The global variable refrigerant flow system (VRF) market size will grow by USD 7.40 billion during 2019-2023. This market report provides a detailed analysis of the market by end-users (commercial, residential, and others) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on many market vendors, including Daikin Industries Ltd., Ingersoll-Rand Plc, Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., Midea Group Co. Ltd., Mitsubishi Electric Corp., Panasonic Corp., Samsung Electronics Co. Ltd., and Toshiba Corp.
Key Insights on VRF System Market - Global Forecast 2019-2023
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Industry Overview
Energy conservation has gained significant importance to achieve green development across the world. As a result, the demand for energy-efficient equipment is rising, which is one of the key factors driving the VRF system market growth. VRF systems are highly energy-efficient and can help residential and commercial buildings in saving 40% energy compared with traditional air conditioning equipment. Moreover, the maintenance of VRF systems is mostly limited to changing filters and cleaning coils of fan coil units and does not require professional assistance. The high energy performance of the equipment and its ability to save labor and operational costs will increase sales for vendors. As a result of such factors, the variable refrigerant flow system market will record a CAGR over 10% during 2019-2023.
In addition to the basic benefits of VRF systems that are fueling sales, vendors are also launching new products with improved features to increase customer base and market size. For instance, Trane, a subsidiary of Ingersoll Rand, launched Genyue5+ that provides 26% better efficiency compared with conventional systems. New product launches are increasing the demand for VRF systems, and vendors have already started focusing on expanding their production facilities.
Top Companies in VRF System Market
The global market is fragmented. To help clients improve their market positions, this VRF system market forecast report provides an analysis of the market’s competitive landscape and offers information on the products offered by various companies. This report also includes information on the upcoming VRF system market trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
The report offers a detailed analysis of several leading VRF systems manufacturers, including:
- Daikin Industries Ltd.
- Ingersoll-Rand Plc
- Johnson Controls International Plc
- Lennox International Inc.
- LG Electronics, Inc.
- Midea Group Co. Ltd.
- Mitsubishi Electric Corp.
- Panasonic Corp.
- Samsung Electronics Co. Ltd.
- Toshiba Corp.
Market Segmentation
Variable Refrigerant Flow System Market by End-users
- Commercial
- Residential
- Others
The commercial end-user segment held the largest market share in 2018. This VRF system market analysis predicts that the segment will continue to account for the highest variable refrigerant flow system share over the forecast period. The increasing applications of VRF systems in commercial facilities such as offices, data centers, hospitals, and others and the significantly growing commercial sector will boost the growth of the market segment during the forthcoming years. This report provides an accurate prediction of the contribution of all the segments to the growth of the VRF system market size.
Variable Refrigerant Flow System by Region
- APAC
- Europe
- MEA
- North America
- South America
With a complete study of the growth opportunities for companies, it has been identified that APAC will account for the highest share of the VRF system market throughout the forecast period. Factors such as the presence of major players, significantly growing commercial and residential sectors, and rising need for energy efficiency are contributing to the VRF system industry growth in this region.
Major Highlights of the Variable Refrigerant Flow System Market - Global Forecast 2019-2023
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will accelerate the growth of the VRF system during the next five years
- Precise estimation of the global VRF system market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the VRF system industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on several vendors
- Comprehensive details of factors that will challenge the growth of VRF system companies
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