The
report "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", 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%. High
energy-saving potential and easy and minimum maintenance requirements of VRF
systems are the key growth drivers for 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 are expected to drive the market growth 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 for control systems and accessories during the forecast period.
“VRF
systems for residential application expected to witness the fastest growth rate
during the forecast period.”
VRF
systems provide individual controls for each housing unit; hence, these systems
are highly energy-efficient and have a low cost of operation. Therefore, an
increasing number of property owners and managers are installing VRF
air-conditioning systems. With long product life under harsh conditions, high
air-conditioning performance, and excellent service, VRF systems are becoming
the preferred choice for apartments and collective housing.
“APAC
to be the largest market for VRF systems 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).
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The
major companies involved in the development and supply of VRF systems include
Daikin (Japan), Toshiba (Japan), Mitsubishi Electric (Japan), Midea Group
(China), and Johnson Controls (US).
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