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
The VRF system market size 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.
Key market players
As of 2019, Daikin (Japan), Toshiba (Japan), Mitsubishi Electric (Japan), Midea Group (China), and Johnson Controls (US) dominated the global VRF system market.
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.
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).
Report Scope:
|
Report Metric |
Details |
| Estimated Value | USD 17.6 billion in 2020 |
| Projected Value | USD 31.9 billion by 2025 |
| Growth Rate | CAGR of 12.7% |
|
Years considered |
2020–2025 |
|
Base year |
2019 |
|
Forecast period |
2020–2025 |
|
Forecast units |
Volume in thousand and Value in USD |
|
Segments covered |
Component, system, capacity, application, and geography |
|
Regions covered |
North America, APAC, Europe, and RoW |
|
Companies covered |
Daikin (Japan), Toshiba (Japan), Mitsubishi Electric (Japan), Midea Group (China), Johnson Controls (US), and LG Electronics (South Korea), etc. |
In this report, the overall VRF system market is segmented into components, systems, capacity, applications, and geography.
By Component:
- Outdoor Units
- Indoor Units
- Control Systems and Accessories
By Capacity:
- Up to 10 Tons
- 11 to 18 Tons
- 19 to 26 Tons
- Above 26 Tons
By System Type:
- Heat Pump Systems
- Heat Recovery Systems
By Application:
- Commercial
- Residential
- Others
Geographic Analysis
-
North America
- US
- Canada
- Mexico
-
Europe
- Turkey
- France
- Italy
- UK
- Spain
- Germany
- Rest of Europe
-
APAC
- China
- Japan
- South Korea
- India
- Australia
- Vietnam
- Taiwan
- Rest of APAC
-
RoW
- Brazil
- Rest of South America
- Middle East
- Africa
Critical questions:
- Which type of application in VRF system is expected to have the highest demand in the future?
- Who are the top 5 players in the VRF system market?
- What would be the growth opportunities for manufacturers in various industries?
- What are the key industry trends in the market?
- How can VRF system manufacturers tap high-growth opportunities in the VRF system application market?
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
Exclusive indicates content/data unique to MarketsandMarkets and not available with any competitors.
TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 16)
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION AND SCOPE
1.2.1 INCLUSIONS AND EXCLUSIONS
1.3 STUDY SCOPE
1.3.1 MARKETS COVERED
1.3.2 GEOGRAPHIC SCOPE
1.3.3 YEARS CONSIDERED
1.4 CURRENCY AND VOLUME UNIT
1.5 PACKAGE SIZE
1.6 LIMITATIONS
1.7 STAKEHOLDERS
2 RESEARCH METHODOLOGY (Page No. - 20)
2.1 RESEARCH DATA
2.1.1 SECONDARY AND PRIMARY RESEARCH
2.1.2 SECONDARY DATA
2.1.2.1 Major secondary sources
2.1.2.2 Secondary sources
2.1.3 PRIMARY DATA
2.1.3.1 Primary interviews with experts
2.1.3.2 Key data from primary sources
2.1.3.3 Key industry insights
2.1.3.4 Breakdown of primaries
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
2.2.1.1 Approach for arriving at market size by bottom-up approach (demand side)
