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Global VRF System Market to reach USD 40.6 billion by 2027.

Global VRF (variable refrigerant flow) System Market by Component (Outdoor Units, Indoor Units, and Control Systems and Accessories), System Type (Heat Pump, Heat Recovery), Capacity (Up to 10 Tons, 11 to 18 Tons, 19 to 26 Tons, Above 26 Tons), Application (Commercial, Residential, and Others), Regional Forecasts 2021-2027

Product Code: EESAC_30391095
Publish Date: 6-04-2021
Page: 200

Global VRF System Market is valued approximately at USD 17.6 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 12.7% over the forecast period 2021-2027. Variable refrigerant flow, or VRF in short, is an air conditioning system that precisely controls the temperature within commercial buildings. This type of air conditioning system saves a lot of energy. The VRF system can be used when the zones within a building are expected to operate at different temperatures. Because of variable occupancy, variations in outdoor temperature, and especially the position of the sun, the heating and cooling requirements of various areas and zones alter throughout the day. To maintain a comfortable and consistent internal environment, the combined or individual effects of these external and internal variables typically indicate that certain portions of the structure require cooling and others require heating. The VRF system market is driven by government incentives through tax credit programs, high energy-saving potential as well as easy and minimum maintenance requirements of VRF systems. Growth of the construction industry and relaxed norms of FDI for construction and real estate sectors is also affecting the market positively. For instance, according to the Population Reference Bureau, the global degree of urbanization was at 54 percent in 2019. According to the source, North America was the most urbanized continent in the world, with 82 percent of the population living in cities. However, high installation cost may impede market growth over the forecast period of 2021-2027.

Geographically, North America is dominating the market as people become more aware of the importance of energy efficiency and the ease with which VRFs can be installed with minimal piping work. Many North American corporations have recently launched VRF systems that use refrigerants with minimal global warming potential. In North America, the development of sophisticated environmentally friendly refrigerants as HFC-32 has promoted the usage of VRF systems.

Major market player included in this report are:

Ingersoll Rand
Samsung Electronics
United Technologies
Mitsubishi Electric
Johnson Controls
LG Electronics

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Components:
Outdoor Units
Indoor Units
Control Systems and Accessories
By Capacity:
Up to 10 Tons
11 to 18 Tons
19 to 26 Tons
Above 26 Tons
By System Type:
Heat Pump Systems
Heat Recovery Systems
By Application:
By Region:
North America

Asia Pacific
South Korea
Latin America
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027.

