VRF System 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 - Global Forecast to 2023

  • ID: 4402283
  • Report
  • Region: Global
  • 156 Pages
  • Markets and Markets
1 of 5
The VRF System Market is Estimated to Be Worth USD 22.79 Billion By 2023, Growing at a CAGR of 12.43% Between 2017 And 2023

FEATURED COMPANIES

  • Carrier
  • Fujitsu Group
  • Ingersoll Rand
  • Lennox International
  • Midea Group
  • Panasonic
  • MORE

“VRF system market anticipated to grow at a CAGR of 12.43% from 2017 to 2023”

The increasing adoption of heat pump and heat recovery systems in commercial and residential building application is expected to drive the growth of VRF system market from 2017 to 2023. A major factor restraining the growth of VRF system market is high installation cost.

“VRF system market for heat recovery system estimated to grow at a higher CAGR during the forecast period”

On the basis of system type, the VRF system market has been classified into heat pump and heat recovery system. The market for heat recovery system is expected to grow at a higher CAGR during the forecast period. Heat recovery systems have the ability to provide heating and cooling simultaneously and are flexible enough to operate in different climatic conditions. These are the main reasons for the high growth of heat recovery system market between 2017 and 2023.

Market for residential applications expected to grow at the highest CAGR during the forecast period

The VRF system market for the residential application is expected to grow at the highest CAGR during the forecast period owing to the good pace of construction industry and easy installation of VRF system. System reliability and design flexibility of VRF system make it an excellent choice for residential applications. 

“Asia Pacific accounted for the largest share of the VRF system market in 2016”

Asia Pacific accounted for the largest share of the VRF system market in 2016. The VRF system market in Asia Pacific is driven by various factors such as technological advancements and the early adoption of various VRF technologies by countries such as Japan, China, and South Korea.

The breakup of primaries conducted during the study is depicted below:

  • By Company Type: Tier 1 - 55 %, Tier 2 - 20%, and Tier 3 -25%
  • By Designation: C-Level Executives - 57%, Directors - 29%, and Others - 14%
  • By Region: North America- 37%, Europe - 34%, APAC - 20%, and RoW - 9%

The key players operating in the VRF system market are Daikin Industries (Japan), Mitsubishi Electric (Japan), Hitachi (Japan), Midea Group (China), United Technologies  (US), Samsung Electronics (South Korea), Panasonic (Japan), Lennox International (US), Ingersoll Rand (Ireland), Fujitsu General (Japan), and LG Electronics (South Korea).

Research Coverage:

This report covers the VRF system market based on component, application, system type, and geography. The VRF system market based on components has been segmented into indoor units, outdoor units, and control systems and accessories. Based on applications, the VRF system market has been segmented into commercial, residential, and others. On the basis of system type, the VRF system market has been classified into heat pump and heat recovery system. On the basis of region, the market has been segmented into North America, Europe, Asia Pacific (APAC), and RoW.

Key Benefits of Buying the Report:

  • This report includes the market statistics pertaining to component, application, system type, and region, along with their respective market sizes.
  • In-depth analysis of the value chain has been done to provide an in-depth insight into the VRF system market.
  • Major drivers, restraints, challenges, and opportunities for the VRF system market have been detailed in this report.
  • Illustrative segmentation, analysis, and forecast for the markets on the basis of component, application, system type, and region have been conducted to provide an overall view of the VRF system market.
  • The report includes a detailed competitive leadership mapping, including key players and in-depth analysis and ranking of the key players.
READ MORE
Note: Product cover images may vary from those shown
2 of 5

FEATURED COMPANIES

  • Carrier
  • Fujitsu Group
  • Ingersoll Rand
  • Lennox International
  • Midea Group
  • Panasonic
  • MORE

