VRF System Market Assessment 2020-2025: Key Players are Daikin, Toshiba, Mitsubishi Electric, Midea Group and Johnson Controls - ResearchAndMarkets.com

DUBLIN--()--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 (India), 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 Market

4.2 VRF System Market, by Component

4.3 VRF System Market, by System Type

4.4 VRF System Market, by Application

4.5 VRF System Market, by Region

5 Market Overview

5.1 Introduction

5.2 Market Dynamics

5.2.1 VRF System Market Drivers and Their Impact

5.2.1.1 Growing Construction Industry and Easing of Norms of Fdi for Construction and Real Estate Sectors

5.2.1.2 High Energy-Saving Potential as Well as Easy and Minimum Maintenance Requirements of VRF Systems

5.2.1.3 Focus of Major Players on Providing Technologically Advanced Refrigerants for Air Conditioning and Heat Pump Solutions

5.2.1.4 Government Incentives Through Tax Credit Programs

5.2.1.5 Regulations and Policies of Eu Government Pertaining to Construction Products

5.2.2 VRF System Market Restraints and Their Impact

5.2.2.1 High Installation Cost

5.2.3 VRF System Market Opportunities and Their Impact

5.2.3.1 Significant Opportunities in Developing Countries

5.2.3.2 Increasing Penetration of VRF Systems in Residential and Commercial Applications

5.2.4 VRF System Market Challenges and Their Impact

5.2.4.1 Harmful Environmental Impacts of Refrigerant Leaks

5.2.4.2 Lack of Awareness Regarding VRF Systems in Developing Countries

5.3 Impact of COVID-19 on VRF System Market

5.4 Value Chain Analysis

6 VRF System Market, by Component

6.1 Introduction

6.2 Outdoor Units

6.2.1 Increasing Demand for Compressors, Inverters, Suction Accumulators, and Liquid Receivers is Driving Outdoor Units Segment

6.2.2 Compressors

6.2.3 Inverters

6.2.4 Others

6.2.4.1 Suction Accumulators

6.2.4.2 Liquid Receivers

6.3 Indoor Units

6.3.1 Indoor Evaporator Units Exchange Heat Between Refrigerant and Ambient Air by Blowing Air Over Unit'S Evaporator Coil

6.3.2 Electronic Expansion Valves

6.3.3 Synchronous Electronic Motors

6.3.4 Others

6.3.4.1 Filters

6.3.4.2 Drain Lines

6.4 Control Systems and Accessories

6.4.1 Technological Innovations Such as Touch Controllers and Iot-Enabled Controllers Are Playing Key Role in Driving Control Systems and Accessories Segment

7 VRF System Market, by Capacity

7.1 Introduction

7.2 Small CAPACity

7.2.1 Growth in Construction Activities

7.3 Large CAPACity

7.3.1 Stringent Government Regulations on Emissions and Energy Efficiency

8 VRF System Market, by System Type

8.1 Introduction

8.2 Heat Pump Systems

8.2.1 Growing Awareness Regarding Energy-Saving Potential of VRF Systems Drives Demand for Heat Pump Systems

8.2.1.1 Air-Source Heat Pump Systems

8.2.1.2 Ground-Source Heat Pump Systems

8.2.2 Absorption Heat Pump Systems

8.3 Heat Recovery Systems

8.3.1 Vfr Heat Recovery Mixed-Mode Operation Leads to Energy Savings

9 VRF System Market, by Implementation

9.1 Introduction

9.2 New Constructions

9.2.1 Growing Trend of Smart Homes Will Drive Demand for VRF Systems in New Constructions

9.3 Retrofits

9.3.1 Growing Trend to Upgrade or Refurbish Air Conditioning System Will Drive Retrofit VRF System Market

10 VRF System Market, by Application

10.1 Introduction

10.2 Commercial

10.2.1 Office Buildings, Retail Stores, and Healthcare Facilities Are the Major Commercial Applications of VRF System

10.2.2 Office Buildings

10.2.3 Retail Stores

10.2.4 Healthcare Facilities

10.2.5 Hospitality Buildings

10.2.6 Educational Buildings

10.2.7 Historical Buildings

10.2.8 Government Buildings

10.3 Residential

10.3.1 Growing Awareness Regarding Importance of Indoor Air Quality and Energy Conservation Drive Adoption of VRF Systems in Residential Application

10.4 Others

10.4.1 Metro Stations and Airports Are Key Users of VRF Systems Among Other Applications

11 Geographic Analysis

11.1 Introduction

11.2 North America

11.3 Europe

11.4 APAC

11.5 RoW

12 Competitive Landscape

12.1 Overview

12.2 Market Ranking Analysis: VRF System Market

12.3 Competitive Leadership Mapping, 2019

12.3.1 Visionaries

12.3.2 Innovators

12.3.3 Dynamic Differentiators

12.3.4 Emerging Companies

12.4 Strength of Product Portfolio (For 25 Companies)

12.5 Business Strategy Excellence (For 25 Companies)

12.6 Competitive Situations and Trends

12.6.1 Collaborations, Agreements, and Partnerships

12.6.2 Expansions, Product Launches, and Developments

12.6.3 Acquisitions

13 Company Profiles

13.1 Key Players

13.1.1 Daikin

13.1.2 Toshiba

13.1.3 Mitsubishi Electric

13.1.4 Midea Group

13.1.5 Johnson Controls

13.1.6 LG Electronics

13.1.7 Fujitsu

13.1.8 United Technologies

13.1.9 Ingersoll Rand

13.1.10 Lennox

13.1.11 Panasonic

13.1.12 Samsung Electronics

13.2 Right to Win

13.3 Other Key Players

13.3.1 Nortek

13.3.2 Gree

13.3.3 Emerson

13.3.4 Electrolux

13.3.5 Whirlpool

For more information about this report visit https://www.researchandmarkets.com/r/5esr5r

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900