in a variety of applications depending on the demand for simultaneous heating and cooling. Various factors are driving up VRF Systems Market Demand, including their ability to save energy, offer design flexibility, and be installed at a low cost, making it a suitable solution for both residential and commercial customers.


Most commercial establishments, from small stores and cafes to major office buildings and public spaces, use VRF systems increasing the VRF Systems Market Growth, VRF Systems Market Revenue, and VRF Systems Market Share. VRF zoning takes security that energy is only used to cool or heat occupied offices. Because VRF systems have silent indoor units and can maintain exact 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 will drive the VRF heat pump system market for residential applications. Being a result of these considerations, there is a growing demand for energy-efficient equipment that can assist cut energy usage and costs. VRF systems employ a variety of control systems, thermostats, and sensors to address all of these difficulties.


COVID 19 Analysis


Because air filtration, ventilation, and humidity are all three key components in lowering the risk, the demand for environmental management surged dramatically during the COVID-19 crisis. As a result, shutting down VRF Systems Market during a crisis is not a good idea. Filtration is a critical component of ensuring indoor air quality (IAQ) because if a virus is captured in the filtration system, it cannot cause illness within the structure. The report goes on to examine COVID-19's overall influence on demand-side market dynamics and the ecosystem in the medium and short term during the VRF Systems Market Analysis. The study also looks at recent changes in the trade landscape. As a result of the disease's spread, electronic manufacturing has come to a halt. Because intimate human contact is the most common way for COVID-19 to spread, some e-commerce companies temporarily banned deliveries of non-essential items, mainly electronics devices, affecting sales of electronic products in general and electronic filters in particular. VRF Systems Market demand has been impacted by the reduction in sales of a variety of electronics devices. Due to the closing of retail establishments, showrooms, hypermarkets, and supermarkets, VRF Systems Market Revenue and VRF Systems Market Growth have declined.


Market Dynamics


Drivers


The expansion of the VRF systems market and VRF Systems Market Size is being fueled by urbanization and technological advancements. Similarly, this market is being driven by increased building activities and the development of energy-efficient technologies and products. Furthermore, the VRF Systems Market share is being driven by the acceptance of wireless control systems by individuals and businesses for monitoring indoor units across homes, workplaces, and referral areas. Increased need for energy-efficient resources, as well as increased environmental awareness and construction activity, are driving the global VRF systems market during the VRF Systems Market Analysis.


Restraints


However, the market's growth is hampered by high investment costs and a lack of understanding of the benefits of VRF systems. The market expansion is being stifled by the high maintenance costs associated with filters. VRF Systems Market Share is hampered by high installation and maintenance costs, rights violations, commercial concerns, and a lack of educational resources. The slow rate of digitalization in emerging nations, which is impacting the adoption of the Global VRF Systems during the VRF Systems Market Forecast.


Technology Analysis


A VRF system is a multi-split refrigerant solution with many indoor evaporators coupled to a single condensing unit. These systems service a greater capacity and adjust the refrigerant flow correspondingly, resulting in increased energy efficiency. These systems are primarily used in the commercial sector, but they can also be used in structures, educational institutions, healthcare facilities, hotels, and restaurants. The use of these technologies enhances efficiency and reduces the amount of energy used by HVAC systems. The individual controls for each housing unit are provided by VRF systems, making them very energy-efficient and low-cost to operate. A growing number of property owners and managers are opting for VRF air conditioning as a result. The VRF systems are being the ideal choice for flats and collective housing because of their extended product life under difficult conditions, high air-conditioning performance, and outstanding service.


Segment Overview


The VRF Systems Market Report has been bifurcated into various segments that will help the market to achieve the highest CAGR during the forecast period. The market segments are as follows:


Based on the Component, the market has been segmented as follows:



  • Outdoor units

  • Indoor units

  • Control Systems

  • Accessories


Based on the Compressor Units, the market has been segmented as follows:



  • Air-cooled units

  • Water-cooled units


Based on the System Type, the market has been segmented as follows:



  • Heat pump system

  • Heat recovery system


Based on the Capacity, the market has been segmented as follows:



  • Up to 10 tons

  • 11 to 18 tons

  • 19 to 26 tons

  • Above 26 tons


Based on the Application, the market has been segmented as follows:



