Summary
VRF Systems Market Research Report Information By System Type (Heat Pump VRF (2 Pipe System) and Heat Recovery VRF (3 Pipe System)), By Component (Outdoor Units, Indoor Units, Control Systems, Accessories), And By End Use (Commercial, Residential, and Industrial) Industry Size, Share and Forecast Till 2032
Overview of the Market
According to MRFR, the market for VRF systems has expanded dramatically in recent years. At a compound annual growth rate (CAGR) of 15.2% from 2024 to 2032, it is anticipated to reach USD 60,174.4 million.
Depending on the system's requirements, variable refrigerant flow (VRF) systems alter the refrigerant flow to interior units. The refrigerant flow to a fan coil unit throughout the facility can be controlled and maintained by these systems. Heating pumps and heat recovery systems are the most widely used types of these systems, and their uses might vary based on the requirement for simultaneous heating and cooling. Due to their ability to save energy, offer design flexibility, and be installed at a reasonable cost, VRF systems are becoming more and more popular among both residential and commercial customers.
The growing customer demand for energy-efficient products is the main factor propelling the VR systems market. These energy-efficient devices make use of a sophisticated variable-speed compressor that runs at a low temperature. Downtime is decreased by these systems' reduced wear and tear and minor malfunctions. They help save over 40% on energy when compared to technology that uses variable air volume. The variable refrigerant flow system is perfect for use in commercial settings like hotels, supermarkets, and office buildings since it can replace the current equipment in confined locations with the least amount of piping. These systems' quieter operation, cheaper running costs compared to traditional methods, and superior energy efficiency are expected to drive their adoption throughout the course of the forecast period.
Perspectives on Market Segments
The global market for VRF systems has been divided into two segments based on system type: Heat Recovery VRF (3 Pipe System) and Heat Pump VRF (2 Pipe System).
Outdoor units, indoor units, control systems, and accessories are all included in the market segmentation based on component.
The global VRF Systems market has been divided into three segments based on the End Use Vertical: Commercial, Residential, and Industrial.
Residential, Commercial, Rail & Air Transportation, and Others are the market segments based on application.
Regional Perspectives
North America, Europe, Asia-Pacific, and the Rest of the World are the regions for which the study offers market information. Asia-Pacific has the most market share. The growing demand for VRF systems from end users in the residential and commercial sectors is one of the factors driving the growth of the Asia-Pacific VRF Systems market. Other factors driving the market include growing urbanization, industrialization, and customer demand for high-tech products like wireless and linked ones.
At a CAGR, the North American region is anticipated to grow significantly. The increasing integration of connected technologies is driving market expansion. However, because of the growing use of VRF technology by commercial organizations for flexible designs and energy savings.
Key Players
Carrier Global Corporation, Mitsubishi Electric, Midea, Johnson Controls, FUJITSU GENERAL, Blue Star Limited, Voltas Limited, Hitachi Air Conditioning Company, GREE Commercial, SKM Air Conditioning, Trane Technologies, Samsung Electronics Co., and Lennox International Inc. are some of the major players in the VRF Systems market.
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Table of Contents
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY ............................................................................................................... 19
2 MARKET INTRODUCTION ............................................................................................................ 23
2.1 DEFINITION .................................................................................................................................................................. 23
2.2 SCOPE OF THE STUDY .............................................................................................................................................. 23
2.3 RESEARCH OBJECTIVE ............................................................................................................................................ 23
2.4 MARKET STRUCTURE .............................................................................................................................................. 24
3 RESEARCH METHODOLOGY ...................................................................................................... 25
3.1 OVERVIEW .................................................................................................................................................................... 25
3.2 DATA FLOW .................................................................................................................................................................. 27
3.2.1 DATA MINING PROCESS ................................................................................................................................. 27
3.3 PURCHASED DATABASE: ......................................................................................................................................... 28
3.4 SECONDARY SOURCES: ............................................................................................................................................ 29
3.4.1 SECONDARY RESEARCH DATA FLOW: ............................................................................................................. 30
3.5 PRIMARY RESEARCH: ............................................................................................................................................... 31
3.5.1 PRIMARY RESEARCH DATA FLOW: ................................................................................................................. 32
3.5.2 PRIMARY RESEARCH: NUMBER OF INTERVIEWS CONDUCTED ......................................................................... 33
3.5.3 PRIMARY RESEARCH: REGIONAL COVERAGE .................................................................................................. 33
3.6 APPROACHES FOR MARKET SIZE ESTIMATION: ........................................................................................... 34
3.6.1 REVENUE ANALYSIS APPROACH ..................................................................................................................... 34
3.7 DATA FORECASTING................................................................................................................................................. 35
3.7.1 DATA FORECASTING TECHNIQUE .................................................................................................................... 35
3.8 DATA MODELING ........................................................................................................................................................ 36
3.8.1 MICROECONOMIC FACTOR ANALYSIS: ............................................................................................................ 36
3.8.2 DATA MODELING: ........................................................................................................................................... 37
3.9 TEAMS AND ANALYST CONTRIBUTION ........................................................................................................... 39
4 MARKET DYNAMICS .................................................................................................................... 41
4.1 INTRODUCTION ........................................................................................................................................................... 41
4.2 DRIVERS ......................................................................................................................................................................... 42
