Market Highlights
The global VRF systems market is expected to register a CAGR of 11% during the forecast period of 2020–2026. Various factors are contributing to the growth of the global VRF systems market such as increasing demand for energy-efficient systems, rising construction of both residential and commercial buildings is driving the growth of the market. However, installation costs and specific installation requirements are expected to drive the growth of the market.
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The global VRF systems market analysis is estimated to grow at a significant rate in the future. The geographical analysis of the VRF Systems market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.
In 2019, North America held a substantial proportion of the global VRF systems market. North America is a developed region with advanced technology and well-established infrastructure, which are some of the factors fueling the market's growth. The North American region has been divided into three sections based on countries: the United States, Canada, and Mexico. Due to the existence of firms such as Emerson Electric Co., United Technologies Corporation, and others working on the creation of numerous new products focused on efficiency and low energy consumption, the United States retains the greatest stake in the region.
Due to the general changing environment, Europe has the third-largest market share in VRF systems. Furthermore, the industry is being driven by the demand for energy-efficient systems and the construction of new infrastructure. According to the Japan Refrigeration and Air Conditioning Industry Association, 6.91 million air conditioners were sold in the region in 2018. This is due to rising urbanisation, technological advancements, and increasing demand for environmentally friendly and energy-efficient systems, all of which are fueling the market's growth. In addition, new infrastructure is being built in the region. In the Asia-Pacific region, China had the greatest share of the VRF systems market, followed by Japan and India.
The rest of the world is expected to register a significant CAGR during the forecast period due to increasing investments made by the government, companies for the development of advanced technology in the region, and increasing demand for energy-efficient systems which is leading the growth of the market.
Key players
MRFR recognizes the key players in the global VRF systems market are Emerson Electric Co. (US), United Technologies Corporation (US), Daikin Industries Ltd. (Japan), Johnson Controls International PLC (Ireland), Schneider Electric SE (France), Toshiba Corporation (Japan), LG Electronics Inc. (South Korea), Fujitsu Limited (Japan), Mitsubishi Electric Corporation (Japan), Midea Group Co. Ltd. (China), Samsung Electronics (South Korea), and Panasonic Corporation (Japan) among others.
The prominent players keep innovating and investing in research and development to offer a cost-effective product portfolio. There have been recent mergers and acquisitions among the key players, a strategy of business entities for strengthening their reach to the customers.
Key Segments
The global VRF systems market has been segmented based on component, compressor unit, system type, capacity, application, and region.
By component, the market has been segmented as outdoor units, indoor units, and control systems and accessories
By compressor units, the market has been segmented into air-cooled units and water-cooled units.
By system type, the market has been segmented into heat pump system and heat recovery system
By capacity, the market has been segmented into up to 10 tons, 11 to 18 tons, 19 to 26 tons, and above 26 tons
By application, the market has been segmented into residential, healthcare, automobile, hotels, educational institutes, retail store, and others
By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
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