The global VRF systems market is expected to exceed US$15,602.9 million in 2023, with demand increasing at a 6.0% CAGR from 2023 to 2033. The market is expected to be worth US$ 27,942.5 million by 2033.
The expanding construction sector, as well as energy-efficient products and technologies, are expected to keep the VRF systems market afloat. Furthermore, end-users are beginning to accept wireless control systems for monitoring indoor units in workplaces, homes, and various referral areas. At the same time, higher investment costs, combined with a lack of understanding of the benefits provided by VRF systems, are expected to restrain the VRF systems market during the forecast period.Furthermore, the emerging economies are quite slow.
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Key Takeaways from Variable Refrigerant Flow (VRF) Systems Market
- The Asia-Pacific holds the largest market share due to it being home to various key players like Daikin, Panasonic Corporation, Mitsubishi Electric, and Toshiba Corporation, along with an ever-increasing adoption of the HVAC systems in various commercial buildings over here.
- North America holds a significant market share due to VRF systems gaining popularity due to simple installation and higher energy efficiency. Along these lines, LG Electronics, since November 2018, has its V5 multi-variable refrigerant flow systems operational in Canada. It’s being made available in the range of 6 to 42 tons, with 3-phase electrical power — 575V, 460V, and 208/230V as heat pump outdoor units.
- Europe is expected to hold a remarkable market share going forward due to the fast changing climate.
- Coming to LATAM, Argentina and Brazil are subject to an ever-increasing investment in development of infrastructure.
- MEA is expected to pick up pace on the back of Iran, Iraq, the UAE, Kuwait, and Saudi Arabia.
Competitive Systems:
- Panasonic Corporation, in May 2020, inked an agreement with Quantum Cooling to distribute VRF systems along with mini-split equipment all across Florida. The latter is known for producing HVAC equipment and the building automation systems.
- Panasonic Corporation, in October 2019, inked a technology agreement with WAT (Welcome Air-tech) to develop sustainable and energy-efficient ventilation and air conditioning solutions to cater to the commercial sector in Southeast Asia.
- Daikin Industries, Ltd., in November 2018, completed acquisition of AHT Group for US$ 747.98 Mn. It is based out of Rottenmann (Austria) and engaged in the production, development of refrigeration, and freezing the showcases.
- Fujitsu General Ltd., in October 2018, did acquire 51% shares in F.G. Europe Italia S.p.A. for nearly US$ 8.48 Mn. F.G. Europe is based out of Greece and basically engaged in the sales as well as aftersales services of the air conditioners in Turkey, Italy, Balkans, and Greece.
- Toshiba Carrier Corporation’s functionality includes Toshiba’s VRF system as well as air-conditioning business. Both — commercial and residential uses are catered to by these VRF systems.
“Variable Refrigerant Flow (VRF) systems help in controlling the quantity of refrigerant required at the time of cooling or heating. This factor is bound to help the VRF systems market grow unabated in the forecast period”, says an analyst from Future Market Insights.
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