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Market Leader - VRF System Market

The VRF system market is expected to be valued at USD 22.79 Billion by 2023, growing at a CAGR of 12.43% between 2017 and 2023. The factors supporting the growth of VRF system market include high energy saving potential as well as easy and minimum maintenance of VRF system, focus of major players on providing technologically advanced refrigerants for air conditioning and heat pump solutions, growing construction industry and easing of norms of FDI for construction and real estate sectors, and regulations and policies of EU government pertaining to construction products. Further, the increased rate of implementation of VRF system in large shopping complexes, office buildings, educational buildings, hospitals, and residential buildings are expected to fuel the growth of the VRF system market during the forecast period.

Daikin Industries has a diversified product portfolio and balanced revenue base, which gives it a competitive advantage over other companies. The company is aiming to expand its profitability by continuously managing its development, manufacturing, marketing, and services in an integrated manner. Daikin has made important innovations in air-conditioning and refrigerant technologies that are environmentally friendly. In 2014, Daikin Industries adopted the new refrigerant R32, which reduces the global warming factor by two-thirds over traditional refrigerants. The company is aiming for R32 to be adopted globally. The company is actively working with environmental and air-conditioning-related parties in each country and region on setting this new global standard. These innovations have enabled the company to strengthen its market share in the VRF system market.

Johnson Controls is focused on partnerships and joint ventures to increase its footprint globally. The company is looking for further growth and expanding business opportunities in developing countries. This will help in increasing its customer base outside the domestic market and would provide profitability to the company. In June 2014, it acquired Air Distribution Technologies (US), which enabled the company to expand its market geographically. Air Distribution Technologies produce a broad range of air distribution and ventilation products for building under well-known brands such as Ruskin, Titus, Krueger, and Tuttle & Bailey. The company also adopted the strategy of new product developments for its growth. The company mainly focuses on the development of VRF system products to ensure its growth in the near future. For instance, in January 2015, it launched the 1,000 tons of cooling (3,500 kW) for magnetic-bearing centrifugal chiller line, the YORK YMC2. This new product would help fulfill the need of reduced sound, high efficiency, and low maintenance. This would enhance the company portfolio of commercial and residential VRF system products. Moreover, in October 2015, it developed BCM 2.0, which is an updated version of a control system that comprises of new productivity tools and an improved user interface.

Related Reports:

VRF System Market by System Type (Heat Pump, Heat Recovery), Component (Outdoor Unit, Indoor Unit, Control Systems, and Accessories), Application (Commercial: Office Buildings, Retail Stores, Residential), and Geography - Global Forecast to 2023

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