VRF System Market estimated to be worth $31.9 billion by 2025

(IT-NEWSWIRE.COM, April 25, 2020 ) The report "VRF System Market by Component (Outdoor Units, Indoor Units, and Control Systems and Accessories), System Type (Heat Pump, Heat Recovery), Capacity, Application (Commercial, Residential, and Others), and Geography - Global Forecast to 2025", was valued at USD 17.6 billion in 2020 and is expected to reach USD 31.9 billion by 2025, growing at a CAGR of 12.7%. High energy-saving potential and easy and minimum maintenance requirements of VRF systems are the key growth drivers for the market.

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“VRF system’s outdoor unit expected to lead the market during the forecast period.”

The VRF system market is expected to grow primarily due to a revival in the construction activities and enhanced focus on the implementation of energy-efficient technologies and products. The increasing adoption of inverter-based compressors for outdoor units and the ability of outdoor units to connect multiple indoor units are expected to drive the market growth for outdoor units during the forecast period. The increasing adoption of wireless control systems for monitoring indoor units is expected to fuel the growth of the market for control systems and accessories during the forecast period.

“VRF systems for residential application expected to witness the fastest growth rate during the forecast period.”

VRF systems provide individual controls for each housing unit; hence, these systems are highly energy-efficient and have a low cost of operation. Therefore, an increasing number of property owners and managers are installing VRF air-conditioning systems. With long product life under harsh conditions, high air-conditioning performance, and excellent service, VRF systems are becoming the preferred choice for apartments and collective housing.

“APAC to be the largest market for VRF systems during the forecast period.”

APAC holds the largest market size due to the presence of major players in this region. Countries such as China, Japan, South Korea, and India are majorly driving the growth of the VRF system market in APAC. These countries have a considerable market size and scope for the development of the VRF industry. Several government regulations, acts, and associations are supporting the adoption of VRF systems in the APAC region. Some of these are the Commercial Building Disclosure (CBD) Program (Australia), Energy Conservation Building Codes (India), LEED-INDIA, and Indian Society of Heating, Refrigerating, and Air-Conditioning Engineers (ISHRAE).

The major companies involved in the development and supply of VRF systems include Daikin (Japan), Toshiba (Japan), Mitsubishi Electric (Japan), Midea Group (China), and Johnson Controls (US).

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VRF System Market estimated to be worth $31.9 billion by 2025