Global VRF System Market Outlook, 2025 - Impact of COVID-19, Value Chain Analysis, Competitive Landscape Mapping, Key Player Profiles
DUBLIN, May 22, 2020 /PRNewswire/ -- The "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" report has been added to ResearchAndMarkets.com's offering.
http://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
The VRF system market 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% between 2020 and 2025.
High energy-saving potential and easy and minimum maintenance requirements of VRF systems are the key growth drivers for the market. The market's growth is also propelled by the continuous growth of the construction industry, government incentives through tax credit programs, and regulations and policies of the EU governments pertaining to construction products. However, high installation costs due to the shortage of skilled installers, and lack of awareness about the benefits of VRF technology are the major restraints for the growth of the market.
VRF system's outdoor unit expected to lead the market during the forecast period.
The VRF system market is expected to grow primarily due to a revival in the construction activities and enhanced focus on the implementation of energy-efficient technologies and products. The increasing adoption of inverter-based compressors for outdoor units and the ability of outdoor units to connect multiple indoor units is expected to drive the growth of the market for outdoor units during the forecast period. The increasing adoption of wireless control systems for monitoring indoor units is expected to fuel the growth of the market during the forecast period.
VRF heat recovery system expected to grow at the highest pace during the forecast period.
VRF heat recovery systems can transfer heat from one indoor zone to another, thereby saving energy. VRF systems that can simultaneously cool some zones while heating others have many features, such as precise comfort control, quiet operation, and energy efficiency, making them an ideal solution for commercial buildings. VRF heat recovery systems provide simultaneous heating and cooling of a zone; therefore, these systems are becoming popular globally. The increasing awareness regarding its energy efficiency is another major factor responsible for their growing adoption.
APAC to be the largest market for VRF system during the forecast period.
APAC holds the largest market size due to the presence of major players in this region. Countries such as China, Japan, South Korea, and India are majorly driving the growth of the VRF system market in APAC. These countries have a considerable market size and scope for the development of the VRF industry. Several government regulations, acts, and associations are supporting the adoption of VRF systems in the APAC region. Some of these are the Commercial Building Disclosure (CBD) Program (Australia), Energy Conservation Building Codes (India), LEED-INDIA, and Indian Society of Heating, Refrigerating, and Air-Conditioning Engineers (ISHRAE).
The key players in the market include Daikin (Japan), Toshiba (Japan), Mitsubishi Electric (Japan), Midea Group (China), Johnson Controls (US), and Others.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
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
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
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
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
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
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
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
11.1 Introduction
11.2 North America
11.3 Europe
11.4 APAC
11.5 RoW
12 Competitive Landscape
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
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
For more information about this report visit https://www.researchandmarkets.com/r/70551y
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
View original content:http://www.prnewswire.com/news-releases/global-vrf-system-market-outlook-2025---impact-of-covid-19-value-chain-analysis-competitive-landscape-mapping-key-player-profiles-301064221.html
SOURCE Research and Markets
