VRF Refrigeration Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2023
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VRF Refrigeration Systems Market: Overview
Variable refrigerant flow (VRF) refrigeration systems provide variable flow of refrigerant into the evaporators with different capacities and configurations. This enables simultaneous heating and cooling and better heat recovery from one zone to another in a heating, ventilation, and air conditioning (HVAC) system. This flow of refrigerant is controlled by VRF system.
The augmenting demand from commercial and small-medium businesses for flexible design of HVAC systems due to shrinking work-spaces is the key trend driving the demand for VRF refrigeration systems. The compact design and flexible layout in terms of outdoor to indoor units are the added benefits leading to its adoption in commercial as well as residential HVAC systems.
VRF refrigeration market is segmented on the basis of component type and end-use industry. On the basis of component type, VRF refrigeration market is further segmented into indoor units, outdoor units, controllers and parts & accessories. Most of VRF refrigerant systems consist of indoor units to deliver the processed air. Outdoor units are used for heat recovery and control the flow of refrigerant.
VRF Refrigeration Systems Market: Segmentation
In terms of end-use industry, VRF refrigeration market is further classified as healthcare, commercial buildings, education institutes, government and public sector, retail, manufacturing, banking, financial sector and insurance (BFSI) and manufacturing. On a broader scale, VRF systems are deployed in commercial spaces such as small and medium businesses, shopping complexes and large organizations. This is largely due to easy installation, efficient design and high sustainability provide by the VRF systems, making them an effective choice over other HVAC systems.
The demand-specific flow of refrigerant makes it energy efficient and rising cognizance of energy efficiency in developed as well as in emerging markets makes this a key factor driving the market growth. Along with this, strict government reforms which encourage the use of energy efficient HVAC systems, especially in commercial spaces, is expected to pave the market growth in near term.
VRF Refrigeration Systems Market: Region-wise Outlook
Lack of awareness, especially in emerging economies in Asia Pacific, Africa and Latin America region is expected to restrain its market growth. Furthermore, development of eco-friendly refrigerant for VRF systems and increasing penetration of VRF systems in residential segment can be foreseen as huge market opportunity for development of VRF systems in the future years.
On a global perspective, with the earlier adoption of VRF systems in Asia Pacific and Europe regions in comparison with the markets in North America, Middle East & Africa and Latin America regions . These regions are expected to be the market leaders in terms of adoption of VRF systems, in the current scenario. However, North America is expected to surpass these markets in coming years, as a reason of vast adoption of VRF systems in the region. In terms of end-use applications, commercial buildings are expected to dominate of the VRF systems market. However, healthcare sector is expected to grow at a faster rate in comparison to the other industry verticals during the forecast period.
VRF Refrigeration Systems Market: Key Players
Some of the key manufactures in the development and manufacturing of VRF refrigeration systems are Daikin Industries, Ltd., Ingersoll-Rand plc, LG Corporation, Mitsubishi Electric US, Inc., Johnson Controls, Inc., Blue Star Ltd., Voltas, Ltd., Encore Mechanical, L.L.C., Carrier Corporation, Fujitsu General Ltd., Panasonic Corporation, Lennox Industries, Inc., Haier, Inc. and Gree Electric Appliances, Inc.
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