1 Introduction
1.1 Study Objectives
1.2 Definition
1.3 Study Scope
1.3.1 Markets Covered
1.3.2 Years Considered for Study
1.4 Currency
1.5 Package Size
1.6 Limitations
1.7 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Major Secondary Sources
2.1.1.2 Secondary Sources
2.1.2 Primary Data
2.1.2.1 Primary Interviews With Experts
2.1.2.2 Breakdown of Primaries
2.1.2.3 Primary Sources
2.1.2.4 Key Industry Insights
2.1.3 Secondary And Primary Research
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.1.1 Approach for Capturing Market Share By Bottom-Up Analysis (Demand Side)
2.2.2 Top-Down Approach
2.2.2.1 Approach for Capturing Market Share By Top-Down Analysis (Supply Side)
2.3 Market Breakdown And Data Triangulation
2.4 Research Assumptions

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the VRF System Market
4.2 VRF System Market, By Application
4.3 VRF System Market, By Geography
4.4 VRF System Market, By System Type
4.5 VRF System Market, By Component

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Construction Industry And Easing of Norms of Fdi for Construction And Real Estate Sectors
5.2.1.2 High Energy Saving Potential As Well As Easy And Minimum Maintenance of VRF System
5.2.1.3 Focus of Major Players On Providing Technologically Advanced Refrigerants for Air Conditioning And Heat Pump Solutions
5.2.1.4 Regulations And Policies of Eu Government Pertaining to Construction Products
5.2.2 Restraints
5.2.2.1 High Installation Cost
5.2.3 Opportunities
5.2.3.1 Significant Opportunities in Developing Countries
5.2.3.2 Increasing Penetration of VRF System for Residential Applications
5.2.4 Challenges
5.2.4.1 Essence to Comply With the Safety Standards And Complexities in Designing VRF Systems
5.3 Value Chain Analysis

6 VRF System Market, By Component
6.1 Introduction
6.2 Outdoor Units
6.2.1 Compressors
6.2.2 Inverters
6.2.3 Others
6.2.3.1 Suction Accumulators
6.2.3.2 Liquid Receivers
6.3 Indoor Units
6.3.1 Electronic Expansion Valves
6.3.2 Synchronous Electronic Motors
6.3.3 Others
6.3.3.1 Filters
6.3.3.2 Drain Lines
6.4 Control Systems And Accessories

7 Vef System Market, By System Type
7.1 Introduction
7.2 Heat Pump VRF Systems
7.2.1 Air-Source Heat Pump VRF Systems
7.2.2 Ground-Source Heat Pump VRF Systems
7.2.3 Absorption Heat Pump VRF Systems
7.3 Heat Recovery VRF Systems

8 VRF System Market, By Application
8.1 Introduction
8.2 Commercial Applications
8.2.1 Office Buildings
8.2.2 Retail Stores
8.2.3 Healthcare Facilities
8.2.4 Hospitality Buildings
8.2.5 Educational Buildings
8.2.6 Historical Buildings
8.2.7 Government Buildings
8.3 Residential Buildings
8.4 Others

9 Geographic Analysis
9.1 Introduction
9.2 North America
9.2.1 Us
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Turkey
9.3.2 Uk
9.3.3 Germany
9.3.4 Russia
9.3.5 Italy
9.3.6 France
9.3.7 Rest of Europe
9.4 Apac
9.4.1 Japan
9.4.2 China
9.4.3 South Korea
9.4.4 India
9.4.5 Australia
9.4.6 Rest of Apac
9.5 Rest of the World
9.5.1 the Middle East
9.5.2 South America
9.5.3 Africa

10 Competitive Landscape
10.1 Introduction
10.2 Market Ranking of Players in the VRF System Market, 2016
10.3 Competitive Situation And Trends
10.3.1 Product Launches And Developments
10.3.2 Acquisitions And Mergers
10.3.3 Partnerships, Agreements, & Collaborations
10.3.4 Expansions

11 Company Profiles
11.1 Introduction
(Business Overview, Products Offered & Services Strategies, Key Insights, Recent Developments,)*
11.2 Daikin Industries
11.3 Johnson Controls
11.4 LG Electronics
11.5 Toshiba
11.6 Fujitsu Group
11.7 Mitsubishi Electric
11.8 Midea Group
11.9 United Technologies
11.10 Ingersoll Rand
11.11 Lennox International
11.12 Panasonic
11.13 Samsung Electronics
11.14 Key Innovators
11.14.1 Gree
11.14.2 Carrier
*Details On Business Overview, Products Offered & Services Strategies, Key Insights, Recent Developments, Mnm View Might Not Be Captured in Case of Unlisted Companies.