  • Residential

  • Healthcare

  • Automobile

  • Hotels

  • Educational institutes

  • Retail store

  • Others


Based on the Region, the market has been segmented as follows:



  • North America

  • Europe

  • Asia-Pacific

  • The rest of the world


Regional Classification


As per the regional classification, Asia-Pacific has the highest share of the market during the historic forecast period and is predicted to develop rapidly throughout the forecast period. The increasing demand for VRF systems from residential and commercial end-users is one of the reasons driving the growth of the VRF Systems market in the Asia-Pacific region. In addition, rising industrialization, urbanization, and demand for high-tech gadgets such as wireless and linked devices are some of the factors propelling the VRF Systems Market forward. Furthermore, the market is being driven by the existence of numerous manufacturers such as Daikin Industries Ltd., Fujitsu Limited, Mitsubishi Electric Corporation, and others. However, due to the rising acceptance of VRF technology by commercial businesses for energy savings and flexible designs, the North American region is predicted to grow at a substantial CAGR over the forecast period. Similarly, the market's growth is being fueled by the rising integration of linked technology.


Competitive Landscape


The VRF Systems Market is highly competitive, with many major companies. In terms of market share, the market is currently dominated by a few major competitors. The industry leaders are concentrating their efforts on growing their consumer bases to new geographic places. The Major Players continue to innovate and invest in R&D to offer a cost-effective product selection. There have been recent mergers and acquisitions among the major players, a tactic used by businesses to expand their consumer base. The major key players in the market are as follows:



  • Emerson Electric Co.

  • United Technologies Corporation

  • Daikin Industries Ltd.

  • Schneider Electric SE

  • Toshiba Corporation

  • Johnson Controls International PLC

  • LG Electronics Inc.

  • Fujitsu Limited

  • Mitsubishi Electric Corporation

  • Midea Group Co. Ltd.

  • Samsung Electronics

  • Panasonic Corporation


Recent Developments



  • Daikin is a well-known name in the air-conditioning and fluorochemicals industries. With in-house divisions, it manufactures general air-conditioning equipment that includes both air conditioning and refrigerants. The corporation operates in over 150 countries and has over 100 production units throughout the world.

  • Toshiba is a company that produces and sells electronic and electrical goods. Toshiba Carrier Corporation, a global joint venture between Carrier Corporation (US) and Toshiba Corporation, manages Toshiba's air-conditioning and VRF system business (Japan). The business creates VRF systems for both residential and commercial use.


Report Overview


The study examines the worldwide VRF systems market in-depth to identify potential investment opportunities. With a full impact analysis, the research gives information on the key drivers, restrictions, and opportunities. To demonstrate the market's financial capability, a quantitative analysis of current patterns and future projections is offered. The industry report demonstrates the power of the customers and suppliers who participate in the market.



Report Scope:
Report Attribute/Metric Details
  Market Size   USD 29,478.1 Million
  CAGR   10.30% (2020-2026)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Component, Compressor Units, System Type and Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Emerson Electric Co. (US), United Technologies Corporation (US), Daikin Industries Ltd. (Japan), Johnson Controls International PLC (Ireland), Schneider Electric SE (France), Toshiba Corporation (Japan), LG Electronics Inc. (South Korea), Fujitsu Limited (Japan), Mitsubishi Electric Corporation (Japan), Midea Group Co. Ltd. (China), Samsung Electronics (South Korea), and Panasonic Corporation (Japan)
  Key Market Opportunities   Development of energy-efficient technologies and products
  Key Market Drivers

  • Urbanization
  • Advancement in technology
  • Rising construction activities


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    Frequently Asked Questions (FAQ) :

    The VRF systems market valuation could grow up to USD 29,478.1 million by 2027.

    The VRF systems market CAGR would be 11% for the duration of 2020 to 2027.

    The VRF systems market report includes mentions of players like Daikin Industries Ltd. (Japan), Emerson Electric Co. (US), United Technologies Corporation (US), Schneider Electric SE (France), Johnson Controls International PLC (Ireland), Fujitsu Limited (Japan), Toshiba Corporation (Japan), LG Electronics Inc. (South Korea), Samsung Electronics (South Korea), Mitsubishi Electric Corporation (Japan), Midea Group Co. Ltd. (China), and Panasonic Corporation (Japan)

    Asia Pacific would command the global VRF systems market.

    The North American VRF systems market would gain from acceptance in commercial industries and flexible design.