4.2.1 INCREASING DEMAND FOR ENERGY-EFFICIENT HVAC SOLUTIONS ................................................................... 42
4.2.2 RAPID URBANIZATION AND INFRASTRUCTURE DEVELOPMENT IN EMERGING ECONOMIES ............................... 42
4.2.3 TECHNOLOGICAL ADVANCEMENTS IN VRF SYSTEMS ...................................................................................... 42
4.3 RESTRAINT .................................................................................................................................................................. 44
4.3.1 HIGH INITIAL INSTALLATION COSTS ............................................................................................................... 44
4.3.2 LACK OF SKILLED WORKFORCE ....................................................................................................................... 44
4.4 OPPORTUNITY ............................................................................................................................................................. 46
4.4.1 GROWING ADOPTION OF SMART AND CONNECTED BUILDING SYSTEMS .......................................................... 46
4.4.2 EXPANDING APPLICATIONS IN EMERGING MARKETS ...................................................................................... 46
5 MARKET FACTOR ANALYSIS ...................................................................................................... 48
5.1 SUPPLY CHAIN ANALYSIS ..................................................................................................................................... 48
5.1.1 RAW MATERIAL SOURCING AND COMPONENT MANUFACTURING: ................................................................... 48
5.1.2 SYSTEM ASSEMBLY AND INTEGRATION: ......................................................................................................... 48
5.1.3 DISTRIBUTION AND LOGISTICS: ...................................................................................................................... 49
5.1.4 INSTALLATION AND AFTER-SALES SERVICES: ................................................................................................. 49
5.2 PORTER'S FIVE FORCES MODEL ........................................................................................................................... 50
5.2.1 THREAT OF NEW ENTRANTS (MODERATE TO HIGH): ....................................................................................... 51
5.2.2 BARGAINING POWER OF SUPPLIERS (MODERATE): .......................................................................................... 51
5.2.3 BARGAINING POWER OF BUYERS (HIGH): ........................................................................................................ 51
5.2.4 THREAT OF SUBSTITUTE PRODUCTS (MODERATE): ......................................................................................... 51
5.2.5 RIVALRY AMONG EXISTING COMPETITORS (HIGH): ......................................................................................... 52
6 GLOBAL VRF SYSTEMS MARKET, BY SYSTEM TYPE .............................................................. 54
6.1 OVERVIEW .................................................................................................................................................................... 54
6.2 HEAT PUMP VRF (2 PIPE SYSTEM) ..................................................................................................................... 55
6.3 HEAT RECOVERY VRF (3 PIPE SYSTEM) ........................................................................................................... 55
7 GLOBAL VRF SYSTEMS MARKET, BY COMPONENT ................................................................ 56
7.1 INTRODUCTION ........................................................................................................................................................... 56
7.2 OUTDOOR UNITS ......................................................................................................................................................... 57
7.3 INDOOR UNITS ............................................................................................................................................................. 57
7.4 CONTROL SYSTEMS .................................................................................................................................................. 58
7.5 ACCESSORIES ............................................................................................................................................................... 58
8 GLOBAL VRF SYSTEMS MARKET, BY END USE VERTICAL ..................................................... 59
8.1 INTRODUCTION ........................................................................................................................................................... 59
8.2 COMMERCIAL .............................................................................................................................................................. 60
8.3 RESIDENTIAL ............................................................................................................................................................... 60
8.4 INDUSTRIAL ................................................................................................................................................................. 61
9 GLOBAL VRF SYSTEMS MARKET, BY REGION ......................................................................... 62
9.1 OVERVIEW .................................................................................................................................................................... 62
9.1.1 GLOBAL VRF SYSTEMS MARKET, BY REGION, 2023 VS 2032 (USD MILLION) ..................................................... 62
9.1.2 GLOBAL VRF SYSTEMS MARKET, BY REGION, 2019–2032 (USD MILLION) ......................................................... 63
9.2 NORTH AMERICA ....................................................................................................................................................... 64
9.2.1 US.................................................................................................................................................................. 67
9.2.2 CANADA ........................................................................................................................................................ 68
9.2.3 MEXICO ......................................................................................................................................................... 68
9.3 EUROPE .......................................................................................................................................................................... 70
9.3.1 GERMANY ...................................................................................................................................................... 74
9.3.2 FRANCE ......................................................................................................................................................... 75
9.3.3 UK ................................................................................................................................................................. 76
9.3.4 ITALY ............................................................................................................................................................. 77
9.3.5 SPAIN ............................................................................................................................................................ 78
9.3.6 REST OF EUROPE ............................................................................................................................................ 79
9.4 ASIA-PACIFIC ............................................................................................................................................................... 80
