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Global Variable Refrigerant Flow Systems Market By Type, By Component, By End User, By Region, Industry Analysis and Forecast, 2020 - 2026

  • ID: 5094251
  • Report
  • May 2020
  • Region: Global
  • 233 pages
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
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FEATURED COMPANIES

  • Daikin Industries, Ltd.
  • Fujitsu Limited
  • Panasonic Corporation
  • Toshiba Corporation
  • Trane Technologies PLC
  • MORE
The Global Variable Refrigerant Flow (VRF) Systems Market size is expected to reach $35.4 billion by 2026, rising at a market growth of 17.2% CAGR during the forecast period. Variable Refrigerant Flow (VRF) systems are mature heating, ventilation, and air conditioning (HVAC) technology that heats and cools at the same time by removing heat from an environment that needs cooling and moving heat to another environment. Variable refrigerant flow (VRF) systems are equipped with an inverter air conditioner that adds a dc inverter that drives compressor control that modulates heat or cooling in the field. The Variable Refrigerant Flow (VRF) compressor unit is mounted on the building's roof, and the hot & cool refrigerant is connected to the building's condition by piping.

The VRF systems are compact as compared with traditional HVAC systems. For example, there is smaller refrigerant piping which works well for buildings that need tight space. Considering the adaptive design, VRF allows simple installations and is also a popular option for retrofits. If one indoor evaporating device malfunctions and/or breaks down, this failure does not impact the system as a whole, so occupants in other areas depending on other evaporating units can continue their day. The VRF systems are relatively reliable in this sense. They are also very silent, and they operate at low decibels. In addition, since the noisier condensing units are placed outside the building, occupants won't hear the typical loud noises associated with HVAC systems.

VRF systems provide individual controls for each unit of the housing; therefore, these systems are highly energy efficient and have low operating costs. VRF air-conditioning systems are now being installed by a growing number of property owners and managers. With a long product life under harsh conditions, good air conditioning efficiency and excellent service, VRF systems are becoming the chosen option for apartments and collective housing.

The key factors driving the growth of the VRF systems industry are the rising demand for energy-efficient heating, ventilation and air conditioning (HVAC) solutions and growing construction industry, along with government initiatives to ease FDI standards in the real estate sector. VRF systems refer to two main components of air conditioning systems: outdoor units and indoor units. Such systems use built-in heat exchangers for heating and refrigerating applications.

Based on Type, the market is segmented into Heat Pump Systems and Heat Recovery Systems. Based on Component, the market is segmented into Outdoor Units, Indoor Units and Control Systems & Accessories. Based on End User, the market is segmented into Commercial, Residential and Others. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.

The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix, Toshiba Corporation, Samsung Electronics Co., Ltd., and Johnson Controls International PLC are the forerunners in the Variable Refrigerant Flow (VRF) Systems Market. Companies such as LG Electronics, Inc., Daikin Industries, Ltd., Trane Technologies PLC, Panasonic Corporation, Mitsubishi Electric Corporation, Fujitsu Limited, and Lennox international, Inc. are some of the key innovators in the market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include LG Electronics, Inc. (LG Corporation), Daikin Industries, Ltd., Toshiba Corporation, Mitsubishi Electric Corporation, Fujitsu Limited, Trane Technologies PLC, Lennox International, Inc., Panasonic Corporation, Samsung Electronics Co., Ltd. (Samsung Group), and Johnson Controls International PLC.

Recent strategies deployed in Variable Refrigerant Flow (VRF) Systems Market

Partnerships, Collaborations, and Agreements:

May-2020: Panasonic collaborated with Quantum Cooling, an independent HVAC manufacturers’ representative firm. Under the collaboration, the latter company was aimed to distribute Panasonic VRF and mini-split systems, including its new ECO Ventilate Packaged Dedicated Outside Air Systems (DOAS), to the customers in Florida.

Oct-2019: Panasonic entered into collaboration with Welcome Air-Tech (WAT), a regional specialist in air handling units (AHU). Together, the companies is expected to develop an energy-efficient and sustainable air conditioning and ventilation solution for the commercial sector across Southeast Asia. The companies launched DX-AHU and variable refrigerant flow (VRF) solution that provides an efficient and environmentally-friendly new indoor air quality (IAQ) solution, featuring WAT-Saver's innovative and proven indoor AHU technology, alongside Panasonic's energy-efficient outdoor variable refrigerant flow (VRF) inverter technology solution.

Jun-2019: Fujitsu General teamed up with G.I. Holding S.p.A. (hereafter “GIH”), an Italian air conditioning manufacturer. Together, the companies launched an inverter-controlled Air Handling Unit with excellent energy savings.