12 Appendix
12.1 Insights of Industry Experts
12.2 Discussion Guide
12.3 Knowledge Store: Subscription Portal
12.4 Introducing Rt: Real-Time Market Intelligence
12.5 Available Customizations
12.6 Related Reports
12.7 Author Details

List of Tables:
Table 1 VRF System Market, By Component, 2014-2023 (USD Billion)
Table 2 VRF System Market for Outdoor Units, By Capacity, 2014-2023 (USD Billion)
Table 3 VRF System Market for Outdoor Units, By Capacity, 2014-2023 (Thousand Units)
Table 4 VRF System Market for Outdoor Units, By Region, 2014-2023 ( USD Million)
Table 5 VRF System Market for Indoor Units, By Region, 2014-2023 (USD Million)
Table 6 VRF System Market for Control Systems And Accessories, By Region, 2014-2023 (USD Million)
Table 7 VRF System Market, By System Type, 2014-2023 (USD Billion)
Table 8 VRF System Market, By System Type, 2014-2023 (Thousand Units)
Table 9 VRF Heat Pump System Market, By Region, 2014-2023 (USD Million)
Table 10 VRF Heat Pump System Market, By Application, 2014-2023 (USD Million)
Table 11 VRF Heat Recovery System Market, By Region, 2014-2023 (USD Million)
Table 12 VRF Heat Recovery System Market, By Application, 2014-2023 (USD Million)
Table 13 VRF System Market, By Application, 2014-2023 (USD Million)
Table 14 VRF System Market, By Application, 2014-2023 (Thousand Units)
Table 15 VRF System Market for Commercial Application, By Region, 2014-2023 (USD Million)
Table 16 VRF System Market for Commercial Application, By Region, 2014-2023 (Thousand Units)
Table 17 VRF System Market for Commercial Application, By System Type, 2014-2023 (USD Million)
Table 18 VRF System Market for Commercial Application in North America, By System Type, 2014-2023 (USD Million)
Table 19 VRF System Market for Commercial Application in Europe, By System Type, 2014-2023 (USD Million)
Table 20 VRF System Market for Commercial Application in Apac, By System Type, 2014-2023 (USD Million)
Table 21 VRF System Market for Commercial Application in Row, By System Type, 2014-2023 (USD Million)
Table 22 VRF System Market for Residential Application, By Region, 2014-2023 (USD Million)
Table 23 VRF System Market for Residential Application, By Region, 2014-2023 (Thousand Units)
Table 24 VRF System Market for Residential Application, By System Type, 2014-2023 (USD Million)
Table 25 VRF System Market for Residential Application in North America, By System Type, 2014-2023 (USD Million)
Table 26 VRF System Market for Residential Application in Europe, By System Type, 2014-2023 (USD Million)
Table 27 VRF System Market for Residential Application in Apac, By System Type, 2014-2023 (USD Million)
Table 28 VRF System Market for Residential Application in Row, By System Type, 2014-2023 (USD Million)
Table 29 VRF System Market for Other Applications, By Region, 2014-2023 (USD Million)
