The VRF system market was valued at USD 10.04 Billion in 2016 and is expected to be valued at USD 22.79 Billion by 2023, at a CAGR of 12.43% between 2017 and 2023. The base year considered for this study is 2016, and the market forecast is provided for the period between 2017 and 2023.
The report "VRF System Market by System Type (Heat Pump, Heat Recovery), Component (Outdoor Unit, Indoor Unit, Control Systems, and Accessories), Application (Commercial: Office Buildings, Retail Stores, Residential), and Geography - Global Forecast to 2023", The VRF system market is expected to grow at a CAGR of 12.43% between 2017 and 2023. It is projected to be worth USD 22.79 Billion by 2023.
The rapid growth of the VRF system market can be attributed to various factors such as technological advancements, high energy efficiency, easy installation, low global warming potential, and booming commercial building construction sector.
Browse 66 Market Data Tables and 58 Figures spread through 154 Pages and in-depth TOC on "VRF System Market - Global Forecast to 2023"
Heat pump VRF systems held the largest market share in 2016
Among various VRF systems, the heat pump is projected to lead the VRF system market during the forecast period. The growing need for energy-efficient technology compared to conventional air- conditioning systems is anticipated to drive the growth of the VRF system market during the forecast period.
In addition, the cost-effective installation of VRF systems and energy saving potential are also anticipated to increase the demand for VRF systems.
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Commercial application accounted for the largest share of the VRF system market in 2016
The commercial application is likely to hold the largest share of the VRF system market during the forecast period owing to of the growing construction industry and easy installation of VRF systems. The ability to respond to fluctuations in space load conditions, flexibility and reliability of VRF systems lead to the high adoption of these systems for residential and commercial applications.
VRF system market in North America expected to grow at the highest CAGR during forecast period
The VRF system market in North America is expected to grow at the highest CAGR between 2017 and 2023. The major factors driving the growth of the North American VRF system market are technological advancements, high energy efficiency, easy installation, low global warming potential, and booming commercial building construction sector.
Moreover, increased awareness among building owners regarding various benefits associated with VRF technologies is also expected to boost the growth of the VRF system market in this region during the forecast period.
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The report profiles key players such as Daikin Industries (Japan), Mitsubishi Electric (Japan), Hitachi (Japan), Midea Group (China), United Technologies (US), Samsung Electronics (South Korea), Panasonic (Japan), Lennox International (US) and Ingersoll Rand (Ireland), Fujitsu General (Japan), and LG Electronics (South Korea) operating in the VRF system market.
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