Key players involved in the market are United Technologies Corporation, Emerson Electric, Daikin Industries Ltd., Schneider Electric SE, Johnson Controls International PLC, Toshiba Corporation, Fujitsu Limited, LG Electronics Inc., Mitsubishi Electric, Samsung Electronics, Midea Group Co. Ltd, and Panasonic Corporation.
Pune, Feb. 15, 2021 (GLOBE NEWSWIRE) — Market Analysis
The VRF Systems Market is growing continuously over the past few years. Rising uses of VRFs in residential, healthcare, automobile, hotels, educational institutes, retail stores, and other applications drive the growth of the market. According to Market Research Future (MRFR), the global VRF systems market is poised to create a valuation of USD 29,478.1 million by 2026, registering an 11.0% CAGR during the forecast period (2020–2026).
Just like any other industry, the VRF systems industry was too hit severely by the COVID-19 outbreak. On one side, VRF systems manufacturers faced various problems ranging from obtaining raw materials and components required to develop VRF Systems and delivering end products to attracting workers from quarantines. On the other hand, rising automation in various manufacturing companies and integration of BAS for schedules and alarms have impacted the market growth positively.
Variable refrigerant flow (VRF) systems provide simultaneous heating and cooling. These systems can control and maintain refrigerant flow, which is provided to a fan coil unit across the building area. And these systems change the flow of refrigerant to indoor units based on the requirement by the system. A good quality allows the building occupants to customize the temperature settings to their personal preferences.
VRF systems are known for their superior energy efficiency and ability to offer a quick return on investment (ROI) in many applications. VRF technology delivers a state-of-the-art HVAC solution. In the automation of HVAC systems, VRF controls are tied to a BAS for the integration of schedules and alarms. VRF equipments are used in conjunction with a wide range of heating and cooling products. VRF system can meet the climate control needs of a small single-family residence all the way to a commercial high-rise building.
Rise in urbanization and industrialization, alongside advances in VRF systems and HAVAC technologies; fuel the growth of the market. Similarly, rising construction activities and the development of energy-efficient technologies and products drive the growth of the market. Furthermore, the increasing uptake of VRF air conditioning system, VRF mechanical system, and wireless control systems for monitoring indoor units across the indoor and outdoor structures boost the market growth.
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COVID-19 Impact on the Global VRF Systems Market
The COVID-19 outbreak severely hit the VRF systems industry, delaying new installations and causing huge revenue loss. Strict lockdown mandates forced many manufacturers to cut down on their production output, bringing the production facilities to a halt. The coronavirus-driven lockdown put a brake on the component and device production, which spiked product prices, lowering the market demand.
However, the VRF systems market is rapidly returning to normal, witnessing the steadily increasing demand, especially from the industrial sectors. The market demand is projected to pick up following the uplift of the lockdown in many countries.
The VRF systems market is segmented into component, compressor unit, system type, capacity, application, and region. The component segment is sub-segmented into outdoor units, indoor units, control systems, accessories, and others. The compressor units segment is sub-segmented into air-cooled units and water-cooled units.
The system type segment is sub-segmented into heat pump system and heat recovery system. The capacity segment is sub-segmented into 10 tons, 11 to 18 tons, 19 to 26 tons, and above 26 tons. The application segment is sub-segmented into residential, healthcare, automobile, hotels, educational institutes, retail stores, and others.
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By region, the market is bifurcated into the Americas (US, Canada, Mexico, Rest-of-North America) and South America, Europe (the UK, Germany, France, Italy, and Rest-of-Europe), Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World.
It is observed that the Asia Pacific region has been consistently dominating the global VRF systems market and is expected to maintain its market position in the coming years as well. In 2019, the region held the largest share of the global VRF systems market and is anticipated to grow at a significant growth rate during the forecast period.
Factors such as the increasing demand for VRF systems from residential and commercial end-users and the increasing industrialization and urbanization in the region drive the market growth. Furthermore, the increasing demand for high-tech devices such as wireless and connected devices boost the VRF systems market size. Moreover, the presence of various VRF manufacturers such as Daikin Industries Ltd., Fujitsu Limited, Mitsubishi Electric Corporation, and others influence the market growth.
North America acquires the second position in the global VRF systems market in terms of revenue. Factors such as the increased adoption of VRF systems by commercial industries for energy saving and flexible designs and the increasing integration of connected technology boost the growth of the regional market.
Additionally, favorable government policies for VRF production, vast technological advances, and increased investments to boost innovations fuel the growth of the market. The US holds the key share in the region due to the presence of several key companies, such as Emerson Electric Co. and United Technologies Corporation, that are working on the development of various new products based on efficiency and low energy consumption.
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The VRF systems market is experiencing implementations of several strategic approaches, such as expansion, collaboration, mergers & acquisitions, and product launches. Mature industry players are making strategic investments in Research and development activities and fostering their expansion plans.
For instance, recently, on Aug. 24, 2020, Air conditioning and commercial refrigeration major Blue Star announced that it has been awarded three more patents by the Office of the Controller General of Patents, Designs & Trade Marks, Ministry of Commerce and Industry, Government of India. These three patents strengthen Blue Star’s intellectual property position.
Notable Players in The Global VRF Systems Market Are:
- United Technologies Corporation (US)
- Emerson Electric Co. (US)
- Daikin Industries Ltd. (Japan)
- Schneider Electric SE (France)
- Johnson Controls International PLC (Ireland)
- Toshiba Corporation (Japan)
- Fujitsu Limited (Japan)
- LG Electronics Inc. (South Korea)
- Mitsubishi Electric Corporation (Japan)
- Samsung Electronics (South Korea)
- Midea Group Co. Ltd. (China)
- and Panasonic Corporation (Japan)
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As technologies progress, more variable refrigerant flow (VRF) zoning systems are preferred over conventional HVAC equipments to achieve lower energy consumption and monthly operating costs, greater sustainability, and productive environments in building structures. Moreover, installing a VRF system has many benefits, such as silent operation, reduced ambient noise inside and outside of a building, and easy installations; these factors increase their preferences.
Unlike some older HVAC technologies, VRF systems are extremely quiet, sleek, and compact, which makes VRF an excellent solution for installing HVAC equipment in areas with limited space, such as when renovating historical buildings. On the other hand, high prices and concerns about proper insulation are major factors acting as headwinds for the VRF system market.
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