The market for VRF systems is anticipated to reach a value of US$ 16,610 Mn in 2022, and demand is projected to grow at a CAGR of 6% from 2022 to 2032. The market is projected to grow significantly by US$ 29,884 Mn by 2032.
Some of the factors anticipated to propel the VRF systems market growth include rising energy costs, rising disposable income, and growing awareness of energy conservation.
The lack of knowledge about VRF systems in developing nations, however, is anticipated to significantly hinder the global market share for VRF systems. The sales of variable refrigerant flow systems, on the other hand, are being boosted by lucrative opportunities provided by web-based services that calculate fluorocarbon leak volumes.
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Global Variable Refrigerant Flow (VRF) Systems Market: Dynamics
Variable Refrigerant Flow (VRF) Systems are driven by the energy-efficient source that saves up to more than 40% energy when compared to the VAV electric coil and is a potential factor in the growth of the variable refrigerant flow (VRF) systems market. Moreover, variable refrigerant flow (VRF) systems incur a lower cost to provide heating, ventilation and air conditioning (HVAC) systems. A key driver for a variable refrigerant flow (VRF) system is its efficiency to control the units with a simple on-and-off operation as well as its ability to provide a different level of heating and cooling to different parts of the building with variation in motor speed and regulator in refrigerant flow.
For commercial purposes such as in offices, a variable refrigerant flow system is more appealing than a variable air volume (VAV) system as the temperature can be controlled in each office thus adding another potential factor to the growth of the variable refrigerant flow (VRF) systems market. Moreover, if a variable refrigerant flow is installed in a smaller building, it can offer special benefits as compared to features in high-end building automation systems owing to built-in controls offered by a variable refrigerant flow system with its ability to provide less energy consumption.
Variable refrigerant flow (VRF) system is well-suited applications in older buildings because they can be added on to or replace prevailing equipment in narrow spaces, where it is currently limited or no ductwork. Hotels have also been big supporters of variable refrigerant flow systems as they can save the overall operational cost of the hotel owing to HVAC control being restricted to particular rooms when needed. Aspects such as quieter operation in working of variable refrigerant flow (VRF) systems compared to traditional PTAC units adds a factor of growth, to the variable refrigerant flow (VRF) systems market.
A challenging factor to the variable refrigerant flow (VRF) system is the guidelines that are shared by ASHRAE to control the concentration limits of refrigerant. Thus time to time maintenance is needed. The leakage of refrigerant which is being piped around the building in a larger variable refrigerant flow (VRF) system of 14-20 tons is potentially high and thus can restrain the growth of variable refrigerant flow (VRF) systems.
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Global Variable Refrigerant Flow (VRF) Systems Market: Region-Wise Outlook
The Global Variable Refrigerant Flow (VRF) Systems market is divided into seven regions, namely North America, Latin America, Asia Pacific excluding Japan (APEJ), Western Europe, Eastern Europe, Japan and the Middle East and Africa (MEA). Japan holds a relatively higher market share in the global variable refrigerant flow system market due to the higher presence of the key manufacturers of VRF systems. Followed by Japan is Western Europe which has higher consumption of variable flow (VRF) systems for commercial buildings owing to changing the climate in the region.
Developed regions of Japan and Europe are estimated to grow at a healthy CARG during the forecast period. The U.S. in North America is one of the growing markets in variable refrigerant flow (VRF) systems. Currently, the U.S. market has major manufacturer products that are certified by AHRI. APEJ is estimated to expand at a high CAGR of global variable refrigerant flow (VRF) systems during the forecast period owing to increasing adoption in buildings, offices as well as hospitals.
Global Variable Refrigerant Flow (VRF) Systems Market: Prominent Players
A few of the prominent players in the Variable Refrigerant Flow (VRF) Systems market are as follows
- Daikin industries Ltd.
- Fujitsu Ltd
- Mitsubishi Electrical
- Johnson Controls, Inc.
- Toshiba Corporation
- Ingersoll Rand Plc.
- LG Electronics
- Midea Group
- United Technologies Corporation
- Lennox International Inc.
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