9.4.1 CHINA ............................................................................................................................................................ 84
9.4.2 JAPAN ........................................................................................................................................................... 85
9.4.3 INDIA ............................................................................................................................................................. 86
9.4.4 SOUTH KOREA ................................................................................................................................................ 87
9.4.5 REST OF ASIA-PACIFIC ................................................................................................................................... 88
9.5 MIDDLE EAST & AFRICA .......................................................................................................................................... 89
9.6 SOUTH AMERICA ....................................................................................................................................................... 92
10 COMPETITIVE LANDSCAPE ........................................................................................................ 96
10.1 INTRODUCTION ........................................................................................................................................................... 96
10.2 MARKET SHARE ANALYSIS, 2023 (% SHARE) ................................................................................................. 97
10.3 COMPETITOR DASHBOARD..................................................................................................................................... 98
10.4 KEY DEVELOPMENTS & GROWTH STRATEGIES ............................................................................................ 99
10.4.1 PRODUCT LAUNCH/PRODUCT APPROVAL/PRODUCT DEVELOPMET ................................................................. 99
10.4.2 PARTNERSHIP/INVESTMENT .......................................................................................................................... 101
11 COMPANY PROFILE .................................................................................................................... 102
11.1 DAIKIN ............................................................................................................................................................................ 102
11.1.1 COMPANY OVERVIEW ..................................................................................................................................... 102
11.1.2 FINANCIAL OVERVIEW .................................................................................................................................... 103
11.1.3 PRODUCTS OFFERED ...................................................................................................................................... 103
11.1.4 KEY DEVELOPMENTS ...................................................................................................................................... 104
11.1.5 SWOT ANALYSIS ............................................................................................................................................ 104
11.1.6 KEY STRATEGIES ............................................................................................................................................ 104
11.2 LG ELECTRONICS ........................................................................................................................................................ 105
11.2.1 COMPANY OVERVIEW ..................................................................................................................................... 105
11.2.2 FINANCIAL OVERVIEW .................................................................................................................................... 106
11.2.3 PRODUCTS OFFERED ...................................................................................................................................... 106
11.2.4 KEY DEVELOPMENTS ...................................................................................................................................... 107
11.2.5 SWOT ANALYSIS ............................................................................................................................................ 108
11.2.6 KEY STRATEGIES ............................................................................................................................................ 108
11.3 CARRIER GLOBAL CORPORATION ........................................................................................................................ 109
11.3.1 COMPANY OVERVIEW ..................................................................................................................................... 109
11.3.2 FINANCIAL OVERVIEW .................................................................................................................................... 110
11.3.3 PRODUCTS OFFERED ...................................................................................................................................... 110
11.3.4 KEY DEVELOPMENTS ...................................................................................................................................... 111
11.3.5 SWOT ANALYSIS ............................................................................................................................................ 112
11.3.6 KEY STRATEGIES ............................................................................................................................................ 112
11.4 MITSUBISHI ELECTRIC............................................................................................................................................. 113
11.4.1 COMPANY OVERVIEW ..................................................................................................................................... 113
11.4.2 FINANCIAL OVERVIEW .................................................................................................................................... 113
11.4.3 PRODUCTS OFFERED ...................................................................................................................................... 114
11.4.4 KEY DEVELOPMENTS ...................................................................................................................................... 115
11.4.5 SWOT ANALYSIS ............................................................................................................................................ 116
11.4.6 KEY STRATEGIES ............................................................................................................................................ 116
11.5 MIDEA ............................................................................................................................................................................. 117
11.5.1 COMPANY OVERVIEW ..................................................................................................................................... 117
11.5.2 FINANCIAL OVERVIEW .................................................................................................................................... 118
11.5.3 PRODUCTS OFFERED ...................................................................................................................................... 118
11.5.4 KEY DEVELOPMENTS ...................................................................................................................................... 119
11.5.5 SWOT ANALYSIS ............................................................................................................................................ 119
11.5.6 KEY STRATEGIES ............................................................................................................................................ 119
