The report "VRF System Market by Component (Outdoor Units, Indoor Units, and Control Systems and Accessories), System Type (Heat Pump, Heat Recovery), Capacity, Application (Commercial, Residential, and Others), and Geography - Global Forecast to 2025" The VRF System market was valued at USD 17.6 billion in 2020 and is expected to reach USD 31.9 billion by 2025, growing at a CAGR of 12.7%.The major factors driving the growth of VRF system market are the growing construction industry and easing of norms of FDI for construction and real estate sectors and high energy-saving potential as well as easy and minimum maintenance requirements of VRF systems is the driver of this market. Likewise, increasing penetration of VRF systems in residential and commercial are expected to create lucrative opportunities for the players in the VRF system market. However, high installation cost are expected to restraint market growth
Browse 64 market data Tables and 49 Figures spread through 150 Pages and in-depth TOC on "VRF System Market by Component (Outdoor Units, Indoor Units, and Control Systems and Accessories), System Type (Heat Pump, Heat Recovery), Capacity, Application (Commercial, Residential, and Others), and Geography - Global Forecast to 2025 "
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Control systems and accessories projected to witness the highest CAGR for the forecast period
Technological innovations such as touch controllers and iot-enabled controllers are playing key role in driving control systems and accessories segment. VRF system manufacturers provide a wide range of control systems and accessories. The control unit is a multifunctional device that can control up to 64 indoor units within a maximum connection length of 1,200 meters. The types of controllers available are group outdoor unit controllers, group indoor unit controllers, central group wired controllers for indoor and outdoor units, wired controllers, and individual wireless infrared remote controllers. A user can control multiple indoor units or outdoor units with the help of wired or wireless control systems.
Commercial to account for largest share of VRF system market during forecast period
In the commercial market, the office buildings, retail stores, and healthcare facilities are the major commercial applications of VRF system. Commercial buildings consume more energy compared with transportation or industry sectors; around 30% of the energy at a business place is consumed by air-conditioning systems. Replacing a traditional air-conditioning system with an advanced and energy-efficient system helps in saving a significant amount of energy in this sector. The rising global temperature and increasing urban pollution because of heavy construction activities have made VRF systems an integral part of commercial structures.
Heat recovery systems to register highest CAGR during the forecast period
VRF systems with heat recovery capability can operate simultaneously in the heating as well as cooling mode. Heat recovery systems are equipped with enhanced features such as inverter drives, pulse modulating electronic expansion valves, and distributed controls that allow systems to operate in the net heating or net cooling mode as required by the space. Heat recovery systems are ideal when simultaneous heating and cooling of space is required. Heat recovery systems exploit the heat that is recovered by the simultaneous operation of heating and cooling, resulting in increased energy efficiency and lowering the operating cost.
VRF system in North America to grow at the highest CAGR during the forecast period
In North America, VRF systems have gained tremendous popularity owing to the increasing awareness about energy efficiency and easy installation process with minimum piping work associated with VRF systems. Recently, many companies based in North America have launched VRF systems integrated with low global warming potential refrigerants.
Key Market Players
In 2020, the VRF system market was dominated by Daikin (Japan), Johnson Controls (US), Hitachi (Japan), Mitsubishi Electric (Japan), Midea Group (China), and Panasonic (Japan)
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