Table 30 VRF System Market for Other Applications, By Region, 2014-2023 (Thousand Units)
Table 31 VRF System Market for Other Applications, By System Type, 2014-2023 (USD Million)
Table 32 VRF System Market for Other Applications in North America, By System Type, 2014-2023 (USD Million)
Table 33 VRF System Market for Other Applications in Europe, By System Type, 2014-2023 (USD Million)
Table 34 VRF System Market for Other Applications in Apac, By System Type, 2014-2023 (USD Million)
Table 35 VRF System Market for Other Applications in Row, By System Type, 2014-2023 (USD Million)
Table 36 VRF System Market, By Region, 2014-2023 (USD Billion)
Table 37 VRF System Market, By Region, 2014-2023 (Thousand Units)
Table 38 VRF System Market in North America, By Country, 2014-2023 (USD Million)
Table 39 VRF System Market in North America, By Country, 2014-2023 (Thousand Units)
Table 40 VRF System Market in North America, By Application, 2014-2023 (USD Million)
Table 41 VRF System Market in North America, By Application, 2014-2023 (Thousand Units)
Table 42 VRF System Market in North America, By System Type, 2014-2023 (USD Million)
Table 43 VRF System Market in North America, By System Type, 2014-2023 (Thousand Units)
Table 44 VRF System Market in Europe, By Country, 2014-2023 (USD Million)
Table 45 VRF System Market in Europe, By Country, 2014-2023 (Thousand Units)
Table 46 VRF System Market in Europe, By Application, 2014-2023 (USD Million)
Table 47 VRF System Market in Europe, By Application, 2014-2023 (Thousand Units)
Table 48 VRF System Market in Europe, By System Type, 2014-2023 (USD Million)
Table 49 VRF System Market in Europe, By System Type, 2014-2023 (Thousand Units)
Table 50 VRF System Market in Apac, By Country, 2014-2023 (USD Million)
Table 51 VRF System Market in Apac, By Country, 2014-2023 (Thousand Units)
Table 52 VRF System Market in Apac, By Application, 2014-2023 (USD Million)
Table 53 VRF System Market in Apac, By Application, 2014-2023 (Thousand Units)
Table 54 VRF System Market in Apac, By System Type, 2014-2023 (USD Million)
Table 55 VRF System Market in Apac, By System Type, 2014-2023 (Thousand Units)
Table 56 VRF System Market in Row, By Region, 2014-2023 (USD Million)
Table 57 VRF System Market in Row, By Region, 2014-2023 (Thousand Units)
Table 58 VRF System Market in Row, By Application, 2014-2023 (USD Million)
Table 59 VRF System Market in Row, By Application, 2014-2023 (Thousand Units)
Table 60 VRF System Market in Row, By System Type, 2014-2023 (USD Million)
Table 61 VRF System Market in Row, By System Type, 2014-2023 (Thousand Units)
Table 62 Ranking of Top 5 Players in the VRF System Market, 2016
Table 63 Product Launches And Developments, 2015-2017
Table 64 Acquisition & Mergers, 2015-2017
Table 65 Partnerships, Agreements, And Collaborations, 2015-2017
Table 66 Expansions, 2015-2017

