VRF Refrigeration Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2023

VRF Refrigeration Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2023

  • Transparency Market Research
  • Ongoing
  • Semiconductors

Report Description

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.

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types and applications.

The report covers exhaustive analysis on:

  • Market Segments
  • Market Dynamics
  • Market Size
  • Supply & Demand
  • Current Trends/Issues/Challenges
  • Competition & Companies involved
  • Value Chain

Regional analysis includes:

  • North America
  • Latin America
  • Asia Pacific
  • Japan
  • Western Europe
  • Eastern  Europe
  • Middle East & Africa

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors, along with market attractiveness within the segments. The report also maps the qualitative impact of various market factors on market segments and various geographies.

Report highlights:

  • Detailed overview of parent market
  • Changing market dynamics in the industry
  • In-depth market segmentation
  • Historical, current and projected market size in terms of volume and value
  • Recent industry trends and developments
  • Competitive landscape
  • Strategies of key players and products offered
  • Potential and niche segments, geographical regions exhibiting promising growth
  • A neutral perspective on market performance
  • Must-have information for market players to sustain and enhance their market footprint

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, Luxembourg)
  • Eastern Europe (Poland, Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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