VRF System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2028
VRF System Market – Introduction
Variable refrigerant flow (VRF) system is widely adopted to control the amount of refrigerant flowing to various evaporators with different configurations and capacities. This growing adoption of VRF systems is attributed to their ability to provide comfort without swings at room temperature by offering the desired supply of heating or cooling when the need arises. VRF system caters to various applications owing to its availability in a wide range of types and sizes of a fan. These factors are providing impetus to the growth of global VRF system market.
VRF System Market – Competitive Landscape
Daikin Industries, Ltd.
Established in 1924 & based in Osaka, Japan, the company is a manufacturer, distributer, and seller of air-conditioning & refrigeration equipment and chemical products. The product offerings of the company include a wide range of air purifiers, water chillers, packaged air-conditioning systems, and freezers, fluorocarbons, fluoropaints, semiconductor-etching products, and hydrostatic transmissions.
Mitsubishi Electric Corporation
Founded in 1921 and based in Tokyo, Japan, the company manufacturers, develops, distributes and sells a wide range of electrical and electronic equipment worldwide. The product offerings of the company include turbine generators, circuit breakers, switch control & display devices, surveillance-system control & security systems, among others.
Samsung Electronics Co.
Founded in 1938 and headquartered in Suwon, South Korea, Samsung Electronics Co. operates in the information technology and mobile communications, consumer electronics, and device solutions segments worldwide. The company has an extensive product portfolio, which includes LCD and OLED panels, mobile phones, refrigerators, wearables, virtual reality, TVs, home theaters, audio products, and laptops, among others.
Established in 1934 & headquartered in Farmington, Connecticut, the company provides technology products & services to building systems & aerospace sectors worldwide. The company operates across four segments, including UTC Climate, Controls & Security; Otis; UTC Aerospace Systems; and Pratt & Whitney.
LG Electronics Inc.
Established in 1958, and headquartered in Seoul, South Korea, the company is primarily engaged in the manufacturing and distribution of a wide range of electronic products. The company through its subsidiaries operates in six segments. The product offerings of the company include refrigerators, washing machines, televisions, smart appliances, home theater systems, and smartphones, among others.
VRF System Market Dynamics
Surging Demand for Energy-Efficient HVAC Systems Augmenting Growth in VRF System Market
Growing demand for energy-efficient HVAC systems is driving the adoption of VRF systems, which feature a smart variable-speed compressor that runs only at the desired capacity. Furthermore, VRF systems allow simultaneous heating and cooling of various zones, and are programmed to capture heat while cooling an area, to use that heat in zones that require heating. As VRF systems are equipped with variable-speed compressors and are compatible during partial-load conditions, they endure less wear and tear and cause fewer breakdowns, thereby leading to reduced downtime. Consequently, VRF systems in HVAC are witnessing increasing demand, especially where zoning is required.
Rising Deployment of VRF HVAC Systems in High-Rise Buildings Auguring Well for Stakeholders
The deployment of VRF-based HVAC systems in high-rise buildings is picking pace on account of the impressive flexibility and low-utility-cost benefits offered by these systems. VRF-based HVAC systems meet the mechanical space requirements of high-rise buildings, as they offer a single condenser unit that can be deployed by multiple users. The ability to operate as an efficient ductless multi-split system, coupled with the energy savings offered by VRF-based HVAC systems is increasing their deployment across high-rise buildings. Companies are increasingly adopting VRF-based HVAC systems, considering the long-term benefits associated with them, thereby creating lucrative growth opportunities for the market players.
Numerous Challenges-Associated with VRF Systems Stymieing Market Growth
Manifold challenges associated with the installation of VRF systems, coupled with their design complexities are some of the key issues impeding the growth in VRF system market. Companies’ increasing reluctance towards deployment of VRF systems with complex, tedious, and costly installation, is restricting the sales of these systems. Moreover, life expectancy of VRF systems is reliant on their installation, which is the most complex step in the whole process.
VRF System Market – Segmentation
Based on application, the VRF system market is segmented into:
Based on system type, the VRF system market is segmented into:
Based on component, the VRF system market is segmented into:
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