2.2.2 TOP-DOWN APPROACH
2.2.2.1 Approach for capturing market size by top-down approach (supply side)
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
2.4 RESEARCH ASSUMPTIONS
3 EXECUTIVE SUMMARY (Page No. - 30)
4 PREMIUM INSIGHTS (Page No. - 34)
4.1 ATTRACTIVE OPPORTUNITIES IN VRF SYSTEM MARKET
4.2 VRF SYSTEM MARKET, BY COMPONENT
4.3 VRF SYSTEM MARKET, BY SYSTEM TYPE
4.4 VRF SYSTEM MARKET, BY APPLICATION
4.5 VRF SYSTEM MARKET, BY REGION
5 MARKET OVERVIEW (Page No. - 37)
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 VRF SYSTEM MARKET DRIVERS AND THEIR IMPACT
5.2.1.1 Growing construction industry and easing of norms of FDI for construction and real estate sectors
5.2.1.2 High energy-saving potential as well as easy and minimum maintenance requirements of VRF systems
5.2.1.3 Focus of major players on providing technologically advanced refrigerants for air conditioning and heat pump solutions
5.2.1.4 Government incentives through tax credit programs
5.2.1.5 Regulations and policies of EU government pertaining to construction products
5.2.2 VRF SYSTEM MARKET RESTRAINTS AND THEIR IMPACT
5.2.2.1 High installation cost
5.2.3 VRF SYSTEM MARKET OPPORTUNITIES AND THEIR IMPACT
5.2.3.1 Significant opportunities in developing countries
5.2.3.2 Increasing penetration of VRF systems in residential and commercial applications
5.2.4 VRF SYSTEM MARKET CHALLENGES AND THEIR IMPACT
5.2.4.1 Harmful environmental impacts of refrigerant leaks
5.2.4.2 Lack of awareness regarding VRF systems in developing countries
5.3 IMPACT OF COVID-19 ON VRF SYSTEM MARKET
5.4 VALUE CHAIN ANALYSIS
6 VRF SYSTEM MARKET, BY COMPONENT (Page No. - 45)
6.1 INTRODUCTION
6.2 OUTDOOR UNITS
6.2.1 INCREASING DEMAND FOR COMPRESSORS, INVERTERS, SUCTION ACCUMULATORS, AND LIQUID RECEIVERS IS DRIVING OUTDOOR UNITS SEGMENT
6.2.2 COMPRESSORS
6.2.3 INVERTERS
6.2.4 OTHERS
6.2.4.1 Suction accumulators
6.2.4.2 Liquid receivers
6.3 INDOOR UNITS
6.3.1 INDOOR EVAPORATOR UNITS EXCHANGE HEAT BETWEEN REFRIGERANT AND AMBIENT AIR BY BLOWING AIR OVER UNIT’S EVAPORATOR COIL
6.3.2 ELECTRONIC EXPANSION VALVES
6.3.3 SYNCHRONOUS ELECTRONIC MOTORS
6.3.4 OTHERS
6.3.4.1 Filters
6.3.4.2 Drain lines
6.4 CONTROL SYSTEMS AND ACCESSORIES
6.4.1 TECHNOLOGICAL INNOVATIONS SUCH AS TOUCH CONTROLLERS AND IOT-ENABLED CONTROLLERS ARE PLAYING KEY ROLE IN DRIVING CONTROL SYSTEMS AND ACCESSORIES SEGMENT
7 VRF SYSTEM MARKET, BY CAPACITY (Page No. - 52)
7.1 INTRODUCTION
7.2 SMALL CAPACITY
7.2.1 GROWTH IN CONSTRUCTION ACTIVITIES
7.3 LARGE CAPACITY
7.3.1 STRINGENT GOVERNMENT REGULATIONS ON EMISSIONS AND ENERGY EFFICIENCY
8 VRF SYSTEM MARKET, BY SYSTEM TYPE (Page No. - 55)
8.1 INTRODUCTION
8.2 HEAT PUMP SYSTEMS
8.2.1 GROWING AWARENESS REGARDING ENERGY-SAVING POTENTIAL OF VRF SYSTEMS DRIVES DEMAND FOR HEAT PUMP SYSTEMS
8.2.1.1 Air-source heat pump systems
8.2.1.2 Ground-source heat pump systems
8.2.2 ABSORPTION HEAT PUMP SYSTEMS
8.3 HEAT RECOVERY SYSTEMS
8.3.1 VFR HEAT RECOVERY MIXED-MODE OPERATION LEADS TO ENERGY SAVINGS
