DUBLIN, May 22, 2020 /PRNewswire/ -- The "VRF System Market by Component (Outdoor Units, Indoor Units, and Control Systems and Accessories), System Type (Heat Pump, Heat Recovery), Capacity, Application (Commercial, Residential, and Others), and Geography - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The VRF system market was valued at USD 17.6 billion in 2020 and is expected to reach USD 31.9 billion by 2025, growing at a CAGR of 12.7% between 2020 and 2025. High energy-saving potential and easy and minimum maintenance requirements of VRF systems are the key growth drivers for the market. The market's growth is also propelled by the continuous growth of the construction industry, government incentives through tax credit programs, and regulations and policies of the EU governments pertaining to construction products. However, high installation costs due to the shortage of skilled installers, and lack of awareness about the benefits of VRF technology are the major restraints for the growth of the market.VRF system's outdoor unit expected to lead the market during the forecast period.The VRF system market is expected to grow primarily due to a revival in the construction activities and enhanced focus on the implementation of energy-efficient technologies and products. The increasing adoption of inverter-based compressors for outdoor units and the ability of outdoor units to connect multiple indoor units is expected to drive the growth of the market for outdoor units during the forecast period. The increasing adoption of wireless control systems for monitoring indoor units is expected to fuel the growth of the market during the forecast period.VRF heat recovery system expected to grow at the highest pace during the forecast period.VRF heat recovery systems can transfer heat from one indoor zone to another, thereby saving energy. VRF systems that can simultaneously cool some zones while heating others have many features, such as precise comfort control, quiet operation, and energy efficiency, making them an ideal solution for commercial buildings. VRF heat recovery systems provide simultaneous heating and cooling of a zone; therefore, these systems are becoming popular globally. The increasing awareness regarding its energy efficiency is another major factor responsible for their growing adoption.APAC to be the largest market for VRF system during the forecast period.APAC holds the largest market size due to the presence of major players in this region. Countries such as China, Japan, South Korea, and India are majorly driving the growth of the VRF system market in APAC. These countries have a considerable market size and scope for the development of the VRF industry. Several government regulations, acts, and associations are supporting the adoption of VRF systems in the APAC region. Some of these are the Commercial Building Disclosure (CBD) Program (Australia), Energy Conservation Building Codes (Inia), LEED-INDIA, and Indian Society of Heating, Refrigerating, and Air-Conditioning Engineers (ISHRAE).
The key players in the market include Daikin (Japan), Toshiba (Japan), Mitsubishi Electric (Japan), Midea Group (China), Johnson Controls (US), and Others.
Key Topics Covered
1 Introduction 2 Research Methodology 3 Executive Summary 4 Premium Insights 4.1 Attractive Opportunities in VRF System Market4.2 VRF System Market, by Component4.3 VRF System Market, by System Type4.4 VRF System Market, by Application4.5 VRF System Market, by Region5 Market Overview 5.1 Introduction5.2 Market Dynamics5.2.1 VRF System Market Drivers and Their Impact22.214.171.124 Growing Construction Industry and Easing of Norms of Fdi for Construction and Real Estate Sectors126.96.36.199 High Energy-Saving Potential as Well as Easy and Minimum Maintenance Requirements of VRF Systems188.8.131.52 Focus of Major Players on Providing Technologically Advanced Refrigerants for Air Conditioning and Heat Pump Solutions184.108.40.206 