Variable Refrigerant Flow Systems Market to Hit $28.46 Billion by 2028; Soaring Demand for Energy-Efficient Heating & Cooling Solutions Worldwide to Fuel the Market: Fortune Business Insights™

Key Companies Covered in Variable Refrigerant Flow System Market are Carrier HVAC (United States), Emerson (United States), Samsung Electronics (South Korea), LG Electronics (South Korea), Toshiba (Japan), Fujitsu General Limited (Japan), Midea Group (Fortune Global 500 Company) (China), Johnson Controls (Ireland), Lennox International (United States), Mitsubishi Electric (Japan), Daikin Europe (Belgium), Panasonic (Japan) and others

Pune INDIA


Pune, India, May 18, 2021 (GLOBE NEWSWIRE) -- The global  variable refrigerant flow system market size is projected to reach USD 28.46 billion by 2028, exhibiting a CAGR of 7.02% during the forecast period. As per a new report by Fortune Business Insights™, titled “Variable Refrigerant Flow System Market, 2021-2028”, the value of this market stood at USD 15.90 billion in 2020.

Improving Funding for HVAC Startups to Boost the Market

The growing intensity of global warming and climate change has aggravated the need for adopting energy-efficient heating and cooling systems. Variable refrigerant flow (VRF) systems have emerged as the ideal solution to address this urgent requirement. Headlining the development of novel VRF solutions are startups specializing in cooling and heating technologies. More importantly, these entities are enjoying a period of improved funding and exciting collaborations. For example, in April 2020, Montreal-based BrainBox AI, a startup that develops automated HVAC systems, received funding of $8.6 million. According to the company, its AI-enabled HVAC units can deliver energy savings of up to 25% and reduce carbon footprint by 20% to 40%. Similarly, in December 2019, Envio Systems, a startup concerned with enhancing the energy performance of commercial spaces using the cloud and IoT, bagged $5 million in funding from Ebm-Papst, a leader in the HVAC industry based in Germany.

Market Segmentation

On the basis of components, the global market has been categorized into outdoor units, indoor units, and control systems & accessories. Based on system type, the market has been bifurcated into heat pump systems and heat recovery systems. By applications, the market has been divided into residential, commercial, and industrial. Among these, the commercial segment led this market with a share of 49.2% in 2020. In terms of region, the market has been segmented into North America, Asia Pacific, the Middle East & Africa, Europe, and Latin America.

COVID-19 Impact

The sudden outbreak of the COVID-19 pandemic is expected to limit the variable refrigerant flow systems market growth owing to the sharp decline in the demand for commercial spaces. The market recorded a decline of -15.50% in 2020 and reached a value of USD 17.70 billion in 2021. With strict social distancing norms imposed by governments worldwide, several business organizations have adopted remote working models for their employees. As a result, the utilization of commercial office spaces has drastically shrunk. For example, according to the property consultant firm Colliers International, the demand for office spaces in Mumbai dipped by 62% in 2020.

Click here to get the short-term and long-term impact of COVID-19 on this market

Please Visit:  https://www.fortunebusinessinsights.com/variable-refrigerant-flow-vrf-systems-market-102018

Highlights of the Report

This report contains rigorous research into the market drivers, trends, and opportunities and also supplies actionable insights into the segments defining the market. Further, the report incorporates a comprehensive analysis of the challenges restraining the market growth and supplies a holistic examination of the regional and competitive developments influencing the market.

Driving Factor

Attractive Economic & Environmental Benefits of HVAC VRF Systems to Foster Growth

The economic and environmentally beneficial properties of variable refrigerant flow systems are the two most compelling reasons for their increasing adoption. For example, because the VRF technology requires the installation of only one HVAC unit, costs on additional units and equipment, which are substantial in the context of large constructions, are saved. This also automatically brings down maintenance costs as only one HVAC system needs to be operated. In terms of energy efficiency too, VRF systems appear attractive. This is due to the fact that these systems are engineered to facilitate the simultaneous distribution of cold and hot air in individual zones, where each unit has its own thermostat. Thus, the VRF technology reduces heat wastage and the unit only needs to use 30-70% of its capacity. These factors are crucial in augmenting the prospects of this market.

Request a Sample Copy of Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/variable-refrigerant-flow-vrf-systems-market-102018

Regional Insights

Asia Pacific to Present Huge Growth Opportunities; North America to Gain from Product Launches

Asia Pacific is foreseen to dominate the variable refrigerant flow systems market share during the forecast period on account of the mushrooming growth of commercial buildings in the region. As a consequence, the uptake of VRF systems is skyrocketing across the region. In 2020, the Asia Pacific market size stood at USD 10.12 billion.

The market in North America is surging on the back of frequent product releases by leading industry players, such as LG’s introduction of the V5 multi-VRF units in Canada in 2018. In Europe, rising awareness about the effects of climate change is propelling the demand for energy-efficient variable refrigerant flow systems solutions in the region.

