A VRF system is an air-conditioning system that consists of an outdoor unit (composing 1 or multiple compressors), multiple indoor units, and control systems and accessories. Variable refrigerant flow refers to the system’s ability to control the amount of refrigerant flowing to multiple evaporators (indoor units), enabling the use of many evaporators of differing capacities and configurations connected to a single condensing unit.
High energy-saving potential and easy and minimum maintenance requirements of VRF systems are the key growth drivers for the market. The market’s growth is also propelled by the continuous growth of the construction industry, government incentives through tax credit programs, and regulations and policies of EU governments pertaining to construction products. The global VRF system market size is estimated to grow from USD 17.6 billion in 2020 to USD 31.9 billion by 2025, at a CAGR of 12.7%.
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Daikin (Japan), Toshiba (Japan), Mitsubishi Electric (Japan) are the leading players in the VRF system market.
Daikin is one of the leading players in air-conditioning and fluorochemicals businesses. It is engaged in manufacturing general air-conditioning equipment, with in-house divisions covering both air conditioning and refrigerants. The company has more than 100 production units globally and operates in more than 150 countries. The Air Conditioning segment of Daikin provides VRV/VRF systems, residential air conditioners, residential air purifiers, commercial use air conditioners, commercial use air purifiers, large chillers, marine container refrigeration units, and marine vessel air conditioners.
Toshiba manufactures and sells electronic and electrical products. The air-conditioning and VRF system business of Toshiba is operated by Toshiba Carrier Corporation, the global joint venture between Carrier Corporation (US) and Toshiba Corporation (Japan). The company develops VRF systems for residential and commercial applications. The company manufactures various types of indoor and outdoor units. The company has a manufacturing unit and an R&D center in both Japan and Thailand. The company also has R&D facilities in the US, Europe, China, and Vietnam.
Mitsubishi Electric (Japan)
Mitsubishi Electric manufactures electric and electronic equipment used in various systems and appliances. The company’s VRF air-conditioning systems offer the luxury of distributed airflow and independent control of indoor units. The products offered by the company are highly energy-efficient in performance and have minimum impact on the environment. The company mainly adopts the strategy of product launches, expansions, and joint ventures to improve its market share in the VRF system market.
Other companies involved in the VRF system market are Midea Group (China), Johnson Controls (US), LG Electronics (South Korea), Fujitsu (Japan), United Technologies (US), Ingersoll Rand (Ireland), Lennox (US), Panasonic (Japan), and Samsung Electronics (South Korea).
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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