Global VRF System Market is expected to reach USD 124.56 Billion by 2024 from USD 9.98 Billion in 2016 at CAGR of 11.9% (Detailed analysis of the market CAGR is provided in the report).
Variable refrigerant flow (VRF) refrigeration systems provide a variable flow of refrigerant into the evaporators with different capacities and configurations. This enables simultaneous heating and cooling and better heat recovery from one zone to another in a heating, ventilation, and air conditioning (HVAC) system. This flow of refrigerant is controlled by VRF system. The major factors driving the growth of VRF system market include the growing construction industry and easing of norms of FDI for construction and real estate sectors, high energy saving potential as well as easy and minimum maintenance of VRF system, the focus of major players on providing technologically advanced refrigerants for air conditioning and heat pump solutions.
Global VRF System Market is segmented by applications, system type, component, and geography. Application segment is sub-segmented as Commercial, Residential, and Others. Commercial application segment is estimated to hold the largest market share in the forecast period due to growing construction industry and easy installation of VRF systems. System type segment is bifurcated as Heat Pump Systems, and Heat Recovery Systems. Heat pump system segment is expected to register the highest growth during the forecast period, owing to a growing need for energy-efficient technology compared to conventional air- conditioning systems.
The component segment is further sub-segmented as Outdoor Units, Indoor Units, and Control Systems and Accessories. The market on the basis of geography is segmented by North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. Various advantages of VRF systems such as the high performance of equipment, high energy efficiency, lower failure risk, and greater load management potential are also propelling the growth of Global VRF System Market. North America is expected to dominate the VRF System Market in forecast period followed by APAC and Europe. The major factors driving the growth of the North American VRF system market are technological advancements, high energy efficiency, easy installation, low global warming potential, and booming commercial building construction sector.
The years that have been considered for the study are:
• Base year – 2016
• Estimated year – 2017
• Forecast period – 2017 to 2024
Key Highlights: • Assessment of market definition along with the identification of key players and analysis of their strategies to determine the competitive outlook of the market, opportunities, drivers, restraints and challenges for Global VRF System Market during the forecast period
• Complete quantitative analysis of the industry from 2017 to 2024 to enable the stakeholders to capitalize on the prevailing market opportunities
• In-depth analysis of the industry on the basis of market segments, market dynamics, market size, competition & companies involved value chain
• Global VRF System Market analysis and comprehensive segmentation with respect to the applications, system type, component, and geography to assist in strategic business planning
• Global VRF System Market analysis and forecast for five major geographies North America, Europe, Asia pacific, Middle East & Africa, Latin America and their key regions
Research Methodology The market is estimated by triangulation of data points obtained from various sources and feeding them into a simulation model created individually for each market. The data points are obtained from paid and unpaid sources along with paid primary interviews with key opinion leaders (KOLs) in the market.
KOLs from both, demand and supply side were considered while conducting interviews to get the unbiased idea of the market. This exercise was done at the country level to get the fair idea of the market in countries considered for this study. Later this country-specific data was accumulated to come up with regional numbers and then arrive at the global market value for Global VRF System Market.
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