VRF Systems Market Size, Share | Industry Analysis Report, 2023
VRF System Market by System Type Heat Pump, Heat Recovery - 2023 | MarketsandMarkets
United States, 11 February 2019 -- VRF Systems Market report categoriesed global 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.
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.
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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