VRF Systems Market Worth 24.09 Billion USD by 2022
PUNE, India, July 15, 2016 /PRNewswire/ --
The report "VRF Systems Market by System Type (Heat Pump and Heat Recovery System), Application (Commercial: Retail Stores, Healthcare, Hotels & Restaurants, Educational Institutions, & Residential), by Component, and Geography - Global Forecast to 2022", published by MarketsandMarkets. The variable refrigerant flow systems market is estimated to reach USD 24.09 Billion by 2022, at a CAGR of 11.4% between 2016 and 2022.
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Browse 99 market data Tables and 90 Figures spread through 189 Pages and in-depth TOC on "VRF Systems Market".
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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 & energy management initiatives for increasing the adoption of VRF systems.
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 have the ability to condition multiple zones in a building, each of which may have different heating and cooling needs.
The heat Pump VRF systems market is expected to have a high growth between 2016 and 2022
The heat pump VRF systems are expected to grow with the highest growth rate during the forecast period. This is mainly due to the fact that 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.
Market in North America is expected to grow at the highest CAGR during the forecast period
The implementation of VRF Systems Market 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 in the reducing the energy consumption as well as the cost required for the energy. Implementation of VRF systems are 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.
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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. (U.S.), Lennox International Inc. (U.S.), Toshiba Corporation (Japan), Ingersoll Rand Plc. (Ireland) and United Technologies Corporation (U.S.).
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