9 VRF SYSTEM MARKET, BY IMPLEMENTATION (Page No. - 61)
9.1 INTRODUCTION
9.2 NEW CONSTRUCTIONS
9.2.1 GROWING TREND OF SMART HOMES WILL DRIVE DEMAND FOR VRF SYSTEMS IN NEW CONSTRUCTIONS
9.3 RETROFITS
9.3.1 GROWING TREND TO UPGRADE OR REFURBISH AIR CONDITIONING SYSTEM WILL DRIVE RETROFIT VRF SYSTEM MARKET
10 VRF SYSTEM MARKET, BY APPLICATION (Page No. - 62)
10.1 INTRODUCTION
10.2 COMMERCIAL
10.2.1 OFFICE BUILDINGS, RETAIL STORES, AND HEALTHCARE FACILITIES ARE THE MAJOR COMMERCIAL APPLICATIONS OF VRF SYSTEM
10.2.2 OFFICE BUILDINGS
10.2.3 RETAIL STORES
10.2.4 HEALTHCARE FACILITIES
10.2.5 HOSPITALITY BUILDINGS
10.2.6 EDUCATIONAL BUILDINGS
10.2.7 HISTORICAL BUILDINGS
10.2.8 GOVERNMENT BUILDINGS
10.3 RESIDENTIAL
10.3.1 GROWING AWARENESS REGARDING IMPORTANCE OF INDOOR AIR QUALITY AND ENERGY CONSERVATION DRIVE ADOPTION OF VRF SYSTEMS IN RESIDENTIAL APPLICATION
10.4 OTHERS
10.4.1 METRO STATIONS AND AIRPORTS ARE KEY USERS OF VRF SYSTEMS AMONG OTHER APPLICATIONS
11 GEOGRAPHIC ANALYSIS (Page No. - 73)
11.1 INTRODUCTION
11.2 NORTH AMERICA
11.2.1 US
11.2.1.1 US to continue to hold largest share of VRF system market globally during forecast period
11.2.2 CANADA
11.2.2.1 Growing residential and commercial building construction activities will drive VRF system market in Canada
11.2.3 MEXICO
11.2.3.1 Proposal to construct new commercial buildings will drive VRF system market in Mexico
11.3 EUROPE
11.3.1 TURKEY
11.3.1.1 Turkey to continue to hold largest share of European VRF system market during forecast period
11.3.2 UK
11.3.2.1 Increasing adoption of VRF systems in commercial and residential buildings will drive VRF system market in UK
11.3.3 GERMANY
11.3.3.1 Rising demand for heat pump and heat recovery systems will drive German VRF system market
11.3.4 SPAIN
11.3.4.1 Rising demand from residential, commercial, and industrial applications will drive VRF system market in Spain
11.3.5 ITALY
11.3.5.1 Increasing residential construction activities in country will drive Italian VRF system market
11.3.6 FRANCE
11.3.6.1 Recent developments pertaining to low global warming potential refrigerants and inverter-based VRF systems are VRF system market in France
11.3.7 REST OF EUROPE
11.3.7.1 Energy-saving potential and use of environment-friendly refrigerants are driving VRF system market in Rest of Europe
11.4 APAC
11.4.1 JAPAN
11.4.1.1 Japan’s VRF system market is at maturity stage
11.4.2 CHINA
11.4.2.1 China to continue to hold largest share of VRF system market globally during forecast period
11.4.3 SOUTH KOREA
11.4.3.1 Development in the infrastructure and industrialization activities in South Korea will drive growth of VRF system market
11.4.4 INDIA
11.4.4.1 Rapid urbanization and government initiatives to build more than 100 smart cities will drive VRF system market in India
11.4.5 AUSTRALIA
11.4.5.1 Cold summer weather influences demand for VRF systems in Australia
11.4.6 VIETNAM
11.4.6.1 Expansion of major cities and increasing construction activities in tourism and hospitality industry will drive growth of VRF system market in Vietnam
