VRF market expected to grow to USD24.09bn

The VRF systems market size is expected to grow at a compound annual growth rate (CAGR) of 11.4% between 2016 and 2022, from the market size of USD11.08-billion in 2015 to USD24.09-billion by 2022, according to a new report by MarketsandMarkets.

According to the report ‘VRF Systems Market by System Type (Heat Pump and Heat Recovery System), Component (Compressor, Invertor, Electronic Expansion Valve, Synchronous Electronic Motor and Installation services), Application, and Geography - Global Forecast to 2022’, the variable refrigerant flow (VRF) systems market is estimated to reach USD24.09-billion by 2022.

Factors driving the VRF systems market include increasing demand for improved energy-efficient devices and lower environmental impact due to use of low global warming potential refrigerant, growing construction activities, and increased legislation and energy management initiatives for increasing the adoption of VRF systems.

The report can be purchased here

buy here

Commercial segment is expected to hold the largest share of the VRF systems market during the forecast period

The market for the commercial segment is expected to grow at a higher rate compared to the residential buildings and transportation applications segments. The main driving factor for the commercial buildings market is revival in construction activities and enhanced focus on energy-efficient technologies and products. VRF systems are used in most commercial buildings, ranging from small shops and cafes to large office buildings and public spaces. The major reason accelerating the market is growing need for energy-efficient systems according to the environment and occupancy in the building which decides the need for VRF systems. VRF systems can condition multiple zones in a building, each of which may have different heating and cooling needs.

Heat pump VRF systems
The heat pump VRF systems are expected to grow with the highest growth rate during the forecast period. This is mainly because they deliver the benefit of two to more controls in a single device. VRF zoning ensures that energy is only used to cool or warm the occupied offices. Quiet indoor unit and precise temperature control creates the most comfortable and productive work environment.

North American market
The implementation of VRF systems is increasing in North America due to the rising necessity for high-quality products associated with the increased demand for energy-efficient devices and increasing construction activities. It also helps to reduce the energy consumption as well as the cost required for the energy.

Implementation of VRF systems are also expected to help in improving the efficiency in residential as well as commercial buildings. Accelerating demand from residential, commercial, and industrial segments in North America is driving the growth of the (VRF) market. Tremendous development in infrastructure is expected to boost the (VRF) market in this region.

Companies involved in the development of VRF systems include Daikin industries Ltd. (Japan), LG Electronics (South Korea), Mitsubishi Electrical (Japan), Midea Group (China), Fujitsu General Corporation (Japan), Johnson Controls, Inc. (US), Lennox International Inc. (US), Toshiba Corporation (Japan), Ingersoll Rand Plc. (Ireland) and United Technologies Corporation (US).

About MarketsandMarkets
MarketsandMarkets is the world’s number firm in terms of annually published premium market research reports. Serving 1 700 global fortune enterprises with more than 1 200 premium studies in a year, M&M is catering to a multitude of clients across eight different industrial verticals.

 

Pin It

Add comment


Security code
Refresh

Home A/C VRF market expected to grow to USD24.09bn

Connect with us

Talk To Us

Available Monday - Friday, 8 AM - 4 PM