Jan-2019: Mitsubishi Electric Trane HVAC, LLC, a JV between Mitsubishi Electric and Trane signed an agreement with Tozour Energy Systems, Philadelphia area’s leading commercial HVAC and building automation provider. The latter company was aimed to distribute Mitsubishi Electric Trane HVAC, LLC’s CITYMULTI VRF systems for the plan and spec market in Pennsylvania and southern New Jersey.

Nov-2018: Fujitsu signed a JV agreement with ABS Aircon Engineers, one of the leading HVAC contracting companies in Southern India. Fujitsu also, acquired a majority stake in the ABS Aircon Company. This JV aimed to help ABS Aircon Engineers and Fujitsu General Limited in penetrating the commercial HVAC market in India.

Acquisition and Mergers:

Sep-2019: Trane completed the acquisition of Arctic Chiller Group, a Canadian-based HVAC manufacturer. The acquisition broadened the product portfolio of the company for reducing energy and operating costs.

Feb-2019: Daikin Industries acquired AHT Group, a leading company in the commercial refrigeration market in Europe. The acquisition broadened Daikin's portfolio and enabled it to become a one-stop provider offering complete coordination of air conditioning and refrigeration products.

Product Launches and Product Expansions:

Nov-2019: LG launched the Multi V S, industry's first compact R32 VRF range. The R32 VRF has been designed for residential buildings and small to medium-sized offices. The Multi V S requires 4.3kg of R32 compared to the previously required 5.6kg on the R410A version.

Sep-2019: Mitsubishi Electric announced the launch of new R32 VRF (Variable Refrigerant Flow) air conditioning systems. These air conditioning systems is expected to provide the UK market with the first complete range of lower Global Warming Potential (GWP) solutions. The R32 City Multi YNW range is available in both heat recovery and heat pump variants for delivering lower GWP for large air conditioning systems.

Sep-2019: Johnson Controls-Hitachi Air Conditioning introduced the Hitachi Water Source Variable Refrigerant Flow (VRF) heat pump and heat recovery systems. The new multi-module systems deliver the capability of connecting multiple single-module units, ranging from 6-48 tons.

Jan-2019: Trane introduced Genyue5+, full DC Inverter VRF system for India and SAARC markets. Genyue5+ has been designed for providing better efficiency in operations and lowering energy consumption while improving capacity, ensuring reliability, and delivering ease of operations.

Dec-2018: Daikin unveiled the Daikin VRV IV C+ series, a new, dedicated high-performance system. The system has been developed to meet extreme winter temperatures. This system is the newest version of the Daikin VRV III-C series and developed for heating operation in very low ambient temperature conditions.

Nov-2018: LG Electronics expanded its MULTI V VRF line with a new model (V 5). The company launched Multi V 5 575V in Canada for providing cutting-edge technology to the Canadian market, along with the tools and resources to deliver a complete solution to the architect, engineer, and contractor partners.

Geographical Expansions:

Jan-2020: Mitsubishi Electric opened two new showrooms in Patiala and Sangrur cities of Punjab. These showrooms is expected to display and sell Mitsubishi Electric's Air-conditioning products including room air-conditioners, packaged air-conditioners, City Multi VRF systems, and Jet Towels to residential and commercial establishments.

Oct-2019: Johnson Controls-Hitachi Air Conditioning opened a new Global Development Center in Kadi, Gujarat State, India. The center aimed to drive the company’s world-class innovation capabilities with a strong focus on developing residential air conditioners and commercial packaged air conditioners for India as well as Southeast Asia, Middle East, and European markets.

Scope of the Study

Market Segmentation:

By Type
  • Heat Pump Systems
  • Heat Recovery Systems
By Component
  • Outdoor Units
  • Indoor Units
  • Control Systems & Accessories
By End User
  • Commercial
  • Residential
  • Others
By Geography

North America
  • US
  • Canada
  • Mexico
  • Rest of North America
Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA
Companies Profiled
  • LG Electronics, Inc. (LG Corporation)
  • Daikin Industries, Ltd.
  • Toshiba Corporation
  • Mitsubishi Electric Corporation
  • Fujitsu Limited
  • Trane Technologies PLC
  • Lennox International, Inc.
  • Panasonic Corporation
  • Samsung Electronics Co., Ltd. (Samsung Group)
  • Johnson Controls International PLC
Unique Offerings from the Publisher
  • Exhaustive coverage
  • Highest number of market tables and figures
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  • Assured post sales research support with 10% customization free
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Daikin Industries, Ltd.
  • Fujitsu Limited
  • Panasonic Corporation
  • Toshiba Corporation
  • Trane Technologies PLC
  • MORE
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Variable Refrigerant Flow (VRF) System Market, by Type
1.4.2 Global Variable Refrigerant Flow (VRF) System Market, by Component
1.4.3 Global Variable Refrigerant Flow (VRF) System Market, by End User
1.4.4 Global Variable Refrigerant Flow (VRF) System Market, by Geography
1.5 Methodology for the research

Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.2 Executive Summary
2.1.3 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints

Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Geographical Expansions
3.2.4 Mergers & Acquisitions
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2016-2020)
3.3.2 Key Strategic Move: (Product Launches and Product Expansions : 2016, Jan - 2019, Nov) Leading Players

Chapter 4. Global VRF System Market by Type
4.1 Global VRF System Heat Pump Systems Market by Region
4.2 Global VRF System Heat Recovery Systems Market by Region

Chapter 5. Global VRF System Market by End Use
5.1 Global VRF System Commercial Market by Region
5.2 Global VRF System Residential Market by Region
5.3 Global Other End Use VRF System Market by Region

Chapter 6. Global VRF System Market by Component
6.1 Global Outdoor Units VRF System Market by Region
6.2 Global Indoor Units VRF System Market by Region
6.3 Global Control Systems & Accessories Market by Region

Chapter 7. Global VRF System Market by Region
7.1 North America VRF System Market
7.1.1 North America VRF System Market by Type
7.1.1.1 North America VRF System Heat Pump Systems Market by Country
7.1.1.2 North America VRF System Heat Recovery Systems Market by Country
7.1.2 North America VRF System Market by End Use
7.1.2.1 North America VRF System Commercial Market by Country
7.1.2.2 North America VRF System Residential Market by Country
7.1.2.3 North America Other End Use VRF System Market by Country
7.1.3 North America VRF System Market by Component
7.1.3.1 North America Outdoor Units VRF System Market by Country
7.1.3.2 North America Indoor Units VRF System Market by Country
7.1.3.3 North America Control Systems & Accessories Market by Country
7.1.4 North America VRF System Market by Country
7.1.4.1 US VRF System Market
7.1.4.1.1 US VRF System Market by Type
7.1.4.1.2 US VRF System Market by End Use
7.1.4.1.3 US VRF System Market by Component
7.1.4.2 Canada VRF System Market
7.1.4.2.1 Canada VRF System Market by Type
7.1.4.2.2 Canada VRF System Market by End Use
7.1.4.2.3 Canada VRF System Market by Component
7.1.4.3 Mexico VRF System Market
7.1.4.3.1 Mexico VRF System Market by Type
7.1.4.3.2 Mexico VRF System Market by End Use
7.1.4.3.3 Mexico VRF System Market by Component
7.1.4.4 Rest of North America VRF System Market
7.1.4.4.1 Rest of North America VRF System Market by Type
7.1.4.4.2 Rest of North America VRF System Market by End Use
7.1.4.4.3 Rest of North America VRF System Market by Component
7.2 Europe VRF System Market
7.2.1 Europe VRF System Market by Type
7.2.1.1 Europe VRF System Heat Pump Systems Market by Country
7.2.1.2 Europe VRF System Heat Recovery Systems Market by Country
7.2.2 Europe VRF System Market by End Use
7.2.2.1 Europe VRF System Commercial Market by Country
7.2.2.2 Europe VRF System Residential Market by Country
7.2.2.3 Europe Other End Use VRF System Market by Country
7.2.3 Europe VRF System Market by Component
7.2.3.1 Europe Outdoor Units VRF System Market by Country
7.2.3.2 Europe Indoor Units VRF System Market by Country
7.2.3.3 Europe Control Systems & Accessories Market by Country
7.2.4 Europe VRF System Market by Country
7.2.4.1 Germany VRF System Market
7.2.4.1.1 Germany VRF System Market by Type
7.2.4.1.2 Germany VRF System Market by End Use
7.2.4.1.3 Germany VRF System Market by Component
7.2.4.2 UK VRF System Market
7.2.4.2.1 UK VRF System Market by Type
7.2.4.2.2 UK VRF System Market by End Use
7.2.4.2.3 UK VRF System Market by Component
7.2.4.3 France VRF System Market
7.2.4.3.1 France VRF System Market by Type
7.2.4.3.2 France VRF System Market by End Use
7.2.4.3.3 France VRF System Market by Component
7.2.4.4 Russia VRF System Market
7.2.4.4.1 Russia VRF System Market by Type
7.2.4.4.2 Russia VRF System Market by End Use
7.2.4.4.3 Russia VRF System Market by Component
7.2.4.5 Spain VRF System Market
7.2.4.5.1 Spain VRF System Market by Type
7.2.4.5.2 Spain VRF System Market by End Use
7.2.4.5.3 Spain VRF System Market by Component
7.2.4.6 Italy VRF System Market
7.2.4.6.1 Italy VRF System Market by Type
7.2.4.6.2 Italy VRF System Market by End Use
7.2.4.6.3 Italy VRF System Market by Component
