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VRF Systems Market Size, Share | Industry Analysis Report, 2023

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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.

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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.

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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.

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