The key players operating in the VRF system market are Daikin Industries (Japan), Mitsubishi Electric (Japan), Hitachi (Japan), Midea Group (China), United Technologies (US), Samsung Electronics (South Korea), Panasonic (Japan), Lennox International (US),Ingersoll Rand (Ireland), Fujitsu General (Japan), and LG Electronics (South Korea).
The VRF system market is estimated to be worth USD 22.79 billion by 2023, VRF system market growing at a CAGR of 12.43%between 2017 and 2023.
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“Asia Pacific accounted for the largest share of the VRF system market in 2016”
Asia Pacific accounted for the largest share of the VRF system market in 2016. The VRF system market in Asia Pacific is driven by various factors such as technological advancements and the early adoption of various VRF technologies by countries such as Japan, China, and South Korea.
1 Market Ranking of Players in the VRF System Market, 2016
2 Competitive Situation and Trends
3 Product Launches and Developments
4 Acquisitions and Mergers
5 Partnerships, Agreements, & Collaborations
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The increasing adoption of heat pump and heat recovery systems in commercial and residential building application is expected to drive the growth of VRF system market from 2017 to 2023.
A major factor restraining the growth of VRF system market is high installation cost.
On the basis of system type, the VRF system market has been classified into heat pump and heat recovery system. The market for heat recovery system is expected to grow at a higher CAGR during the forecast period.
Heat recovery systems have the ability to provide heating and cooling simultaneously and are flexible enough to operate in different climatic conditions.
Key Target Audience:
- Original device manufacturers (ODMs)
- System integrators
- Electronic hardware equipment manufacturers
- Commercial and residential construction site owners
- Assembly and packaging vendors
- Technical universities
- Market research and consulting firms
- Technical universities
- Government research agencies and private research organizations
- Component suppliers
- Manufacturers of VRF system components and devices
- Original equipment manufacturers (OEMs)
- Inverter and compressor manufacturers
- Suppliers and distributors of VRF system components and devices
- Software, service, and technology providers
- Standardization and testing firms
- Government bodies (regulatory authorities and policymakers)
- Installation, maintenance, and service providers
The overall VRF System market was dominated by Prominent players in the market include Daikin Industries (Japan), Mitsubishi Electric (Japan), Hitachi (Japan), Midea Group (China), United Technologies (US), Samsung Electronics (South Korea), Panasonic (Japan), Lennox International (US),Ingersoll Rand (Ireland), Fujitsu General (Japan), and LG Electronics (South Korea).
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Key Point from Table of Content
7 VRF System Market, By System Type
7.2 Heat Pump VRF Systems
7.2.1 Air-Source Heat Pump VRF Systems
7.2.2 Ground-Source Heat Pump VRF Systems
7.2.3 Absorption Heat Pump VRF Systems
7.3 Heat Recovery VRF Systems
8 VRF System Market, By Application
8.2 Commercial Applications
8.2.1 Office Buildings
8.2.2 Retail Stores
8.2.3 Healthcare Facilities
8.2.4 Hospitality Buildings
8.2.5 Educational Buildings
8.2.6 Historical Buildings
8.2.7 Government Buildings
8.3 Residential Buildings
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