VRF System Market by System Type (Heat Pump, Heat Recovery), Component (Outdoor Unit, Indoor Unit, Control Systems, and Accessories), Application (Commercial: Office Buildings, Retail Stores, Residential), and Geography - Global Forecast to 2023
“VRF system market anticipated to grow at a CAGR of 12.43% from 2017 to 2023”
The VRF system market is estimated to be worth USD 22.79 billion by 2023, growing at a CAGR of 12.43% between 2017 and 2023. The increasing adoption of heat pump and heat recovery systems in commercial and residential building application is expected to drive the growth of VRF system market from 2017 to 2023. A major factor restraining the growth of VRF system market is high installation cost.
“VRF system market for heat recovery system estimated to grow at a higher CAGR during the forecast period”
On the basis of system type, the VRF system market has been classified into heat pump and heat recovery system. The market for heat recovery system is expected to grow at a higher CAGR during the forecast period. Heat recovery systems have the ability to provide heating and cooling simultaneously and are flexible enough to operate in different climatic conditions. These are the main reasons for the high growth of heat recovery system market between 2017 and 2023.
Market for residential applications expected to grow at the highest CAGR during the forecast period
The VRF system market for the residential application is expected to grow at the highest CAGR during the forecast period owing to the good pace of construction industry and easy installation of VRF system. System reliability and design flexibility of VRF system make it an excellent choice for residential applications.
“Asia Pacific accounted for the largest share of the VRF system market in 2016”
Asia Pacific accounted for the largest share of the VRF system market in 2016. The VRF system market in Asia Pacific is driven by various factors such as technological advancements and the early adoption of various VRF technologies by countries such as Japan, China, and South Korea.
The breakup of primaries conducted during the study is depicted below:
• By Company Type: Tier 1 – 55 %, Tier 2 – 20%, and Tier 3 –25%
• By Designation: C-Level Executives – 57%, Directors – 29%, and Others – 14%
• By Region: North America– 37%, Europe – 34%, APAC – 20%, and RoW – 9%
The key players operating in the VRF system market are Daikin Industries (Japan), Mitsubishi Electric (Japan), Hitachi (Japan), Midea Group (China), United Technologies (US), Samsung Electronics (South Korea), Panasonic (Japan), Lennox International (US), Ingersoll Rand (Ireland), Fujitsu General (Japan), and LG Electronics (South Korea).
This report covers the VRF system market based on component, application, system type, and geography. The VRF system market based on components has been segmented into indoor units, outdoor units, and control systems and accessories. Based on applications, the VRF system market has been segmented into commercial, residential, and others. On the basis of system type, the VRF system market has been classified into heat pump and heat recovery system. On the basis of region, the market has been segmented into North America, Europe, Asia Pacific (APAC), and RoW.
Key Benefits of Buying the Report:
• This report includes the market statistics pertaining to component, application, system type, and region, along with their respective market sizes.
• In-depth analysis of the value chain has been done to provide an in-depth insight into the VRF system market.
• Major drivers, restraints, challenges, and opportunities for the VRF system market have been detailed in this report.
• Illustrative segmentation, analysis, and forecast for the markets on the basis of component, application, system type, and region have been conducted to provide an overall view of the VRF system market.
• The report includes a detailed competitive leadership mapping, including key players and in-depth analysis and ranking of the key players.
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