Report Id: SNS/SEMI/2439 | July 2022 | Region: Global | 134 Pages
Report Scope & Overview:
The VRF Systems Market Size was valued at USD 22.05 billion in 2022, and is expected to reach USD 53.57 billion by 2030, and grow at a CAGR of 12.5% over the forecast period 2023-2030.
A variable refrigerant flow (VRF) system consists of a multi-split refrigerant solution with multiple indoor evaporators linked to a single condensing unit. These systems have a larger capacity and, as a result, control the refrigerant flow, improving energy efficiency. These systems are primarily used in the commercial sector, but they also have applications in buildings, educational institutions, healthcare facilities, hotels, and restaurants. The use of these systems increases the efficiency and power savings of HVAC systems.
MARKET DYNAMICS:
KEY DRIVERS:
Major players are concentrating their efforts on providing technologically advanced refrigerants for air conditioning and heat pump solutions.
VRF systems have a high energy-saving potential as well as simple and minimal maintenance requirements.
Growing construction industry and relaxation of FDI rules for the construction and real estate sectors
EU government regulations and policies governing construction products.
RESTRAINTS:
Expensive installation.
OPPORTUNITIES:
VRF systems are becoming more prevalent in residential and commercial applications.
There are numerous opportunities in developing countries.
CHALLENGES:
In developing countries, there is a lack of understanding about VRF systems.
Refrigerant leaks have negative environmental consequences.
IMPACT OF COVID-19:
Because air filtration, ventilation, and humidity are all critical components in risk reduction, demand for environmental management increased dramatically during the COVID-19 crisis. As a result, closing down the VRF Systems Market in the midst of a crisis is not a good idea. Filtration is an important part of ensuring indoor air quality (IAQ) because a virus cannot cause illness within the structure if it is captured in the filtration system. Because the most common way for COVID-19 to spread is through intimate human contact, some e-commerce companies temporarily banned deliveries of non-essential items, primarily electronics devices, affecting sales of electronic products in general and electronic filters in particular. The decline in sales of a variety of electronic devices has had an impact on VRF Systems Market demand. VRF Systems Market Revenue and VRF Systems Market Growth have declined as a result of the closure of retail establishments, showrooms, hypermarkets, and supermarkets.
Based on system type, the VRF Systems market is segmented into Heat Recovery Systems and Heat Pump Systems. Factors such as rising disposable income, increased awareness of energy efficiency, and rising energy costs will drive the residential VRF heat pump system market. These factors have increased the demand for energy-efficient devices that can help reduce both energy consumption and costs. VRF systems address all of these issues by utilising various control systems, thermostats, and sensors.
Based on application, the VRF Systems market is segmented into Commercial, Residential and Others. During the forecast period, VRF systems for residential applications are expected to grow at the fastest rate. VRF systems provide individual controls for each housing unit, making them highly energy-efficient and low-cost to operate. As a result, more and more property owners and managers are installing VRF air-conditioning systems. VRF systems are becoming the preferred choice for apartments and collective housing due to their long product life under harsh conditions, high air-conditioning performance, and excellent service.
Based on component, the VRF Systems market is segmented into Outdoor Units, Installation Services, Indoor Units and Control Systems and Accessories. Based on capacity, the VRF Systems market is segmented into Up to 10 Tons, 11 to 18 Tons, 19 to 26 Tons and above 26 Tons.
COMPETITIVE LANDSCAPE:
The key players in the VRF Systems market are LG Electronics, Daikin Industries, Fujitsu General Corporations, Toshiba Corporation, United Technologies Corporation, Mitsubishi Electrical, Midea Group, Johnson Controls, Lennox International and Ingersoll Rand PLC.
