The global VRF systems market is positioned to surpass a significant valuation of US$ 15,602.9 million by 2023, embarking on a transformative journey that promises to reshape the future of heating and cooling solutions. Over the period spanning from 2023 to 2033, a steady Compound Annual Growth Rate (CAGR) of 6.0% is anticipated for VRF systems, with industry experts projecting an impressive valuation of US$ 27,942.5 million by 2033.
The remarkable trajectory of this market is underpinned by various key factors, each playing a unique and crucial role in advancing VRF systems. Chief among these catalysts is the growing global awareness of the imperative need for energy conservation. In a world where sustainability holds increasing significance, businesses and consumers alike are actively seeking solutions that can effectively reduce their environmental footprint.
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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 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.
Global Variable Refrigerant Flow (VRF) Systems Market: Dynamics
For the commercial purpose such as in offices, a variable refrigerant flow system is more appealing than a variable air volume (VAV) systems as the temperature can be controlled in each office thus adds as another potential factor to the growth of variable refrigerant flow (VRF) systems market. Moreover, if a variable refrigerant flow is installed in a smaller building, it can offer special benefit as compared to features in high-end building automation system owing to built-in controls offered by a variable refrigerant flow system with its ability to provide less energy consumption.
Moreover, variable refrigerant flow (VRF) systems incur a lower cost to provide heating, ventilation and air conditioning (HVAC) systems. A key driver for variable refrigerant flow (VRF) system is its efficiency to control the units with a simple on and off the operation as well as its ability to provide a different level of heating and cooling to a different part of building with variation in motor speed and regulator in refrigerant flow.
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 a higher presence of the key manufacture of the VRF systems. Followed by Japan is Western Europe which has higher consumption of variable flow (VRF) systems for the commercial building owing to changing the climate in the region.
Developed region 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 high CAGR of global variable refrigerant flow (VRF) systems during the forecast period owing to increasing adoption in the buildings, offices as well as hospitals.
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Global Variable Refrigerant Flow (VRF) Systems Market: Prominent Players
- 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.
Key Segments Profiled in the VRF Systems Market Survey:
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
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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