11.4.7 TAIWAN
11.4.7.1 Initiatives to promote construction of green buildings are driving VRF system market in Taiwan
11.4.8 REST OF APAC
11.4.8.1 Residential air-conditioning system market in Southeast Asia is witnessing robust growth
11.5 ROW
11.5.1 BRAZIL
11.5.1.1 Brazil to continue to hold largest share of VRF system market in South America during forecast period
11.5.2 MIDDLE EAST
11.5.2.1 Hot climatic conditions and growing disposable income are key drivers for Middle Eastern VRF system market
11.5.3 REST OF SOUTH AMERICA
11.5.3.1 Legislation for energy efficiency and a potential switch to eco- friendly refrigerants will drive VRF system market in Rest of South America
11.5.4 AFRICA
11.5.4.1 Increased adoption of advanced refrigerants with low global warming potential will lead to growth of VRF system market in Africa
12 COMPETITIVE LANDSCAPE (Page No. - 97)
12.1 OVERVIEW
12.2 MARKET RANKING ANALYSIS: VRF SYSTEM MARKET
12.3 COMPETITIVE LEADERSHIP MAPPING, 2019
12.3.1 VISIONARIES
12.3.2 INNOVATORS
12.3.3 DYNAMIC DIFFERENTIATORS
12.3.4 EMERGING COMPANIES
12.4 STRENGTH OF PRODUCT PORTFOLIO (FOR 25 COMPANIES)
12.5 BUSINESS STRATEGY EXCELLENCE (FOR 25 COMPANIES)
12.6 COMPETITIVE SITUATIONS AND TRENDS
12.6.1 COLLABORATIONS, AGREEMENTS, AND PARTNERSHIPS
12.6.2 EXPANSIONS, PRODUCT LAUNCHES, AND DEVELOPMENTS
12.6.3 ACQUISITIONS
13 COMPANY PROFILES (Page No. - 109)
(Business overview, Products offered, Recent Developments, SWOT Analysis, MNM view)*
13.1 KEY PLAYERS
13.1.1 DAIKIN
13.1.2 TOSHIBA
13.1.3 MITSUBISHI ELECTRIC
13.1.4 MIDEA GROUP
13.1.5 JOHNSON CONTROLS
13.1.6 LG ELECTRONICS
13.1.7 FUJITSU
13.1.8 UNITED TECHNOLOGIES
13.1.9 INGERSOLL RAND
13.1.10 LENNOX
13.1.11 PANASONIC
13.1.12 SAMSUNG ELECTRONICS
13.2 RIGHT TO WIN
13.3 OTHER KEY PLAYERS
13.3.1 NORTEK
13.3.2 GREE
13.3.3 EMERSON
13.3.4 ELECTROLUX
13.3.5 WHIRLPOOL
*Details on Business overview, Products offered, Recent Developments, SWOT Analysis, MNM view might not be captured in case of unlisted companies.
14 APPENDIX (Page No. - 143)
14.1 INSIGHTS OF INDUSTRY EXPERTS
14.2 DISCUSSION GUIDE – VRF SYSTEM MARKET
14.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
14.4 AVAILABLE CUSTOMIZATIONS
14.5 RELATED REPORTS
14.6 AUTHOR DETAILS
LIST OF TABLES (64 TABLES)
TABLE 1 VRF SYSTEM MARKET, BY COMPONENT, 2018–2025 (USD BILLION)
TABLE 2 VRF SYSTEM MARKET FOR OUTDOOR UNITS, BY REGION, 2018–2025 (USD MILLION)
TABLE 3 VRF SYSTEM MARKET FOR INDOOR UNITS, BY REGION, 2018–2025 (USD MILLION)
TABLE 4 VRF SYSTEM MARKET FOR CONTROL SYSTEMS AND ACCESSORIES, BY REGION, 2018–2025 (USD MILLION)
TABLE 5 VRF SYSTEM MARKET FOR OUTDOOR UNITS, BY CAPACITY, 2018–2025 (USD MILLION)
TABLE 6 VRF SYSTEM MARKET FOR OUTDOOR UNITS, BY CAPACITY, 2018–2025 (THOUSAND UNITS)
TABLE 7 VRF SYSTEM MARKET, BY SYSTEM TYPE, 2018–2025 (USD MILLION)
TABLE 8 VRF SYSTEM MARKET, BY SYSTEM TYPE, 2018–2025 (THOUSAND UNITS)
TABLE 9 VRF HEAT PUMP SYSTEMS MARKET, BY REGION, 2018–2025 (USD MILLION)
TABLE 10 VRF HEAT PUMP SYSTEMS MARKET, BY APPLICATION, 2018–2025 (USD MILLION)
