The global VRF systems market is expected to be worth US$ 16,610 million in 2022, with demand increasing at a CAGR of 6% between 2022 and 2032. The market is expected to grow significantly to US$ 29,884 million by 2032.
Variable Refrigerant Flow (VRF) Systems are a mature heating, ventilation, and air conditioning (HVAC) technology that extracts heat from an area that needs cooling and transfers it to another area. Variable refrigerant flow (VRF) compressor units are installed on the building's roof, and heat and cool refrigerant are connected via piping to condition the building.
Variable Refrigerant Flow (VRF) Systems are powered by an energy-efficient source that saves up to 40% more energy than a VAV electric coil and is a potential factor in the market growth of variable refrigerant flow (VRF) systems.
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A challenging factor to the variable refrigerant flow (VRF) system is the guidelines that are shared by ASHRAE to control the concentration limits of refrigerant. Thus time to time maintenance is needed. The leakage of refrigerant which is being piped around the building in larger variable refrigerant flow (VRF) system of 14-20 tons is potentially high and thus can restrain the growth of variable refrigerant flow (VRF) systems.
Global Variable Refrigerant Flow (VRF) Systems Market: Dynamics
For the commercial purpose such as in offices, a variable refrigerant flow system is more appealing than a variable air volume (VAV) systems as the temperature can be controlled in each office thus adds as another potential factor to the growth of variable refrigerant flow (VRF) systems market. Moreover, if a variable refrigerant flow is installed in a smaller building, it can offer special benefit as compared to features in high-end building automation system owing to built-in controls offered by a variable refrigerant flow system with its ability to provide less energy consumption.
Moreover, variable refrigerant flow (VRF) systems incur a lower cost to provide heating, ventilation and air conditioning (HVAC) systems. A key driver for variable refrigerant flow (VRF) system is its efficiency to control the units with a simple on and off the operation as well as its ability to provide a different level of heating and cooling to a different part of building with variation in motor speed and regulator in refrigerant flow.
Global Variable Refrigerant Flow (VRF) Systems Market: Region Wise Outlook
The Global Variable Refrigerant Flow (VRF) Systems market is divided into seven regions, namely North America, Latin America, Asia Pacific excluding Japan (APEJ), Western Europe, Eastern Europe, Japan and the Middle East and Africa (MEA). Japan holds a relatively higher market share in the global variable refrigerant flow system market due to a higher presence of the key manufacture of the VRF systems. Followed by Japan is Western Europe which has higher consumption of variable flow (VRF) systems for the commercial building owing to changing the climate in the region.
Developed region of Japan and Europe are estimated to grow at a healthy CARG during the forecast period. The U.S. in North America is one of the growing markets in variable refrigerant flow (VRF) systems. Currently, the U.S. market has major manufacturer products that are certified by AHRI. APEJ is estimated to expand at high CAGR of global variable refrigerant flow (VRF) systems during the forecast period owing to increasing adoption in the buildings, offices as well as hospitals.
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The report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply Demand
- Current Trends/Issues/Challenges
- Competition Companies involved
- Technology
- Value Chain
Global Variable Refrigerant Flow (VRF) Systems Market: Prominent Players
Few of the prominent players in the Variable Refrigerant Flow (VRF) Systems market are as follows
- Daikin industries Ltd.
- Fujitsu Ltd
- Mitsubishi Electrical
- Johnson Controls, Inc.
- Toshiba Corporation
- Ingersoll Rand Plc.
- LG Electronics
- Midea Group
- United Technologies Corporation
- Lennox International Inc.
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