7.2.4.7 Rest of Europe VRF System Market
7.2.4.7.1 Rest of Europe VRF System Market by Type
7.2.4.7.2 Rest of Europe VRF System Market by End Use
7.2.4.7.3 Rest of Europe VRF System Market by Component
7.3 Asia Pacific VRF System Market
7.3.1 Asia Pacific VRF System Market by Type
7.3.1.1 Asia Pacific VRF System Heat Pump Systems Market by Country
7.3.1.2 Asia Pacific VRF System Heat Recovery Systems Market by Country
7.3.2 Asia Pacific VRF System Market by End Use
7.3.2.1 Asia Pacific VRF System Commercial Market by Country
7.3.2.2 Asia Pacific VRF System Residential Market by Country
7.3.2.3 Asia Pacific Other End Use VRF System Market by Country
7.3.3 Asia Pacific VRF System Market by Component
7.3.3.1 Asia Pacific Outdoor Units VRF System Market by Country
7.3.3.2 Asia Pacific Indoor Units VRF System Market by Country
7.3.3.3 Asia Pacific Control Systems & Accessories Market by Country
7.3.4 Asia Pacific VRF System Market by Country
7.3.4.1 China VRF System Market
7.3.4.1.1 China VRF System Market by Type
7.3.4.1.2 China VRF System Market by End Use
7.3.4.1.3 China VRF System Market by Component
7.3.4.2 Japan VRF System Market
7.3.4.2.1 Japan VRF System Market by Type
7.3.4.2.2 Japan VRF System Market by End Use
7.3.4.2.3 Japan VRF System Market by Component
7.3.4.3 India VRF System Market
7.3.4.3.1 India VRF System Market by Type
7.3.4.3.2 India VRF System Market by End Use
7.3.4.3.3 India VRF System Market by Component
7.3.4.4 South Korea VRF System Market
7.3.4.4.1 South Korea VRF System Market by Type
7.3.4.4.2 South Korea VRF System Market by End Use
7.3.4.4.3 South Korea VRF System Market by Component
7.3.4.5 Singapore VRF System Market
7.3.4.5.1 Singapore VRF System Market by Type
7.3.4.5.2 Singapore VRF System Market by End Use
7.3.4.5.3 Singapore VRF System Market by Component
7.3.4.6 Malaysia VRF System Market
7.3.4.6.1 Malaysia VRF System Market by Type
7.3.4.6.2 Malaysia VRF System Market by End Use
7.3.4.6.3 Malaysia VRF System Market by Component
7.3.4.7 Rest of Asia Pacific VRF System Market
7.3.4.7.1 Rest of Asia Pacific VRF System Market by Type
7.3.4.7.2 Rest of Asia Pacific VRF System Market by End Use
7.3.4.7.3 Rest of Asia Pacific VRF System Market by Component
7.4 LAMEA VRF System Market
7.4.1 LAMEA VRF System Market by Type
7.4.1.1 LAMEA VRF System Heat Pump Systems Market by Country
7.4.1.2 LAMEA VRF System Heat Recovery Systems Market by Country
7.4.2 LAMEA VRF System Market by End Use
7.4.2.1 LAMEA VRF System Commercial Market by Country
7.4.2.2 LAMEA VRF System Residential Market by Country
7.4.2.3 LAMEA Other End Use VRF System Market by Country
7.4.3 LAMEA VRF System Market by Component
7.4.3.1 LAMEA Outdoor Units VRF System Market by Country
7.4.3.2 LAMEA Indoor Units VRF System Market by Country
7.4.3.3 LAMEA Control Systems & Accessories Market by Country
7.4.4 LAMEA VRF System Market by Country
7.4.4.1 Brazil VRF System Market
7.4.4.1.1 Brazil VRF System Market by Type
7.4.4.1.2 Brazil VRF System Market by End Use
7.4.4.1.3 Brazil VRF System Market by Component
7.4.4.2 Argentina VRF System Market
7.4.4.2.1 Argentina VRF System Market by Type
7.4.4.2.2 Argentina VRF System Market by End Use
7.4.4.2.3 Argentina VRF System Market by Component
7.4.4.3 UAE VRF System Market
7.4.4.3.1 UAE VRF System Market by Type
7.4.4.3.2 UAE VRF System Market by End Use
7.4.4.3.3 UAE VRF System Market by Component
7.4.4.4 Saudi Arabia VRF System Market
7.4.4.4.1 Saudi Arabia VRF System Market by Type
7.4.4.4.2 Saudi Arabia VRF System Market by End Use
7.4.4.4.3 Saudi Arabia VRF System Market by Component
7.4.4.5 South Africa VRF System Market
7.4.4.5.1 South Africa VRF System Market by Type
7.4.4.5.2 South Africa VRF System Market by End Use
7.4.4.5.3 South Africa VRF System Market by Component
7.4.4.6 Nigeria VRF System Market
7.4.4.6.1 Nigeria VRF System Market by Type
7.4.4.6.2 Nigeria VRF System Market by End Use
7.4.4.6.3 Nigeria VRF System Market by Component
7.4.4.7 Rest of LAMEA VRF System Market
7.4.4.7.1 Rest of LAMEA VRF System Market by Type
7.4.4.7.2 Rest of LAMEA VRF System Market by End Use
7.4.4.7.3 Rest of LAMEA VRF System Market by Component