TABLE 11 VRF HEAT RECOVERY SYSTEMS MARKET, BY REGION, 2018–2025 (USD MILLION)
TABLE 12 VRF HEAT RECOVERY SYSTEMS MARKET, BY APPLICATION, 2018–2025 (USD MILLION)
TABLE 13 VRF SYSTEM MARKET, BY APPLICATION, 2018–2025 (USD MILLION)
TABLE 14 VRF SYSTEM MARKET, BY APPLICATION, 2018–2025 (THOUSAND UNITS)
TABLE 15 VRF SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY REGION, 2018–2025 (USD MILLION)
TABLE 16 VRF SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY REGION, 2018–2025 (THOUSAND UNITS)
TABLE 17 VRF SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY SYSTEM TYPE, 2018–2025 (USD MILLION)
TABLE 18 VRF SYSTEM MARKET FOR COMMERCIAL APPLICATION IN NORTH AMERICA, BY SYSTEM TYPE, 2018–2025 (USD MILLION)
TABLE 19 VRF SYSTEM MARKET FOR COMMERCIAL APPLICATION IN EUROPE, BY SYSTEM TYPE, 2018–2025 (USD MILLION)
TABLE 20 VRF SYSTEM MARKET FOR COMMERCIAL APPLICATION IN APAC, BY SYSTEM TYPE, 2018–2025 (USD MILLION)
TABLE 21 VRF SYSTEM MARKET FOR COMMERCIAL APPLICATION IN ROW, BY SYSTEM TYPE, 2018–2025 (USD MILLION)
TABLE 22 VRF SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY REGION, 2018–2025 (USD MILLION)
TABLE 23 VRF SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY REGION, 2018–2025 (THOUSAND UNITS)
TABLE 24 VRF SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY SYSTEM TYPE, 2018–2025 (USD MILLION)
TABLE 25 VRF SYSTEM MARKET FOR RESIDENTIAL APPLICATION IN NORTH AMERICA, BY SYSTEM TYPE, 2018–2025 (USD MILLION)
TABLE 26 VRF SYSTEM MARKET FOR RESIDENTIAL APPLICATION IN EUROPE, BY SYSTEM TYPE, 2018–2025 (USD MILLION)
TABLE 27 VRF SYSTEM MARKET FOR RESIDENTIAL APPLICATION IN APAC, BY SYSTEM TYPE, 2018–2025 (USD MILLION)
TABLE 28 VRF SYSTEM MARKET FOR RESIDENTIAL APPLICATION IN ROW, BY SYSTEM TYPE, 2018–2025 (USD MILLION)
TABLE 29 VRF SYSTEM MARKET FOR OTHER APPLICATIONS, BY REGION, 2018–2025 (USD MILLION)
TABLE 30 VRF SYSTEM MARKET FOR OTHER APPLICATIONS, BY REGION, 2018–2025 (THOUSAND UNITS)
TABLE 31 VRF SYSTEM MARKET FOR OTHER APPLICATIONS, BY SYSTEM TYPE, 2018–2025 (USD MILLION)
TABLE 32 VRF SYSTEM MARKET FOR OTHER APPLICATIONS IN NORTH AMERICA, BY SYSTEM TYPE, 2018–2025 (USD MILLION)
TABLE 33 VRF SYSTEM MARKET FOR OTHER APPLICATIONS IN EUROPE, BY SYSTEM TYPE, 2018–2025 (USD MILLION)
TABLE 34 VRF SYSTEM MARKET FOR OTHER APPLICATIONS IN APAC, BY SYSTEM TYPE, 2018–2025 (USD MILLION)
TABLE 35 VRF SYSTEM MARKET FOR OTHER APPLICATIONS IN ROW, BY SYSTEM TYPE, 2018–2025 (USD MILLION)
TABLE 36 VRF SYSTEM MARKET, BY REGION, 2018–2025 (USD MILLION)
TABLE 37 VRF SYSTEM MARKET, BY REGION, 2018–2025 (THOUSAND UNITS)
TABLE 38 VRF SYSTEM MARKET IN NORTH AMERICA, BY COUNTRY, 2018–2025 (USD MILLION)
TABLE 39 VRF SYSTEM MARKET IN NORTH AMERICA, BY COUNTRY, 2018–2025 (THOUSAND UNITS)
TABLE 40 VRF SYSTEM MARKET IN NORTH AMERICA, BY APPLICATION, 2018–2025 (USD MILLION)
TABLE 41 VRF SYSTEM MARKET IN NORTH AMERICA, BY APPLICATION, 2018–2025 (THOUSAND UNITS)
TABLE 42 VRF SYSTEM MARKET IN NORTH AMERICA, BY SYSTEM TYPE, 2018–2025 (USD MILLION)