Government Incentives Through Tax Credit Programs220.127.116.11 Regulations and Policies of Eu Government Pertaining to Construction Products5.2.2 VRF System Market Restraints and Their Impact18.104.22.168 High Installation Cost5.2.3 VRF System Market Opportunities and Their Impact22.214.171.124 Significant Opportunities in Developing Countries126.96.36.199 Increasing Penetration of VRF Systems in Residential and Commercial Applications5.2.4 VRF System Market Challenges and Their Impact188.8.131.52 Harmful Environmental Impacts of Refrigerant Leaks184.108.40.206 Lack of Awareness Regarding VRF Systems in Developing Countries5.3 Impact of COVID-19 on VRF System Market5.4 Value Chain Analysis6 VRF System Market, by Component 6.1 Introduction6.2 Outdoor Units6.2.1 Increasing Demand for Compressors, Inverters, Suction Accumulators, and Liquid Receivers is Driving Outdoor Units Segment6.2.2 Compressors6.2.3 Inverters6.2.4 Others220.127.116.11 Suction Accumulators18.104.22.168 Liquid Receivers6.3 Indoor Units6.3.1 Indoor Evaporator Units Exchange Heat Between Refrigerant and Ambient Air by Blowing Air Over Unit'S Evaporator Coil6.3.2 Electronic Expansion Valves6.3.3 Synchronous Electronic Motors6.3.4 Others22.214.171.124 Filters126.96.36.199 Drain Lines6.4 Control Systems and Accessories6.4.1 Technological Innovations Such as Touch Controllers and Iot-Enabled Controllers Are Playing Key Role in Driving Control Systems and Accessories Segment7 VRF System Market, by Capacity 7.1 Introduction7.2 Small CAPACity7.2.1 Growth in Construction Activities7.3 Large CAPACity7.3.1 Stringent Government Regulations on Emissions and Energy Efficiency8 VRF System Market, by System Type 8.1 Introduction8.2 Heat Pump Systems8.2.1 Growing Awareness Regarding Energy-Saving Potential of VRF Systems Drives Demand for Heat Pump Systems188.8.131.52 Air-Source Heat Pump Systems184.108.40.206 Ground-Source Heat Pump Systems8.2.2 Absorption Heat Pump Systems8.3 Heat Recovery Systems8.3.1 Vfr Heat Recovery Mixed-Mode Operation Leads to Energy Savings9 VRF System Market, by Implementation 9.1 Introduction9.2 New Constructions9.2.1 Growing Trend of Smart Homes Will Drive Demand for VRF Systems in New Constructions9.3 Retrofits9.3.1 Growing Trend to Upgrade or Refurbish Air Conditioning System Will Drive Retrofit VRF System Market10 VRF System Market, by Application 10.1 Introduction10.2 Commercial10.2.1 Office Buildings, Retail Stores, and Healthcare Facilities Are the Major Commercial Applications of VRF System10.2.2 Office Buildings10.2.3 Retail Stores10.2.4 Healthcare Facilities10.2.5 Hospitality Buildings10.2.6 Educational Buildings10.2.7 Historical Buildings10.2.8 Government Buildings10.3 Residential10.3.1 Growing Awareness Regarding Importance of Indoor Air Quality and Energy Conservation Drive Adoption of VRF Systems in Residential Application10.4 Others10.4.1 Metro Stations and Airports Are Key Users of VRF Systems Among Other Applications11 Geographic Analysis 11.1 Introduction11.2 North America11.3 Europe11.4 APAC11.5 RoW12 Competitive Landscape 12.1 Overview12.2 Market Ranking Analysis: VRF System Market12.3 Competitive Leadership Mapping, 201912.3.1 Visionaries12.3.2 Innovators12.3.3 Dynamic Differentiators12.3.4 Emerging Companies12.4 Strength of Product Portfolio (For 25 Companies)12.5 Business Strategy Excellence (For 25 Companies)12.6 Competitive Situations and Trends12.6.1 Collaborations, Agreements, and Partnerships12.6.2 Expansions, Product Launches, and Developments12.6.3 Acquisitions13 Company Profiles 13.1 Key Players13.1.1 Daikin13.1.2 Toshiba13.1.3 Mitsubishi Electric13.1.4 Midea Group13.1.5 Johnson Controls13.1.6 LG Electronics13.1.7 Fujitsu13.1.8 United Technologies13.1.9 Ingersoll Rand13.1.10 Lennox13.1.11 Panasonic13.1.12 Samsung Electronics13.2 Right to Win13.3 Other Key Players13.3.1 Nortek13.3.2 Gree13.3.3 Emerson13.3.4 Electrolux13.3.5 Whirlpool
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