VRF System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2028

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VRF System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2028

Status : May, 2020 | Semiconductor & Electronics | PPT format

Report Digest


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 

  • In April 2019, a leading player in the VRF system market, Blue Star extended its business reach in the Middle East with the inauguration of a new and highly advanced flagship showroom in Dubai.
  • In June 2018, air conditioning technologies leader LG Electronics launched Multi V M, a split compressor & heat exchanger unit for indoor installation. The company called Multi V M a hidden VRF system for complete indoor installation that offers increased design freedom, easier maintenance and lower noise over an integrated installation. 

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. 

United Technologies 

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:

  • Commercial
  • Residential
  • Others (Metro Stations, Railway Stations, and Airports)

 Based on system type, the VRF system market is segmented into:

  • Heat Pump Systems
  • Heat Recovery Systems

 Based on component, the VRF system market is segmented into:

  • Outdoor Units
  • Indoor Units
  • Control Systems and Accessories

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.

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