With a CAGR of 6% between 2022 and 2032, the market for variable refrigerant flow (VRF) systems is projected to grow from its current value of US$ 16,610 Million to US$ 29,884 Million by the year 2032.
The market for VRF systems is anticipated to continue to grow as a result of the expanding construction industry and energy-efficient goods and technologies. Additionally, wireless control systems for indoor units at workplaces, homes, and other referral areas are being accepted by end users.
At the same time, higher investment costs coupled with dearth in understanding of the advantages offered by VRF systems is likely to restrain the VRF systems market in the forecast period.
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Also, the emerging economies are pretty slow with respect to adoption of digitization.
This is another factor bound to hamper the VRF systems market. Future Market Insights has enlisted these facts with insights in its latest market study entitled ‘Variable Refrigerant Flow (VRF) Systems Market’. It has its line of expertise in the form of analysts and consultants to have it tabled.
Key Takeaways:
- The Asia-Pacific holds the largest market share due to it being home to various key players like Daikin, Panasonic Corporation, Mitsubishi Electric, and Toshiba Corporation, along with an ever-increasing adoption of the HVAC systems in various commercial buildings over here.
- North America holds a significant market share due to VRF systems gaining popularity due to simple installation and higher energy efficiency. Along these lines, LG Electronics, since November 2018, has its V5 multi-variable refrigerant flow systems operational in Canada. It’s being made available in the range of 6 to 42 tons, with 3-phase electrical power – 575V, 460V, and 208/230V as heat pump outdoor units.
- Europe is expected to hold a remarkable market share going forward due to the fast changing climate.
- Coming to LATAM, Argentina and Brazil are subject to an ever-increasing investment in development of infrastructure.
- MEA is expected to pick up pace on the back of Iran, Iraq, the UAE, Kuwait, and Saudi Arabia.
Competitive Systems:
- Panasonic Corporation, in May 2020, inked an agreement with Quantum Cooling to distribute VRF systems along with mini-split equipment all across Florida. The latter is known for producing HVAC equipment and the building automation systems.
- Panasonic Corporation, in October 2019, inked a technology agreement with WAT (Welcome Air-tech) to develop sustainable and energy-efficient ventilation and air conditioning solutions to cater to the commercial sector in Southeast Asia.
- Daikin Industries, Ltd., in November 2018, completed acquisition of AHT Group for US$ 747.98 Million. It is based out of Rottenmann (Austria) and engaged in the production, development of refrigeration, and freezing the showcases.
- Fujitsu General Ltd., in October 2018, did acquire 51% shares in F.G. Europe Italia S.p.A. for nearly US$ 8.48 Mn. F.G. Europe is based out of Greece and basically engaged in the sales as well as aftersales services of the air conditioners in Turkey, Italy, Balkans, and Greece.
- Toshiba Carrier Corporation’s functionality includes Toshiba’s VRF system as well as air-conditioning business. Both – commercial and residential uses are catered to by these VRF systems.
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“Variable Refrigerant Flow (VRF) systems help in controlling the quantity of refrigerant required at the time of cooling or heating. This factor is bound to help the VRF systems market grow unabated in the forecast period”, says an analyst from Future Market Insights.
Key Segments:
By Type:
- Heat Recovery System
- Heat Pump
By Compressor Units:
- Air-Cooled Unit
- Water-Cooled Unit
By End User:
- Hotels & Restaurants
- Residential
- Transport
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
The Central Idea
- Future Market Insights offers an exclusive perspective and various real-time insights on the variable refrigerant flow (VRF) systems market in its latest study, presenting historical demand assessment of 2016 to 2021 and projections for 2022 to 2032.
- The research study is based on type (heat recovery system and heat pump), by compressor units (air-cooled unit and water-cooled unit), and by end-user (transport, residential, and hotels & restaurants).
- With advantages like energy savings and high energy efficiency, unparalleled part-load performance, minimum ductwork, and proper zoning control, the global VRF systems market is likely to grow on an impertinent note in the forecast period.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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