Chapter 8. Company Profiles
8.1 LG Electronics, Inc. (LG Corporation)
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Regional & Segmental Analysis
8.1.4 Research & Development Expenses
8.1.5 Recent strategies and developments
8.1.5.1 Product Launches and Product Expansions
8.2 Daikin Industries, Ltd.
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Regional & Segmental Analysis
8.2.4 Research & Development Expenses
8.2.5 Recent strategies and developments
8.2.5.1 Partnerships, Collaborations, and Agreements
8.2.5.2 Product Launches and Product Expansions
8.2.5.3 Acquisition and Mergers
8.2.6 SWOT Analysis
8.3 Toshiba Corporation
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental and Regional Analysis
8.3.4 Research and Development Expense
8.3.5 Recent strategies and developments
8.3.5.1 Partnerships, Collaborations, and Agreements
8.3.5.2 Product Launches and Product Expansions
8.3.6 SWOT Analysis
8.4 Mitsubishi Electric Corporation
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Segmental and Regional Analysis
8.4.4 Research & Development Expense
8.4.5 Recent strategies and developments
8.4.5.1 Partnerships, Collaborations, and Agreements
8.4.5.2 Product Launches and Product Expansions
8.4.5.3 Geographical Expansions
8.4.6 SWOT Analysis
8.5 Fujitsu Limited
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Recent strategies and developments
8.5.3.1 Partnerships, Collaborations, and Agreements
8.5.4 SWOT Analysis
8.6 Trane Technologies PLC
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Segmental Analysis
8.6.4 Research & Development Expense
8.6.5 Recent strategies and developments
8.6.5.1 Partnerships, Collaborations, and Agreements
8.6.5.2 Product Launches and Product Expansions
8.6.5.3 Acquisition and Mergers
8.7 Lennox International, Inc.
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Segmental and Regional Analysis
8.7.4 Research & Development Expense
8.8 Panasonic Corporation
8.8.1 Company Overview
8.8.2 Financial Analysis
8.8.3 Segmental Analysis
8.8.4 Research & Development Expense
8.8.5 Recent strategies and developments
8.8.5.1 Partnerships, Collaborations, and Agreements
8.8.5.2 Product Launches and Product Expansions
8.8.6 SWOT Analysis
8.9 Samsung Electronics Co., Ltd. (Samsung Group)
8.9.1 Company Overview
8.9.2 Financial Analysis
8.9.3 Segmental and Regional Analysis
8.9.4 Research & Development Expense
8.9.5 Recent strategies and developments
8.9.5.1 Partnerships, Collaborations, and Agreements
8.9.5.2 Product Launches and Product Expansions
8.9.6 SWOT Analysis
8.10 Johnson Controls International PLC
8.10.1 Company Overview
8.10.2 Financial Analysis
8.10.3 Segmental and Regional Analysis
8.10.4 Research & Development Expense
8.10.5 Recent strategies and developments
8.10.5.1 Product Launches and Product Expansions
8.10.5.2 Geographical Expansions
8.10.6 SWOT Analysis
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  • LG Electronics, Inc. (LG Corporation)
  • Daikin Industries, Ltd.
  • Toshiba Corporation
  • Mitsubishi Electric Corporation
  • Fujitsu Limited
  • Trane Technologies PLC
  • Lennox International, Inc.
  • Panasonic Corporation
  • Samsung Electronics Co., Ltd. (Samsung Group)
  • Johnson Controls International PLC
Note: Product cover images may vary from those shown
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