Competitive Landscape

Distribution Agreements to Aid Key Players Expand Business Horizons

Key players in this market are bolstering their presence by entering into distribution deals with regional companies. These deals are enabling market participants to rapidly expand their footprint in the HVAC industry and widen their businesses in a sustained manner.

Industry Development:

  • May 2020: Panasonic announced that Quantum Cooling will distribute Panasonic’s HVAC variable refrigerant flow systems solutions, including its new ECO Ventilate Packaged Dedicated Outside Air Systems, to customers in Florida.

List of Key Players Covered in the Variable Refrigerant Flow System Market Report:

  • Carrier HVAC (United States)
  • Emerson (United States)
  • Samsung Electronics (South Korea)
  • LG Electronics (South Korea)
  • Toshiba (Japan)
  • Fujitsu General Limited (Japan)
  • Midea Group (Fortune Global 500 Company) (China)
  • Johnson Controls (Ireland)
  • Lennox International (United States)
  • Mitsubishi Electric (Japan)
  • Daikin Europe (Belgium)
  • Panasonic (Japan)

Quick Buy Variable Refrigerant Flow System Market Report: https://www.fortunebusinessinsights.com/checkout-page/102018

Major Table of Contents:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Emerging Trends – For Major Countries
    • Latest Technological Advancement
    • Regulatory Landscape
    • Industry SWOT Analysis
    • Porters Five Forces Analysis
  • Qualitative Analysis – Impact of COVID-19
    • Impact of COVID-19 on the Variable Refrigerant Flow System Market
    • Steps Taken by the Government to Overcome the Impact
    • Key Developments by Industry Players in Response to COVID-19
    • Potential Opportunities and Challenges due to COVID-19 Outbreak
  • Global Variable Refrigerant Flow System Market Analysis (USD Billion), Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Component
      • Outdoor Units
      • Indoor Units
      • Control Systems and Accessories
    • Market Analysis, Insights and Forecast – By System Type
      • Heat Pump Systems
      • Heat Recovery Systems
    • Market Analysis, Insights and Forecast – By Application
      • Residential
      • Commercial
      • Industrial
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East & Africa
  • North America Variable Refrigerant Flow System Market Analysis (USD Billion), Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Component
      • Outdoor Units
      • Indoor Units
      • Control Systems and Accessories
    • Market Analysis, Insights and Forecast – By System Type
      • Heat Pump Systems
      • Heat Recovery Systems
    • Market Analysis, Insights and Forecast – By Application
      • Residential
      • Commercial
      • Industrial
    • Market Analysis, Insights and Forecast – By Country
      • U.S. Market Analysis, Insights and Forecast – By Application
        • Residential
        • Commercial
        • Industrial
      • Canada Market Analysis, Insights and Forecast – By Application
        • Residential
        • Commercial
        • Industrial

TOC Continued…!

Speak To Our Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/variable-refrigerant-flow-vrf-systems-market-102018

Have a Look at Related Research Insights:

Machine Tools Market Size, Share & COVID-19 Impact Analysis, By Technology (Conventional, CNC), By Product (Metal Cutting, Metal Forming), By Application (Automotive, General Machinery, Precision Machinery, Transport Machinery, Others) and Regional Forecast, 2020-2027

Semiconductor Manufacturing Equipment Market Size, Share & Industry Analysis, By Equipment Type (Front-end Equipment, Back-end Equipment), By Dimension (2D, 2.5D, 3D), By Application (Semiconductor Fabrication Plant/Foundry, Semiconductor Electronics Manufacturing, Test Home) and Regional Forecast, 2019-2026

Lathe Machines Market Size, Share & Industry Analysis, By Product (CNC, Conventional), By Application (Automotive, General Machinery, Precision Machinery, Transport Machinery, Others) and Regional Forecast, 2019-2026

Machining Centers Market Size, Share & Industry Analysis, By Product (Vertical Machining Center, Horizontal Machining Center, Others), By Application (Automotive, General Machinery, Precision Machinery, Transport Machinery, Others) and Regional Forecast, 2019-2026

Dump Trucks Market Size, Share and Industry Analysis By Type (Articulated, Rigid), By End Use Application (Mining, Construction, Waste Management, Others) and Regional Forecast 2019-2026

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data. 

Contact Us:

Fortune Business Insights™ Pvt. Ltd.

308, Supreme Headquarters,

Survey No. 36, Baner,

Pune-Bangalore Highway,

Pune - 411045, Maharashtra, India.

Phone:

US :+1 424 253 0390

UK : +44 2071 939123

APAC : +91 744 740 1245

Email: sales@fortunebusinessinsights.com

You can also contact us/follow us on:

Facebook: https://www.facebook.com/FortuneBusinessInsightsPvtLtd
LinkedIN: https://www.linkedin.com/company/fortune-business-insights/