The VRF system market size is projected 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 costs. VRF
systems provide a solution for all these issues by using various control
systems, thermostats, and sensors.
VRF systems for
residential applications 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.
Daikin is one of the
leading players in the air-conditioning and fluorochemicals businesses. It is
engaged in manufacturing general air-conditioning equipment with in-house
divisions, covering both air conditioning and refrigerants. The company has
more than 100 production units globally and operates in more than 150
countries. The Air Conditioning segment of Daikin provides VRV/VRF systems,
residential air conditioners, residential air purifiers, commercial use air
conditioners, commercial use air purifiers, large chillers, marine container
refrigeration units, and marine vessel air conditioners.
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Toshiba manufactures and
sells electronic and electrical products. The air-conditioning and VRF system
business of Toshiba is operated by Toshiba Carrier Corporation, the global
joint venture between Carrier Corporation (US) and Toshiba Corporation (Japan).
The company develops VRF systems for residential and commercial applications.
The company manufactures various types of indoor and outdoor units. The company
has a manufacturing unit and an R&D center in both Japan and Thailand. The
company also has R&D facilities in the US, Europe, China, and Vietnam.
Other companies involved
in the VRF system market are LG Electronics (South Korea), Fujitsu (Japan),
United Technologies (US), Ingersoll Rand (Ireland), Lennox (US), Panasonic
(Japan), and Samsung Electronics (South Korea).
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