The global VRF systems market is likely to be valued at US$ 16,610 Mn in 2022, and the demand is expected to surge at a CAGR of 6% during 2022-2032. By 2032, the market is anticipated to exhibit a significant growth of US$ 29,884 Mn.
Rising disposable income, rising energy costs, and rising energy awareness are some of the factors expected to drive the VRF systems market growth.
However, due to a lack of awareness about VRF systems in developing countries, the global VRF systems market share is expected to be significantly hampered. Web-based services for calculating fluorocarbon leak volumes, on the other hand, are creating lucrative opportunities, boosting sales of variable refrigerant flow systems.
The major VRF system working principle is to maintain precise temperature control, along with useful info units that can be acquired through the adoption of VRF systems to ensure a comfortable and productive work environment. Additionally, VRF manufacturers are producing systems that are user-friendly and offer control through LCD touchscreens to centrally manage air conditioning systems that combine central air conditioning and VRF system components.
During the forecast period, the lower cost of implementing heating, ventilation, and air conditioning (HVAC) systems is expected to boost demand for variable refrigerant flow systems. VRF systems have the advantage of saving 40% more energy than VAV electric coils. Furthermore, a variable refrigerant flow system offers special benefits to smaller buildings compared to features in high-end building automation systems. This is because of its ability to consume less energy.
Older buildings are well suited for variable refrigerant flow (VRF) systems as a replacement for prevailing equipment. To save overall operational costs, hotels rely on VRF systems, which are likely to increase the sales of variable refrigerant flow systems throughout 2032.
The rising demand for energy-efficient resources across the globe is one of the major aspects propelling the VRF systems market growth. Moreover, the minimal norms of FDI for construction and real estate sectors, along with the rise in the construction industry, are anticipated to propel the demand for variable refrigerant flow systems.
The minimum maintenance requirement of VRF systems, as well as high energy-saving potential, are expected to increase the VRF systems market size. Furthermore, technologically advanced refrigerants for air conditioning and heat pump solutions offered to consumers owing to their growing emphasis, are anticipated to drive the sales of variable refrigerant flow systems.
Other Market Participants of the VRF systems market:
- Midea Group
- Ingersoll Rand Plc.
- United Technologies Corporation
- Lennox International Inc.
- Samsung Electronics HVAC
- Panasonic Corporation
- Nortek Global HVAC
- GREE North America
- Emerson Electric
- Whirlpool of India
- Hitachi Ltd.
- Ingersoll-Rand plc
- PETRA Engineering Industries Co.
- Blue Star Ltd.
- AHI Carrier
- Danfoss A/S
- Carrier HVAC