TABLE 43 VRF SYSTEM MARKET IN NORTH AMERICA, BY SYSTEM TYPE, 2018–2025 (THOUSAND UNITS)
TABLE 44 VRF SYSTEM MARKET IN EUROPE, BY COUNTRY, 2018–2025 (USD MILLION)
TABLE 45 VRF SYSTEM MARKET IN EUROPE, BY COUNTRY, 2018–2025 (THOUSAND UNITS)
TABLE 46 VRF SYSTEM MARKET IN EUROPE, BY APPLICATION, 2018–2025 (USD MILLION)
TABLE 47 VRF SYSTEM MARKET IN EUROPE, BY APPLICATION, 2018–2025 (THOUSAND UNITS)
TABLE 48 VRF SYSTEM MARKET IN EUROPE, BY SYSTEM TYPE, 2018–2025 (USD MILLION)
TABLE 49 VRF SYSTEM MARKET IN EUROPE, BY SYSTEM TYPE, 2018–2025 (THOUSAND UNITS)
TABLE 50 VRF SYSTEM MARKET IN APAC, BY COUNTRY, 2018–2025 (USD MILLION)
TABLE 51 VRF SYSTEM MARKET IN APAC, BY COUNTRY, 2018–2025 (THOUSAND UNITS)
TABLE 52 VRF SYSTEM MARKET IN APAC, BY APPLICATION, 2018–2025 (USD MILLION)
TABLE 53 VRF SYSTEM MARKET IN APAC, BY APPLICATION, 2018–2025 (THOUSAND UNITS)
TABLE 54 VRF SYSTEM MARKET IN APAC, BY SYSTEM TYPE, 2018–2025 (USD MILLION)
TABLE 55 VRF SYSTEM MARKET IN APAC, BY SYSTEM TYPE, 2018–2025 (THOUSAND UNITS)
TABLE 56 VRF SYSTEM MARKET IN ROW, BY REGION, 2018–2025 (USD MILLION)
TABLE 57 VRF SYSTEM MARKET IN ROW, BY REGION, 2018–2025 (THOUSAND UNITS)
TABLE 58 VRF SYSTEM MARKET IN ROW, BY APPLICATION, 2018–2025 (USD MILLION)
TABLE 59 VRF SYSTEM MARKET IN ROW, BY APPLICATION, 2018–2025 (THOUSAND UNITS)
TABLE 60 VRF SYSTEM MARKET IN ROW, BY SYSTEM TYPE, 2018–2025 (USD MILLION)
TABLE 61 VRF SYSTEM MARKET IN ROW, BY SYSTEM TYPE, 2018–2025 (THOUSAND UNITS)
TABLE 62 COLLABORATIONS, AGREEMENTS, AND PARTNERSHIPS, 2017–2019
TABLE 63 EXPANSIONS, PRODUCT LAUNCHES AND DEVELOPMENTS, 2017–2019
TABLE 64 ACQUISITIONS, 2017–2019
LIST OF FIGURES (49 FIGURES)
FIGURE 1 VRF SYSTEM MARKET SEGMENTATION
FIGURE 2 VRF SYSTEM MARKET: RESEARCH DESIGN
FIGURE 3 VRF SYSTEM MARKET: BOTTOM-UP APPROACH
FIGURE 4 VRF SYSTEM MARKET: TOP-DOWN APPROACH
FIGURE 5 DATA TRIANGULATION
FIGURE 6 CONTROL SYSTEMS AND ACCESSORIES TO WITNESS HIGHEST CAGR IN VRF SYSTEM MARKET DURING FORECAST PERIOD
FIGURE 7 HEAT RECOVERY SYSTEMS TO WITNESS HIGHER CAGR IN VRF SYSTEM MARKET DURING FORECAST PERIOD
FIGURE 8 RESIDENTIAL APPLICATION TO REGISTER HIGHEST CAGR IN VRF SYSTEM MARKET DURING FORECAST PERIOD
FIGURE 9 ASIA PACIFIC TO LEAD VRF SYSTEM MARKET FROM 2020 TO 2025
FIGURE 10 GROWING CONSTRUCTION INDUSTRY AND HIGH ENERGY-SAVING POTENTIAL OF VRF SYSTEMS TO BOOST MARKET GROWTH
FIGURE 11 OUTDOOR UNITS TO HOLD MAJOR SHARE OF VRF SYSTEM MARKET DURING FORECAST PERIOD
FIGURE 12 HEAT PUMP SYSTEMS TO ACCOUNT FOR LARGER SIZE OF VRF SYSTEM MARKET IN 2020
FIGURE 13 COMMERCIAL APPLICATION TO HOLD LARGEST SIZE OF VRF SYSTEM MARKET IN 2025
FIGURE 14 ASIA PACIFIC TO HOLD LARGEST SIZE OF VRF SYSTEM MARKET DURING FORECAST PERIOD
FIGURE 15 MAJOR VALUE IS ADDED BY MANUFACTURERS, SYSTEM INTEGRATORS, AND CONSULTANTS OF VRF SYSTEM
FIGURE 16 VRF SYSTEM MARKET, BY COMPONENT
FIGURE 17 CONTROL SYSTEMS AND ACCESSORIES TO WITNESS HIGHEST CAGR IN VRF SYSTEM MARKET DURING FORECAST PERIOD
FIGURE 18 VRF SYSTEM MARKET, BY CAPACITY