Target Audience of the Global VRF System Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2027 (USD Billion)
1.2.1. VRF System Market , by Region, 2019-2027 (USD Billion)
1.2.2. VRF System Market, by Components, 2019-2027 (USD Billion)
1.2.3. VRF System Market, by Capacity, 2019-2027 (USD Billion)
1.2.4. VRF System Market, by System type, 2019-2027 (USD Billion)
1.2.5. VRF System Market , by Application, 2019-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global VRF System Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global VRF System Market Dynamics
3.1. VRF System Market Impact Analysis (2019-2027)
3.1.1. Market Drivers Government incentives through tax credit programs High energy-saving potential as well as easy and minimum maintenance requirements of VRF systems Growing construction industry and easing of norms of FDI for construction and real estate sectors
3.1.2. Market Restraint High installation cost
3.1.3. Market Opportunities Increasing penetration of VRF systems in residential and commercial applications
Chapter 4. Global VRF System Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model (2018-2027)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global VRF System Market , by Components
5.1. Market Snapshot
5.2. Global VRF System Market by Components, Performance – Potential Analysis
5.3. Global VRF System Market Estimates & Forecasts by Components 2018-2027 (USD Billion)
5.4. VRF System Market , Sub Segment Analysis
5.4.1. Outdoor Units
5.4.2. Indoor Units
5.4.3. Control Systems and Accessories
Chapter 6. Global VRF System Market , by Capacity
6.1. Market Snapshot
6.2. Global VRF System Market by Capacity, Performance – Potential Analysis
6.3. Global VRF System Market Estimates & Forecasts by capacity 2018-2027 (USD Billion)
6.4. VRF System Market , Sub Segment Analysis
6.4.1. Up to 10 Tons
6.4.2. 11 to 18 Tons
6.4.3. 19 to 26 Tons
6.4.4. Above 26 Tons
Chapter 7. Global VRF System Market , by System Type
7.1. Market Snapshot
7.2. Global VRF System Market by System type, Performance – Potential Analysis
7.3. Global VRF System Market Estimates & Forecasts by System Type 2018-2027 (USD Billion)
7.4. VRF System Market , Sub Segment Analysis
7.4.1. Heat Pump Systems
7.4.2. Heat Recovery System
Chapter 8. Global VRF System Market , by Application
8.1. Market Snapshot
8.2. Global VRF System Market by Application, Performance – Potential Analysis
8.3. Global VRF System Market Estimates & Forecasts by Application 2018-2027 (USD Billion)
8.4. VRF System Market , Sub Segment Analysis
8.4.1. Commercial
8.4.2. Residential
8.4.3. Others
Chapter 9. Global VRF System Market , Regional Analysis
9.1. VRF System Market , Regional Market Snapshot
9.2. North America VRF System Market
9.2.1. U.S. VRF System Market Components breakdown estimates & forecasts, 2018-2027 Capacity breakdown estimates & forecasts, 2018-2027 System Type breakdown estimates & forecasts, 2018-2027 Application breakdown estimates & forecasts, 2018-2027
9.2.2. Canada VRF System Market
9.3. Europe VRF System Market Snapshot
9.3.1. U.K. VRF System Market
9.3.2. Germany VRF System Market
9.3.3. France VRF System Market
9.3.4. Spain VRF System Market
9.3.5. Italy VRF System Market
9.3.6. Rest of Europe VRF System Market
9.4. Asia-Pacific VRF System Market Snapshot
9.4.1. China VRF System Market
9.4.2. India VRF System Market
9.4.3. Japan VRF System Market
9.4.4. Australia VRF System Market
9.4.5. South Korea VRF System Market
9.4.6. Rest of Asia Pacific VRF System Market
9.5. Latin America VRF System Market Snapshot
9.5.1. Brazil VRF System Market
9.5.2. Mexico VRF System Market
9.6. Rest of The World VRF System Market
Chapter 10. Competitive Intelligence
10.1. Top Market Strategies
10.2. Company Profiles
10.2.1. Toshiba Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
10.2.2. 7 Fujitsu
10.2.3. Ingersoll Rand
10.2.4. Samsung Electronics
10.2.5. United Technologies
10.2.6. Mitsubishi Electric
10.2.7. Johnson Controls
10.2.8. LG Electronics
10.2.9. Lennox
10.2.10. Panasonic
Chapter 11. Research Process
11.1. Research Process
11.1.1. Data Mining
11.1.2. Analysis
11.1.3. Market Estimation
11.1.4. Validation
11.1.5. Publishing
11.2. Research Attributes
11.3. Research Assumption

The study of the market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geographies to provide a better regional outlook. In the report, country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. Our analysts contact company executives, managers, key opinion leaders, and industry experts. This enables our analyst to derive the closest possible figures without any major deviations in the actual number.

Primary Research Sources:

  • Interview conducted with raw material suppliers & manufacturers.
  • Interview conducted with manufacturers, suppliers & distributors, researchers, & representatives of regulatory bodies.
  • Interview conducted with market players, industry experts, & independent consultants.
  • Secondary Research Sources:
  • Purchased Database: D&B Hoovers, Bloomberg, Inc., Business Information Industry Association, NAICS Association.
  • Internal Database: White papers, Certified Publications, Articles by Recognized Authors and Regulatory Bodies.
  • Government Databases: Food and Agriculture Organization (FAO), European Industrial Hemp Association (EIHA), World Health Organization (WHO), Food and Drug Administration (FDA), International Telecommunication Union (ITU), United States Department of Agriculture (USDA), International organization of Motor Vehicle Manufacturers (OICA).

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