11.6 JOHNSON CONTROLS ................................................................................................................................................ 121
11.6.1 COMPANY OVERVIEW ..................................................................................................................................... 121
11.6.2 FINANCIAL OVERVIEW .................................................................................................................................... 122
11.6.3 PRODUCTS OFFERED ...................................................................................................................................... 122
11.6.4 KEY DEVELOPMENTS ...................................................................................................................................... 123
11.6.5 SWOT ANALYSIS ............................................................................................................................................ 124
11.6.6 KEY STRATEGIES ............................................................................................................................................ 124
11.7 FUJITSU GENERAL .................................................................................................................................................... 125
11.7.1 COMPANY OVERVIEW ..................................................................................................................................... 125
11.7.2 FINANCIAL OVERVIEW .................................................................................................................................... 126
11.7.3 PRODUCTS OFFERED ...................................................................................................................................... 126
11.7.4 KEY DEVELOPMENTS ...................................................................................................................................... 127
11.7.5 SWOT ANALYSIS ............................................................................................................................................ 127
11.7.6 KEY STRATEGIES ............................................................................................................................................ 127
11.8 BLUE STAR LIMITED ................................................................................................................................................. 128
11.8.1 COMPANY OVERVIEW ..................................................................................................................................... 128
11.8.2 FINANCIAL OVERVIEW .................................................................................................................................... 128
11.8.3 PRODUCTS OFFERED ...................................................................................................................................... 129
11.8.4 KEY DEVELOPMENTS ...................................................................................................................................... 129
11.8.5 SWOT ANALYSIS ............................................................................................................................................ 129
11.8.6 KEY STRATEGIES ............................................................................................................................................ 129
11.9 VOLTAS LIMITED ....................................................................................................................................................... 130
11.9.1 COMPANY OVERVIEW ..................................................................................................................................... 130
11.9.2 FINANCIAL OVERVIEW .................................................................................................................................... 130
11.9.3 PRODUCTS OFFERED ...................................................................................................................................... 130
11.9.4 KEY DEVELOPMENTS............................................................... 130
11.9.5 SWOT ANALYSIS........................................................................ 131
11.9.6 KEY STRATEGIES.......................................................... 131
11.10 BOSCH INDUSTRIEKESSEL GMBH.......................................... 132
11.10.1 COMPANY OVERVIEW................................................................. 132
11.10.2 PRODUCTS OFFERED.......................................................... 133
11.10.3 KEY DEVELOPMENTS......................................................... 133
11.10.4 SWOT ANALYSIS...................................................................... 133
11.10.5 KEY STRATEGIES................................................................. 133
11.11 GREE COMMERCIAL...................................................................... 134
11.11.1 COMPANY OVERVIEW............................................................. 134
11.11.2 FINANCIAL OVERVIEW .............................................................. 134
11.11.3 PRODUCTS OFFERED..................................................... 135
11.11.4 KEY DEVELOPMENTS.............................................................. 136
11.11.5 SWOT ANALYSIS.............................................................. 136
11.11.6 KEY STRATEGIES........................................................... 136
11.12 SKM AIR CONDITIONING............................................................... 137
11.12.1 COMPANY OVERVIEW................................................................. 137
11.12.2 FINANCIAL OVERVIEW........................................................ 137
11.12.3 PRODUCTS OFFERED........................................................... 137
11.12.4 KEY DEVELOPMENTS.............................................................. 137
11.12.5 SWOT ANALYSIS..................................................................... 138
11.12.6 KEY STRATEGIES.............................................................. 138
11.13 TRANE TECHNOLOGIES......................................................................... 139
11.13.1 COMPANY OVERVIEW.................................................... 139
11.13.2 FINANCIAL OVERVIEW.................................................... 140
11.13.3 PRODUCTS OFFERED........................................................... 140
11.13.4 KEY DEVELOPMENTS.............................................................. 141
11.13.5 SWOT ANALYSIS........................................................................... 141
11.13.6 KEY STRATEGIES..................................................................... 141
11.14 SAMSUNG ELECTRONICS CO........................................................ 142
11.14.1 COMPANY OVERVIEW................................................... 142
11.14.2 FINANCIAL OVERVIEW.................................................................... 143
11.14.3 PRODUCTS OFFERED.............................................................. 143
11.14.4 KEY DEVELOPMENTS.................................................................. 144
11.14.5 SWOT ANALYSIS.................................................................... 144
11.14.6 KEY STRATEGIES.......................................................... 144
11.15 LENNOX INTERNATIONAL INC........................................................... 146
11.15.1 COMPANY OVERVIEW................................................................. 146
11.15.2 FINANCIAL OVERVIEW.............................................................. 147
11.15.3 PRODUCTS OFFERED................................................................. 147
11.15.4 KEY DEVELOPMENTS............................................................... 148
11.15.5 SWOT ANALYSIS............................................................................... 149
11.15.6 KEY STRATEGIES............................................................................. 149
DATA CITATIONS ................................. 151
