LONDON--(BUSINESS WIRE)--The global variable refrigerant flow system market 2019-2023 is expected to post a CAGR of more than 10% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Growth of the global variable refrigerant flow system market size can be attributed to the growing construction industry. The number of construction activities is increasing at a significant rate owing to the rising population and increasing urbanization. Also, the construction industry is witnessing several innovations and advancements in terms of construction technologies and techniques. Furthermore, a rise in the number of multinational companies across the world has increased employment opportunities and office spaces. This is increasing the number of business parks at a global level, which is fueling the demand for virtual refrigerant flow systems.
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As per Technavio, new production facilities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Variable Refrigerant Flow System Market: New Production Facilities
Companies in the variable refrigerant flow system market are increasingly focusing on expanding their production capabilities to cater to the rising demand for variable refrigerant flow system products worldwide. An increase in production capacity will ensure that a company is well-positioned to cater to the needs of customers across the world. For instance, In April 2019, Daikin opened its third manufacturing facility in India. The new manufacturing facility helps the company in strengthening its India operations.
“Apart from the expansion of production facilities by vendors, other factors such as the rising number of partnerships and joint ventures, and new product launches will boost the variable refrigerant flow system market growth during the forecast period,” says a senior analyst at Technavio.
Global Variable Refrigerant Flow System Market: Segmentation Analysis
This market research report segments the global variable refrigerant flow system market by end-user (commercial, residential, and others) and geographical regions (APAC, Europe, North America, South America, and MEA).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA, respectively. The dominance of APAC can be attributed to several factors such as the presence of major players, increase in construction activities, rise in population, and change in climatic conditions.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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