What is VRF System Market?
A Variable refrigerant flow (VRF) system vary the flow of refrigerant to indoor units supported demand. This ability to regulate the amount of refrigerant that is provided to fan coil units situated throughout a building makes the VRF technology ideal for applications with varying loads or where zoning is needed. VRF systems are available either as heat pump systems or as heat recovery systems for those applications where simultaneous heating and cooling is required. Additionally, to provide superior comfort, VRF systems offer design flexibility, energy savings, and value effective installation.
The market study is being classified, by Application (Commercial, Residential and Others {Metro Stations, Railway Stations, and Airports}) and major geographies with country level break-up. According to AMA, the Global VRF System market is expected to see growth rate of 12.44% and may see market size of USD24.61 Billion by 2026.
Daikin Industries (Japan), Mitsubishi Electric (Japan), Hitachi (Japan), Midea Group (China), United Technologies (United States), Samsung Electronics (South Korea), Panasonic (Japan), Lennox International (United States), Ingersoll Rand (Ireland), Fujitsu General (Japan) and LG Electronics (South Korea) are some of the key players profiled in the study.
Research Analyst at AMA predicts that Japanese Players will contribute to the maximum growth of Global VRF System market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global VRF System market by Type, Application and Region.
On the basis of application, Commercial segment is dominating the market in the year 2020
On the basis of geography, the market of VRF System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Growing Construction Industry
- Easing of Norms of FDI for Construction and Real Estate Sectors
- Easy and Minimum Maintenance of VRF System and High Energy Saving Potential
- Regulations and Policies of Eu Government Pertaining to Construction Products
Market Trend
- Increased Open-Network Compatibility of VRF Control Systems
- A polarization of VRF HVAC Systems
Restraints
Opportunities
- Significant Opportunities in Developing Countries
- Increasing Penetration of VRF System for Residential Applications
Challenges
- Essence to Comply With the Safety Standards
- Complexities in Designing VRF Systems
Market Leaders and some development strategies
On 17 January 2018, Ingersoll-Rand plc and Mitsubishi Electric Corporation, a leading manufacturer of technologically advanced ductless and variable refrigerant flow (VRF) heating and air conditioning systems, have announced an agreement to create a 50-50 % joint venture pending global antitrust review.
On 14 January 2019, Carrier, a leading company has introduced the all-new Toshiba Carrier Variable Refrigerant Flow (VRF) Rooftop, a rooftop unit-style fan coil for the Toshiba Carrier VRF system that will permit multiple rooftop units to be connected to one condensing unit and additional VRF fan coil units, in order to assist enhance in energy efficiency and comfort with a rooftop HVAC solution.
Key Target Audience
Original device manufacturers (ODMs), Original equipment manufacturers (OEMs), System integrators, Market research and consulting firms, Component suppliers, Manufacturers of VRF system components and devices, Suppliers and distributors, Software, service, and technology providers and Government bodies Installation, maintenance, and service providers