List of Figures:
Figure 1 VRF System Market Segmentation
Figure 2 VRF System Market Segmentation, By Region
Figure 3 VRF System Market: Research Design
Figure 4 Market Size Estimation Methodology: Bottom-Up Approach
Figure 5 Market Size Estimation Methodology: Top-Down Approach
Figure 6 Market Breakdown And Data Triangulation
Figure 7 Assumptions for Research Study
Figure 8 Global VRF System Market Size Estimation in Terms of Value And Volume for the Forecast Period
Figure 9 Outdoor Units to Hold the Largest Size of the VRF System Market By 2023
Figure 10 Commercial Building Application to Account for the Largest Share of the VRF System Market By 2023
Figure 11 VRF Heat Pump Systems to Hold a Major Size of the VRF System Market By 2023
Figure 12 Regional Scenario of the VRF System Market in 2016
Figure 13 VRF System Market for Residential Application Estimated to Grow at the Highest Rate Between 2017 And 2023
Figure 14 Us to Dominate the North American VRF Systems Market
Figure 15 VRF System Market for Commercial Application Registered the Largest Shipment in 2016
Figure 16 China Held the Largest Share of the Global VRF System Market in 2016
Figure 17 VRF Heat Pump Systems Held a Larger Market Share in 2016
Figure 18 VRF Heat Pump System Registered Highest Shipment in 2016
Figure 19 Outdoor Units Held the Largest Market Size During Forecast Period
Figure 20 Outdoor Units Registered Highest Shipment for Capacity Range Between 11 And 18 Ton in 2016
Figure 21 Drivers, Restraints, Opportunities, And Threats
Figure 22 Global Construction Spending By Region in 2016
Figure 23 Value Chain Analysis: Maximum Value is Added By Manufacturers, System Integrators, And Consultants
Figure 24 Global VRF System Market, By Component, 2017 Vs. 2023 (USD Billion)
Figure 25 Market for VRF Systems Having Capacity Above 26 Tons to Grow at the Highest CAGR During the Forecast Period
Figure 26 VRF System Market for Outdoor Units in North America to Grow at the Highest CAGR During the Forecast Period
Figure 27 Apac to Account for the Largest Size of the VRF System Market for Outdoor Units By 2023
Figure 28 Apac to Hold the Largest Size of the VRF System Market for Control Systems And Accessories By 2023
Figure 29 VRF System Market, By System Type, 2017-2023 (USD Billion)
Figure 30 VRF Heat Pump System Market, By Region, 2017 Vs. 2023 (USD Million)
Figure 31 VRF Heat Pump System Market, By Application, 2017 Vs. 2023 (USD Million)
Figure 32 VRF Heat Recovery System Market, By Region, 2017 Vs. 2023 (USD Million)
Figure 33 VRF Heat Recovery System Market, By Application, 2017 Vs. 2023 (USD Million)
Figure 34 Residential Application Expected to Grow at the Fastest Rate During the Forecast Period
Figure 35 VRF System Market for Commercial Application in North America Expected to Grow at the Highest CAGR During the Forecast Period
Figure 36 Heat Recovery Systems to Hold the Largest Size of the VRF System Market for Commercial Application in Europe By 2023
Figure 37 Apac to Account for the Largest Size of the VRF System Market for Residential Application By 2023
Figure 38 VRF Heat Pump Systems to Hold a Larger Size of the North American Market for Residential Application By 2023
Figure 39 Apac to Hold the Largest Size of the VRF System Market for Other Applications By 2023
Figure 40 Market for VRF Heat Recovery Systems for Other Applications to Grow at a Higher CAGR During the Forecast Period
Figure 41 VRF System Market: Geographic Snapshot (2017-2023)
Figure 42 VRF System Market Snapshot in North America
Figure 43 VRF System Market Snapshot in Europe
Figure 44 VRF System Market Snapshot in Apac
Figure 45 Companies Adopted Product Launches And Developments As Key Growth Strategies Between 2014 And 2017
Figure 46 Geographic Revenue Mix of Top 5 Market Players (2016)
Figure 47 Daikin Industries: Company Snapshot
Figure 48 Johnson Controls: Company Snapshot
Figure 49 LG Electronics: Company Snapshot
Figure 50 Toshiba: Company Snapshot
Figure 51 Fujitsu Group: Company Snapshot
Figure 52 Mitsubishi Electric: Company Snapshot
Figure 53 Midea Group: Company Snapshot
Figure 54 United Technologies: Company Snapshot
Figure 55 Ingersoll Rand: Company Snapshot
Figure 56 Lennox International: Company Snapshot
Figure 57 Panasonic: Company Snapshot
Figure 58 Samsung Electronics: Company Snapshot

Note: Product cover images may vary from those shown
3 of 5

Loading
LOADING...

4 of 5
5 of 5
  • Carrier
  • Daikin Industries
  • Fujitsu Group
  • Gree
  • Ingersoll Rand
  • Johnson Controls
  • Lennox International
  • LG Electronics
  • Midea Group
  • Mitsubishi Electric
  • Panasonic
  • Samsung Electronics
  • Toshiba
  • United Technologies
Note: Product cover images may vary from those shown
6 of 5
Note: Product cover images may vary from those shown
Adroll
adroll