MARKET SEGMENTS:
BY SYSTEM TYPE
Heat Recovery Systems
Heat Pump Systems
BY COMPONENT
Outdoor Units
Installation Services
Indoor Units
Control Systems and Accessories
BY CAPACITY
Up to 10 Tons
11 to 18 Tons
19 to 26 Tons
Above 26 Tons
BY APPLICATION
Commercial
Residential
Others
REGIONAL ANALYSIS:
According to the regional classification, Asia-Pacific has the largest market share during the historic forecast period and is expected to grow rapidly throughout the forecast period. One of the factors driving the growth of the Asia-Pacific VRF Systems market is the increasing demand for VRF systems from residential and commercial end-users. Furthermore, rising industrialization, urbanisation, and demand for high-tech gadgets such as wireless and linked devices are driving the VRF Systems Market forward. Furthermore, the presence of numerous manufacturers such as Daikin Industries Ltd., Fujitsu Limited, Mitsubishi Electric Corporation, and others drives the market. However, due to commercial businesses' increasing acceptance of VRF technology for energy savings and flexible designs, the North American region is expected to grow at a significant CAGR over the forecast period. Similarly, the growing integration of linked technology is driving market growth.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Report Attributes | Details |
---|---|
Market Size in 2022 | US$ 22.05 Billion |
Market Size by 2030 | US$ 53.57 Billion |
CAGR | CAGR of 12.5% From 2023 to 2030 |
Base Year | 2022 |
Forecast Period | 2023-2030 |
Historical Data | 2020-2021 |
Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
Key Segments | • By System Type (Heat Recovery Systems, Heat Pump Systems) • By Component (Outdoor Units, Installation Services, Indoor Units, Control Systems And Accessories) • By Capacity (Up To 10 Tons, 11 To 18 Tons, 19 To 26 Tons, Above 26 Tons) • By Application (Commercial, Residential, Others) |
Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Company Profiles | LG Electronics, Daikin Industries, Fujitsu General Corporations, Toshiba Corporation, United Technologies Corporation, Mitsubishi Electrical, Midea Group, Johnson Controls, Lennox International and Ingersoll Rand PLC. |
Key Drivers | • Growing construction industry and relaxation of FDI rules for the construction and real estate sectors • EU government regulations and policies governing construction products. |
RESTRAINTS | • Expensive installation. |
Frequently Asked Questions (FAQ) :
The market value is expected to reach USD 44.9 billion by 2028.
The key players in the VRF Systems market are LG Electronics, Daikin Industries, Fujitsu General Corporations, Toshiba Corporation, United Technologies Corporation, Mitsubishi Electrical, Midea Group, Johnson Controls, Lennox International and Ingersoll Rand PLC.
VRF systems have a high energy-saving potential as well as simple and minimal maintenance requirements and Growing construction industry and relaxation of FDI rules for the construction and real estate sectors
Yes, and they are Raw material vendors, Distributors/traders/wholesalers/suppliers, Regulatory authorities, including government agencies and NGO, Commercial research & development (R&D) institutions, Importers and exporters, Government organizations, research organizations, and consulting firms, Trade/Industrial associations, End-use industries.
Manufacturers, Consultants, Association, Research Institutes, private and university libraries, suppliers, and distributors of the product.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. VRF Systems Market Segmentation, by system type
8.1Introduction
8.2 Heat Recovery Systems
8.3 Heat Pump Systems
9. VRF Systems Market Segmentation, by component
9.1Introduction
9.2 Outdoor Units
9.3 Installation Services
9.4 Indoor Units
9.5 Control Systems and Accessories
10. VRF Systems Market Segmentation, by capacity
10.1 Introduction
10.2 Up to 10 Tons
10.3 11 to 18 Tons
10.4 19 to 26 Tons
10.5 Above 26 Tons
11. VRF Systems Market Segmentation, by application
11.1 Introduction
11.2 Commercial
11.3 Residential
11.4 Others
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13.Company Profiles
13.1 Midea Group
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 LG Electronics
13.3 Daikin Industries
13.4 Fujitsu General Corporations
13.5 Toshiba Corporation
13.6 United Technologies Corporation
13.7 Mitsubishi Electrical
13.8 Johnson Controls
13.9 Lennox International
13..10 Ingersoll Rand PLC
14.Competitive Landscape
14.1 Competitive Benchmark
14.2 Market Share analysis
14.3 Recent Developments
15.Conclusion
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