The VRF
system market is expected to grow from USD 10.04 Billion in 2016 to USD
22.79 Billion by 2023, at a CAGR of 12.43% between 2017 and 2023. The major
factors driving the growth of VRF system market include the growing
construction industry and easing of norms of FDI for construction and real
estate sectors, high energy saving potential as well as easy and minimum
maintenance of VRF system, the focus of major players on providing
technologically advanced refrigerants for air conditioning and heat pump
solutions. Further various advantages of VRF systems such as the high
performance of equipment, high energy efficiency, lower failure risk, and
greater load management potential are also propelling the growth of VRF system
market.
The VRF system market report has
been segmented on the basis of component, system type, application, and region.
Based on components, the VRF system market has been classified into outdoor
units, indoor units, and control systems and accessories. The outdoor unit
segment is estimated to lead the VRF system market during the forecast period.
There is a considerable increase in the volume of outdoor and indoor units of
VRF systems in recent years. The increasing adoption of VRF systems in
commercial buildings, growing demand for energy-efficient devices, and
increasing consumer awareness toward energy saving in developing regions such
as APAC and RoW are the key factors driving the demand for outdoor and indoor
units of VRF systems. The market for control systems and accessories is
expected to grow at the highest CAGR between 2017 and 2023.
Based on system types, the VRF
system market has been classified into heat pump and heat recovery systems.
Heat pump systems held a larger market size in 2016 owing to their ability to
provide optimum energy efficiency, maximum occupant comfort, low operational
noise, and low maintenance cost. Further, heavy investments by the governments
all over the world for the construction of commercial spaces such as airports,
hotels, and retail stores are expected to drive the growth of the heat pump
system market during the forecast period.
On the basis of application, the
VRF system market has been segmented into commercial, residential, and others.
The commercial application held the largest market share in 2016. The
increasing construction activity and strict building regulations are the major
factors driving the growth of VRF system market for commercial applications.
Further, the government regulations for smarter buildings and financial
incentives for the installation of energy-efficient VRF systems in new
construction projects are expected to fuel the VRF system market growth in the
near future.
Download PDF Brochure
@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=155809495
On the basis of region, the VRF
system market has been classified into North America, Europe, APAC, and RoW.
The VRF system market in North America is estimated to grow at the highest CAGR
during the forecast period. This growth is attributed to technological
advancements in VRF systems and the increasing adoption of VRF technology for
residential and commercial applications in North America. APAC held the largest
market share for VRF systems in 2016. Major global players in the VRF system
market are based in Asia Pacific. Countries such as Japan, China, and South
Korea are the early adopters of VRF technology, which is the major reason for
the large size of the VRF system market in Asia Pacific.
About MarketsandMarkets™
MarketsandMarkets™
provides quantified B2B research on 30,000 high growth niche
opportunities/threats which will impact 70% to 80% of worldwide companies’
revenues. Currently servicing 7500 customers worldwide including 80% of global
Fortune 1000 companies as clients. Almost 75,000 top officers across eight
industries worldwide approach MarketsandMarkets™ for their painpoints around
revenues decisions.
Our
850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high
growth markets following the "Growth Engagement Model – GEM". The GEM
aims at proactive collaboration with the clients to identify new opportunities,
identify most important customers, write "Attack, avoid and defend"
strategies, identify sources of incremental revenues for both the company and
its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants
(Positioning top players across leaders, emerging companies, innovators,
strategic players) annually in high growth emerging segments.
MarketsandMarkets™ is determined to benefit more than 10,000 companies this
year for their revenue planning and help them take their
innovations/disruptions early to the market by providing them research ahead of
the curve.
MarketsandMarkets’s
flagship competitive intelligence and market research platform,
"Knowledgestore" connects over 200,000 markets and entire value
chains for deeper understanding of the unmet insights along with market sizing
and forecasts of niche markets.
Contact:
Mr. Shelly Singh
MarketsandMarkets™
INC.
630 Dundee Road
Suite 430
Northbrook, IL
60062
USA:
1-888-600-6441