FIGURE 19 VRF OUTDOOR UNITS WITH A CAPACITY OF MORE THAN 26 TONS TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 20 VRF SYSTEM MARKET, BY SYSTEM TYPE
FIGURE 21 HEAT RECOVERY SYSTEMS TO REGISTER HIGHER CAGR IN VRF SYSTEM MARKET DURING FORECAST PERIOD
FIGURE 22 VRF SYSTEM MARKET, BY APPLICATION
FIGURE 23 RESIDENTIAL APPLICATION TO WITNESS HIGHEST CAGR IN VRF SYSTEM MARKET DURING FORECAST PERIOD
FIGURE 24 GEOGRAPHIC SNAPSHOT: MEXICO TO REGISTER HIGHEST CAGR IN VRF SYSTEM MARKET FROM 2020 TO 2025
FIGURE 25 VRF SYSTEM MARKET IN NORTH AMERICA TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 26 SNAPSHOT: VRF SYSTEM MARKET IN NORTH AMERICA
FIGURE 27 MEXICO TO RECORD HIGHEST CAGR IN VRF SYSTEM MARKET IN NORTH AMERICA DURING FORECAST PERIOD
FIGURE 28 SNAPSHOT: VRF SYSTEM MARKET IN EUROPE
FIGURE 29 VRF SYSTEM MARKET IN REST OF EUROPE TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 30 SNAPSHOT: VRF SYSTEM MARKET IN APAC
FIGURE 31 VIETNAM TO RECORD HIGHEST CAGR IN VRF SYSTEM MARKET IN APAC DURING FORECAST PERIOD
FIGURE 32 REST OF SOUTH AMERICA TO RECORD HIGHEST CAGR IN VRF SYSTEM MARKET IN ROW DURING FORECAST PERIOD
FIGURE 33 KEY DEVELOPMENTS IN VRF SYSTEM MARKET (2017 TO 2019)
FIGURE 34 RANKING OF KEY PLAYERS IN VRF SYSTEM MARKET, 2019
FIGURE 35 VRF SYSTEM MARKET (GLOBAL) COMPETITIVE LEADERSHIP MAPPING, 2019
FIGURE 36 PRODUCT PORTFOLIO ANALYSIS OF TOP PLAYERS IN VRF SYSTEM MARKET
FIGURE 37 BUSINESS STRATEGY EXCELLENCE OF TOP PLAYERS IN VRF SYSTEM MARKET
FIGURE 38 DAIKIN: COMPANY SNAPSHOT
FIGURE 39 TOSHIBA: COMPANY SNAPSHOT
FIGURE 40 MITSUBISHI ELECTRIC: COMPANY SNAPSHOT
FIGURE 41 MIDEA GROUP: COMPANY SNAPSHOT
FIGURE 42 JOHNSON CONTROLS: COMPANY SNAPSHOT
FIGURE 43 LG ELECTRONICS: COMPANY SNAPSHOT
FIGURE 44 FUJITSU: COMPANY SNAPSHOT
FIGURE 45 UNITED TECHNOLOGIES: COMPANY SNAPSHOT
FIGURE 46 INGERSOLL RAND: COMPANY SNAPSHOT
FIGURE 47 LENNOX: COMPANY SNAPSHOT
FIGURE 48 PANASONIC: COMPANY SNAPSHOT
FIGURE 49 SAMSUNG ELECTRONICS: COMPANY SNAPSHOT
4 major activities were conducted to estimate the size of the global VRF system market. Exhaustive secondary research has been conducted to collect information on the market. The findings, assumptions, and sizing have been validated with industry experts across the value chain through primary research. Both top-down and bottom-up approaches have been employed to estimate the overall market size. After that, market breakdown and data triangulation techniques have been used to estimate the market size of segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources have been referred to for identifying and collecting information important for this study. Secondary sources such as corporate filings (such as annual reports, investor presentations, and financial statements); trade, business, and professional associations; white papers and VRF system-related journals and certified publications; articles of recognized authors; gold- and silver-standard websites; directories; and databases have been used to identify and collect information for an extensive technical and commercial study of the VRF system market.
