Variable Refrigerant Flow (VRF) Systems Market

Variable Refrigerant Flow (VRF) Systems Market by Component (Outdoor Units, Indoor Units), by Compressor Unit (Air-Cooled Unit, Water-Cooled Unit), by System Type (Heat Pump Systems, Heat Recovery Systems), by Application Area (Commercial, Residential, Transportation), by Geography (U.S., Canada, The U.K., Germany, Russia, Italy, France, Turkey, China, Japan, India, South Korea, Brazil, Mexico, UAE, South Africa) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023

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VRF Systems Market Overview

Increasing focus towards energy conservation, rise in construction activities and easing of norms of foreign direct investment (FDI) for construction and real estate sectors are some of the major factors, positively impacting the growth of the global VRF systems market. Major players operating in this market are focusing on providing technologically advanced refrigerants for heat-pump and air conditioning solutions. Consumers from developed economies are significantly adopting VRF technology, which is likely to bolster the growth of this market, during the forecast period.

VRF Systems Market Dynamics

VRF systems market is majorly driven by increasing demand for energy efficient and cost-effective systems. Growing construction activities and rising legislation and energy management activities are some of the factors boosting the demand for such systems, globally. Design flexibility and reliability offered by these systems are leading to their adoption in commercial as well as residential HVAC systems. Such systems must follow the guidelines shared by the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRE) to control the concentration limits of refrigerant. Higher installation cost and specific design standard for refrigerant piping are some of the major challenges hampering the growth of this market.

Big Gains Expected from Commercial Applications

On the basis of application, the market is categorized into commercial, residential and transportation. Commercial applications are further categorized into building applications, educational institutions, healthcare facilities, hotels & restaurants and retail stores. Such systems condition multiple zones in a building having varied heating and cooling necessities. Market for VRF systems is projected to grow the fastest in commercial applications. Major factors accelerating the growth of this market in commercial application are heightened focus on energy-efficient technology & products, and stimulation in construction activities across the globe.

North America: Huge Growth Potential in VRF Systems Consumption and Production

In terms of geography, the market is broadly categorized into North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW). APAC stands as the largest VRF system market and the market in the region is projected to grow at a significant pace, during the forecast period. The growth of this market in the region is attributed to the presence of a large number of key manufacturers in the region and higher adoption of such systems in buildings, offices as well as hospitals. Soaring construction activities, rising demand for smart devices to handle VRF systems along with growing population & urbanization, has spurred the demand of VRF systems in the region.

Use of VRF systems in North America has been much less than in APAC and Europe. However, the adoption of VRF is rising at a rapid pace in the U.S., with offerings from a wide variety of major manufacturers. On account of that, the market in North America is expected to register the fastest growth over the next few years.

With the presence of major manufacturers of AHRI certified VRF systems, such systems are gaining huge acceptance in North America. Increasing awareness about energy efficiency and cost savings along with changing North American landscape for VRF systems, are some of the major factors boosting the demand of these systems in the region. Snowballing consumer spending, improvement in the economy and soaring construction activities, especially in residential category are the factors positively influencing the growth of this market in North America.

VRF Systems Market Competitiveness

Key participants of this industry include manufacturers, system integrators, consultants, software developers, marketing and sales teams, and end-users. Some of the major players operating in the market include Daikin Industries, Ltd., Johnson Controls, Inc., LG Electronics, Inc., Toshiba Corporation, Fujitsu General Ltd., Mitsubishi Electric Corporation, Midea Group Co., Ltd., Schneider Electric SE, United Technologies Corporation and Emerson Electric Co.

Companies operating in this market are predominantly following the strategies of acquisition and geographical expansion, and are focusing on enhancing their product and service offerings. For instance, in June 2017, Daikin Industries, Ltd., through its subsidiary Daikin Australia Pty., Ltd., acquired Airmaster Corporation Pty Ltd. The acquired company offers services and solutions for air conditioning equipment. Under this acquisition, the company is planning to provide services and solutions of air conditioning equipment and also anticipating business growth in Australia.

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