December 7, 2022

According to the latest report, titled “Variable Refrigerant Flow System Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast’ the India facility management market is expected to exhibit a Huge CAGR during the Forecast Period. The Variable Refrigerant Flow System Market is projected to grow from USD 17.70 billion in 2021 to USD 28.46 billion in 2028 at a CAGR of 7.02% during the 2021-2028 period.

This COVID-19 analysis of the report includes COVID-19 IMPACT on the production and, demand, supply chain. This report provides a detailed historical analysis of the global Variable Refrigerant Flow System Market by region/country and subsectors. The report covers the revenue, sales volume, price, historical growth, and future perspectives in the Variable Refrigerant Flow System Market.

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A few top players in the industry are

  • Carrier HVAC (United States)
  • Emerson (United States)
  • Samsung Electronics (South Korea)
  • LG Electronics (South Korea)
  • Toshiba (Japan)
  • Fujitsu General Limited (Japan)
  • Midea Group (Fortune Global 500 Company) (China)
  • Johnson Controls (Ireland)
  • Lennox International (United States)
  • Mitsubishi Electric (Japan)
  • Daikin Europe (Belgium)
  • Panasonic (Japan)

The report gives a precise view of the future perspective and present market demands. The report also includes facts and statistics, tables & figures referred to in this report for strategic planning which leads to the success of the organizations. In this market report, the market share that various manufacturers hold in the global Variable Refrigerant Flow System Market and the market concentration is described in the report.

Regional Analysis:

On the basis of Geography, the Global Variable Refrigerant Flow System Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America is expected to hold a considerable share in the global Variable Refrigerant Flow System Market. Due to increasing investment for research and development process and adoption of solutions in the region whereas Asia-Pacific is expected to grow at a faster pace during the forecasted period.

The growing number of Variable Refrigerant Flow System Market players across regions is expected to drive market growth further. Moreover, increasing investments by prominent vendors in product capabilities and business expansion is expected to fuel the market during the study period. Many market players are finding lucrative opportunities in emerging economies like China and India, where the large populations are coupled with new innovations in numerous industries.

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Improving Funding for HVAC Startups to Boost the Market

The growing intensity of global warming and climate change has aggravated the need for adopting energy-efficient heating and cooling systems. Variable refrigerant flow (VRF) systems have emerged as the ideal solution to address this urgent requirement. Headlining the development of novel VRF solutions are startups specializing in cooling and heating technologies. More importantly, these entities are enjoying a period of improved funding and exciting collaborations. For example, in April 2020, Montreal-based BrainBox AI, a startup that develops automated HVAC systems, received funding of $8.6 million. According to the company, its AI-enabled HVAC units can deliver energy savings of up to 25% and reduce carbon footprint by 20% to 40%. Similarly, in December 2019, Envio Systems, a startup concerned with enhancing the energy performance of commercial spaces using the cloud and IoT, bagged $5 million in funding from Ebm-Papst, a leader in the HVAC industry based in Germany.

An overview of the Variable Refrigerant Flow System Market’s regional outlook:

The market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA). North America is further subdivided into countries such as the United States and Canada. The Europe region is further divided into the United Kingdom, France, Germany, Italy, Spain, Russia, and the Rest of Europe. China, Japan, South Korea, India, Australia, South East Asia, and the rest of Asia Pacific are subdivided into Asia Pacific. The Latin America region is separated into Brazil, Mexico, and the rest of Latin America, whereas the MEA region is divided into GCC, Turkey, South Africa, and the rest of MEA.

Driving Factor

Attractive Economic & Environmental Benefits of HVAC VRF Systems to Foster Growth

The economic and environmentally beneficial properties of variable refrigerant flow systems are the two most compelling reasons for their increasing adoption. For example, because the VRF technology requires the installation of only one HVAC unit, costs on additional units and equipment, which are substantial in the context of large constructions, are saved. This also automatically brings down maintenance costs as only one HVAC system needs to be operated. In terms of energy efficiency too, VRF systems appear attractive. This is due to the fact that these systems are engineered to facilitate the simultaneous distribution of cold and hot air in individual zones, where each unit has its own thermostat. Thus, the VRF technology reduces heat wastage and the unit only needs to use 30-70% of its capacity. These factors are crucial in augmenting the prospects of this market.

Asia Pacific to Present Huge Growth Opportunities; North America to Gain from Product Launches

Asia Pacific is foreseen to dominate the variable refrigerant flow systems market share during the forecast period on account of the mushrooming growth of commercial buildings in the region. As a consequence, the uptake of VRF systems is skyrocketing across the region. In 2020, the Asia Pacific market size stood at USD 10.12 billion.

The market in North America is surging on the back of frequent product releases by leading industry players, such as LG’s introduction of the V5 multi-VRF units in Canada in 2018. In Europe, rising awareness about the effects of climate change is propelling the demand for energy-efficient variable refrigerant flow systems solutions in the region.

FAQs:

  1. What is the driving factor for the growth of the Variable Refrigerant Flow System Market?
  2. How will the COVID-19 pandemic impact the demand and consumption of the Variable Refrigerant Flow System Market?
  3. What is the major application area of the Variable Refrigerant Flow System Market?
  4. Who are the Variable Refrigerant Flow System Market manufacturers across the globe?
  5. Which geographical location is dominant in the Variable Refrigerant Flow System Market?
  6. Which are the top industry players in the Variable Refrigerant Flow System Market?

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