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%. High energy-saving potential and easy and minimum
maintenance requirements of VRF systems are the key growth drivers for the
market.
Heat pump system to lead the VRF system market
during the forecast period
VRF systems are used
in most commercial buildings, ranging from small shops and cafes to large
office buildings and public spaces. VRF zoning ensures the usage of energy to
only cool or heat offices that are occupied. VRF systems ensure the most
comfortable and productive work environment since these systems comprise quiet
indoor units and can maintain precise temperature control.
The VRF heat pump
system market for the residential application will be driven by factors such as
increasing disposable income, growing awareness regarding energy efficiency,
and rising energy costs. These factors have given rise to the need for
energy-efficient devices that can help reduce energy consumption and cost. VRF
systems provide a solution for all these issues by using various control
systems, thermostats, and sensors.
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.
North America to be the fastest-growing region
in the VRF system market during the forecast period
The market in North
America is further segmented into the US, Canada, and Mexico. In North America,
VRF systems have gained tremendous popularity owing to the increasing awareness
about energy efficiency and easy installation process with minimum piping work.
Recently, many companies based in North America have launched VRF systems integrated
with low global warming potential refrigerants. The introduction of advanced
environment-friendly refrigerants, such as HFC-32, has boosted the adoption of
VRF systems in North America.
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