Primary Research
In the primary research process, primary sources from both the supply and demand sides have been interviewed to obtain qualitative and quantitative information relevant to this report. Primary sources, such as experts from related industries and suppliers, have been interviewed to obtain and verify critical information as well as assess prospects. Key players in the VRF system market have been identified through secondary research, and their respective market rankings have been determined through primary and secondary research. This research included studying annual reports of top market players and interviewing key opinion leaders such as CEOs, directors, and marketing personnel.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
In the complete market engineering process, both top-down and bottom-up approaches have been implemented, along with several data triangulation methods, to estimate and validate the size of the VRF system market and other dependent submarkets listed in this report.
- Key players in the industry and markets have been identified through extensive secondary research.
- The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation
After arriving at the overall market size, the total market has been split into several segments. To complete the overall market engineering process and arrive at the exact statistics for all segments, market breakdown and data triangulation procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both the demand and supply sides. The market has also been validated using both top-down and bottom-up approaches.
Study Objectives:
- To describe and forecast the VRF system market, by component, system, capacity, application, and geography
- To describe and forecast the market size for various segments with regard to 4 main regions—North America, Europe, APAC, and RoW
- To provide detailed information regarding drivers, restraints, opportunities, and challenges influencing the growth of the VRF system market
- To strategically analyze micro markets with respect to growth trends, prospects, and contributions to the total market
- To analyze opportunities for stakeholders by identifying high-growth segments within the VRF system market
- To study the complete value chain and allied industry segments and perform a value chain analysis of the VRF system ecosystem
- To analyze competitive developments such as product developments, expansions, partnerships, collaborations, agreements, and acquisitions in the VRF system market
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to a company’s specific needs. The following customization options are available for the VRF system market report.
Company information:
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in VRF System Market
How do you rank various VRF suppliers in terms of energy efficiency, working efficiency in hot climate, product life, and after sales services?
I am a working professional in VRF industry and I would like to procure your reports to be well-informed about current trends and new development taking place in this market.
I am in search of heat recovery systems technology penetration rate in Western European countries. How you gather market data?. Can you share sample for research methodology which you follow for forecasting market data.
I am looking for VRF product analysis for certain company in specific country and region. I have to preseent these information to my senior management. Would you be able to provide these kind of information and what will be estimated time for this information ?
I am looking for data related to installation and and maintainace cost for VRF systems in US, Canada and South American Market. What information is available in your report with respect to my requirement.
I do believe that globally and perhaps in recent US history 2 pipes is much more prevalent. However, we are hearing from our reps in three regions of the US that the “Simultaneous Heating and Cooling” is the primary value proposition and that is becoming a requirement in many US commercial buildings where opening windows as a form of climate control is often prohibited. On the VRF report can you tell me 2 pipe vs 3 pipe installations trend and to what granularity do you have that information, country/state?.
Specifically I am looking for; -VRF Installations by country, especially for Asia region -who installs these, contractors? Individuals? -How are these systems specified in a commercial building -Sales channel description and value chain analysis -what are the failure rates, Frequency of systems maintainane or replacement, who (contractors or OEM) does take the account of maintenance and repairing process.
I am a graduate student at Auburn University in Alabama. As a part of my curriculum, I am writing a research paper on Use of VRF Systems in the South-Eastern United States. While doing a literature review, I came across this report and found it to be very helpful. However, obtaining this report is very expensive and beyond my reach as a student. I was wondering if you could share some information pertinent to my research. I am looking for only the following parts of this report... - Section 10.2 (page 105 onwards) - VRF Systems Market, By Geographic Analysis (North America) - Tables 17, 18, 47, and 48 - Figures 61 and 62 I would like to assure you that this information is required purely for academic purposes. Thank you!
Hi, I am conducting an informative paper on VRF system market adoption trends and penetration rate in different regions and need information on the this topic. Can you please provide me with some pages of this report? Some graphs and table data would be great. Thanks
Id like to receive VRF systems global forecast numbers and analysis data to understand better industry growth trend and regional data. What are the expectations for the VRF system. Thank you.