The global VRF systems market is on track to achieve a remarkable value of US$ 15,602.9 million by 2023, with a robust demand surge projected at an impressive Compound Annual Growth Rate (CAGR) of 6% from 2023 to 2033. This upward trajectory is set to propel the market to even greater heights, reaching a noteworthy US$ 27,942.5 million by 2033.
Central to this progression is the ingenious technology known as Variable Refrigerant Flow (VRF) Systems. Operating as a mature yet highly efficient heating, ventilation, and air conditioning (HVAC) solution, VRF Systems function through a dual principle of heating and cooling. This is achieved by extracting heat from areas requiring cooling and transferring it to other zones, thereby establishing a harmonious and balanced environment. The strategic placement of the compressor unit atop the building’s roof, along with a sophisticated network of piping connecting the heat and cool refrigerant, ensures optimal conditioning for the entire structure.
A significant driving force behind the adoption of Variable Refrigerant Flow (VRF) Systems is their exceptional energy efficiency. These systems showcase the ability to reduce energy consumption by over 40% compared to conventional VAV electric coil setups. This notable decrease not only underscores the environmental responsibility of VRF Systems but also emerges as a potent catalyst for the expansion of the variable refrigerant flow (VRF) systems market.
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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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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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