Chicago, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The VRF Systems Market by Component (Outdoor Units, Indoor Units, and Control Systems and Accessories), System Type (Heat Pump, Heat Recovery), Capacity, Application (Commercial, Residential, and Others), and Geography", The major factors driving the growth of VRF system market are the growing construction industry and easing of norms of FDI for construction and real estate sectors and high energy-saving potential as well as easy and minimum maintenance requirements of VRF systems is the driver of this market. Likewise, increasing penetration of VRF systems in residential and commercial are expected to create lucrative opportunities for the players in the VRF system market. However, high installation cost are expected to restraint market growth
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Key Market Players in VRF Systems Market
- Daikin (Japan),
- Johnson Controls (US),
- Hitachi (Japan),
- Mitsubishi Electric (Japan),
- Midea Group (China),
- Panasonic (Japan)
“Browse in-depth TOC on "VRF Systems Market Trends, Market Value, Market Forecast, Market Growth"
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North America to be the fastest-growing region in the VRF system market during the forecast period
The market in North America is further segmented into the US, Canada, and Mexico. In North America, VRF systems have gained tremendous popularity owing to the increasing awareness about energy efficiency and easy installation process with minimum piping work. Recently, many companies based in North America have launched VRF systems integrated with low global warming potential refrigerants. The introduction of advanced environment-friendly refrigerants, such as HFC-32, has boosted the adoption of VRF systems in North America.
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Heat pump system to lead the VRF system market during the forecast period
VRF systems are used in most commercial buildings, ranging from small shops and cafes to large office buildings and public spaces. VRF zoning ensures the usage of energy to only cool or heat offices that are occupied. VRF systems ensure the most comfortable and productive work environment since these systems comprise quiet indoor units and can maintain precise temperature control.
VRF systems for residential application expected to witness the fastest growth rate during the forecast period
VRF systems provide individual controls for each housing unit; hence, these systems are highly energy-efficient and have a low cost of operation. Therefore, an increasing number of property owners and managers are installing VRF air-conditioning systems. With long product life under harsh conditions, high air-conditioning performance, and excellent service, VRF systems are becoming the preferred choice for apartments and collective housing.
Toshiba manufactures and sells electronic and electrical products. The air-conditioning and VRF system business of Toshiba is operated by Toshiba Carrier Corporation, the global joint venture between Carrier Corporation (US) and Toshiba Corporation (Japan). The company develops VRF systems for residential and commercial applications. The company manufactures various types of indoor and outdoor units. The company has a manufacturing unit and an R&D center in both Japan and Thailand. The company also has R&D facilities in the US, Europe, China, and Vietnam.
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HVAC System Market by Cooling Equipment (Unitary Air Conditioners, VRF Systems), Heating Equipment (Heat Pumps, Furnaces), Ventilation Equipment (AHUs, Air Filters), Implementation Type, Application and Region - Global Forecast to 2028
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