Worldwide VRF System Industry to 2026 - Key Drivers and Restraints

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Apr 12, 2022, 06:00 ET

DUBLIN, April 12, 2022 /PRNewswire/ -- The "Global VRF System Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.

The global VRF system market is estimated to be valued at 11.434 billion in 2019. A typical VRF system consists of an outdoor unit, several indoor units, refrigerant piping running from the outdoor to the indoors, using refnet joints, and communication wiring. They provide powerful heating and cooling for all indoor and outdoor units without the use of air ducts.

Market Drivers

VRF systems are energy efficient, controls temperature precisely, and provide simultaneous heating and cooling services. These advantages provide an edge to these systems over traditional heating systems and are the prime reasons behind its market growth. Another major factor driving the growth of the VRF system market is the growing construction industry and easing of norms for construction and real estate sectors and high energy-saving potential as well as easy and minimum maintenance requirements of VRF systems is the driver of this market.

By type, the heat pump system dominates the market owing to its uses in commercial buildings and residential complexes. By appliResearch-and-Markets cost of operation.

Growth Factors

Growing commercial uses

VRF systems can provide solutions to all HVAC needs irrespective of the size of the complex. They are energy-saving, precise, and easy to maintain in nature. They are well-suited for multi-room schoolhouses or sprawling campuses and have central control. Healthcare facilities demand heat and cooling at the same and these systems are ideal for fresh air, improving climate control, and safeguarding against cross air contamination. They are also used in museums and historical sites as they are ductless. Lobbies, hotels, vast spaces, high-rise office buildings are also shifting to these systems for effective cooling or heating solutions. As commercial infrastructures are expanding and adopting smart design choices in today's time, the market for VRS systems is convinced to expand.

Sustainable approach

The growing environmental concern as a result of the harmful gases emitted by the heating and cooling devices installed in both residential and commercial setups has drawn the attention of the national governments and international agencies. The VRF systems consume less energy by avoiding the need to pump heated water and air throughout a building thereby reducing the cost and adjusting to environmental impact. There is also the advantage of curtailing energy wastage by providing only the heating or cooling energy required during specific times and occupancy loading. Thus, lowering the stress of global warming substantially.

Impact of COVID-19 on the VRF System Market

As commercial establishments remained shut to curb the spread of coronavirus, the demand for VRS systems began to fall from certain end-user industries. However, the demand from the health sector outgrew during this period. Certain studies have even pointed out the benefits of purified air which many contain the spread of the virus, yet concrete proves still waits. The market players have resorted to hardware and system changes like introducing sophisticated airflow-control systems, such as those that are sensitive to pressure, to allow for smoother adjustment of airflows, installing high-performance air-purification systems among others to grab the profitability that arose.

Competitive Insights

The market leaders in the Global VRF System Market are Johnson Controls, United Technologies, Daikin Industries, Ltd, Fujitsu, Lennox International Inc., LG Electronics, Panasonic Corporation, Mitsubishi Electric, and Danfoss A/S. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, to gain a competitive advantage over their competitors.

Key Topics Covered:

1. INTRODUCTION

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis

5. GLOBAL VRF SYSTEM MARKET, BY TYPE
5.1. Introduction
5.2. Cooling-Only Systems
5.3. Heat Pump Systems
5.4. Heat Recovery Systems

6. GLOBAL VRF SYSTEM MARKET, BY COMPONENT
6.1. Introduction
6.2. Indoor Unit
6.3. Outdoor Unit
6.4. Refrigerant
6.5. Others

7. GLOBAL VRF SYSTEM MARKET, BY APPLICATION
7.1. Introduction
7.2. Industrial
7.3. Residential
7.4. Commercial

8. GLOBAL VRF SYSTEM MARKET, BY GEOGRAPHY
8.1. Introduction
8.2. North America
8.2.1. United States
8.2.2. Canada
8.2.3. Mexico
8.3. South America
8.3.1. Brazil
8.3.2. Argentina
8.3.3. Others
8.4. Europe
8.4.1. Germany
8.4.2. France
8.4.3. United Kingdom
8.4.4. Italy
8.4.5. Spain
8.4.6. Others
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.5.2. UAE
8.5.3. Israel
8.5.4. Others
8.6. Asia Pacific
8.6.1. China
8.6.2. Australia
8.6.3. Japan
8.6.4. South Korea
8.6.5. India
8.6.6. Thailand
8.6.7. Taiwan
8.6.8. Indonesia
8.6.9. Others

9. COMPETITIVE INTELLIGENCE
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix

10. COMPANY PROFILES
10.1. Johnson Controls
10.2. United Technologies
10.3. Daikin Industries, Ltd
10.4. Fujitsu
10.5. Lennox International Inc.
10.6. LG Electronics
10.7. Panasonic Corporation
10.8. Mitsubishi Electric
10.9. Danfoss A/S

For more information about this report visit https://www.researchandmarkets.com/r/yq7gxk