VRF System Market Forecast, Trends, Scope by 2031
The VRF system market size is expected to reach US$ 54.09 billion by 2031 from US$ 21.65 billion in 2023. The market is estimated to record a CAGR of 12.1% from 2023 to 2031. The growing demand for customized cooling fans is likely to be a key market trend.
VRF System Market Analysis
VRF systems provide higher levels of energy efficiency. Unlike typical systems, which need turning on and off, a VRF system can run continuously at part-load, resulting in much improved overall operating efficiency. It can be equipped with heat recovery, which allows heat recovered from one space to be utilized to condition other places requiring heat in the establishment and vice versa, subsequently enhancing total system efficiency. VRF systems are often smaller and lighter in weight than their counterparts, making them easier to install and move while maintaining valuable ceiling heights and flooring areas.
The pressing need for energy efficiency and conservation and diversifying applications across various industries are the main factors driving the VRF system market growth. On the other hand, higher upfront costs limit the growth of the market. Nevertheless, pairing building automation and VRF systems and explicit regulatory standards create significant growth opportunities for the VRF system market. VRF system integration with home automation is likely to set significant future trends in the VRF system market.
VRF System Market Overview
VRF systems use refrigerants for both heating and cooling. VRF is a large-scale, high-efficiency ductless HVAC system technology. Unlike split ACs, VRF systems can support many indoor units on a single system that can be tailored to the unique requirements of users. These systems are categorized as either heat recovery or heat pump systems. Heat recovery VRF systems can deliver heating and cooling at the same time. Further, VRF systems are outfitted with multiple air handlers that can be regulated separately, and they can operate silently, even at full capacities. Thus, these systems are intended for both industrial and residential applications.
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VRF System Market: Strategic Insights
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VRF System Market Drivers and Opportunities
Diversifying Applications Across Various Industries
Operations of VRF systems involve the continuous functioning of compressors and directing refrigerant strategically in every zone as needed. A VRF system serves as an HVAC solution for a wide range of applications across various industries due to its small size, high energy efficiency, and exceptional zoning capabilities. These systems are installed in hotels, office buildings, apartment buildings, schools and universities, dormitories, data centers, hospitals, manufacturing plants, laboratory facilities, restaurants, large retail spaces, and anywhere that requires simultaneous heating and cooling over multiple zones. They provide a comfortable experience with their quieter operation and personalized zoning, regardless of room occupancy. Centralized control systems aid in the adjustment of room temperatures before guests' arrival or after checkout, resulting in significant cost savings. VRF systems with a single condenser unlock further energy savings. These devices are also available as water-source heat pumps, serving as an excellent solution for data rooms in office buildings equipped with cooling towers that supply water-cooled air handling systems. Water-source condensing units are incredibly compact and can be installed in a local equipment room with minimal floor space.
Educational facilities, ranging from large college campuses to smaller elementary schools, face particular challenges arising from a variety of rooms. Each room, from modest administrative offices to mid-sized classrooms to big gymnasiums, requires various HVAC equipment. All of these diverse needs can be fulfilled with ease using a VRF system with a single control panel. Air quality and temperature management specifications are critical in hospitals or clinical settings. The air can have an impact on patients' rehabilitation. A VRF system allows for keeping lobbies and common passages heated or at ambient temperatures while maintaining low temperatures inside recovery rooms. Thus, one can create zones without duct leaks, thereby filtering the air more effectively and minimizing cross-contamination. Therefore, diversifying applications across various industries drive the growth of the VRF system market.
Pairing Building Automation and VRF Systems
The combination of building automation systems and VRF systems may provide more holistic control over energy usage. Engineers these days capitalize on the long-term benefits of building decarbonization. For years, climate experts have warned about the dangers of permitting greenhouse gas (GHG) emissions. More than 20 states across North America have set mandated decarbonization targets, and more than 45 states in North America provide utility incentives for using electric equipment in buildings. In February 2024, the European Commission announced a new climate objective that aims to reduce greenhouse gas emissions in the European Union by 90% by 2040 compared to 1990 levels. The aim is consistent with the 90–95% emissions target proposed by the European Scientific Advisory Board on Climate Change. VRF systems are uniquely positioned to help building owners meet current carbon dioxide reduction goals while lowering utility costs. The systems do not require ducting, which makes them ideal for upgrading older buildings to modern standards. They can offer zonal, individualized comfort management and improved indoor environmental quality. The energy efficiency and cost efficiency benefits of VRF systems are enhanced with their integration with building automation systems (BAS). According to scientific experts associated with the Project Drawdown, building automation systems can increase heating and cooling efficiency by more than 20% while reducing energy consumption for lighting, appliances, and other items by 8%. BAS adoption ranges from 0% to 75% in high-income nations, including the US. Substantially increasing adoption—at a net initial cost of US US$ 287.70–393.35 billion—could save building owners US$ 2.27–3.42 trillion in operational expenditures. It may also prevent 9.55–14.01 gigatons of carbon dioxide emissions by 2050. Thus, pairing building automation and VRF systems can create ample opportunities for the growth of the VRF system market during the forecast period.
VRF System Market Report Segmentation Analysis
Key segments that contributed to the derivation of the VRF System Market analysis are component, system type, and applications.
- Based on component, the market is segmented into indoor units, outdoor units, and control systems and accessories. The outdoor units segment dominated the market in 2023.
- In terms of system type, the market is categorized into heat pump, heat recovery, and cooling only. The heat pump segment dominated the market in 2023.
- Based on application, the market is segmented into commercial, industrial, and residential. The commercial segment dominated the market in 2023.
VRF System Market Share Analysis by Geography
- The VRF System Market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. APAC dominated the market in 2023, followed by Europe and North America.
- The rising temperatures and unpredictable weather have encouraged consumers to adopt VRF systems across countries in Asia Pacific. VRF systems provide nonsimultaneous cooling and heating at any time and improve the visual value of commercial and residential buildings. Various companies provide appealing VRF systems to customers, allowing them to select from various types and designs. The altering preferences of consumers and the advent of cutting-edge designs are projected to boost the demand for VRF systems.
VRF System Market Report Scope
VRF System Market News and Recent Developments
The VRF system market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the VRF system market are listed below:
- Fujitsu General America released Airstage VU-V systems that offer greater flexibility, efficiency, and capacity for commercial and light commercial applications. Airstage VU-V outdoor units can serve either as heat pumps or heat recovery systems with simple setting changes and the addition of refrigerant branch units (RBUs). The new VRF platform offers single modules with broader size ranges, from 6 to 16 tons and up to 36 tons per combined system. As many as 64 indoor units can be connected to a single system.
(Source: Fujitsu General, Press Release, February 2023)
- LG Electronics announced the launch of the new Multi V i VRF solution equipped with the company's highly evolved AI engine in key global markets, starting from Europe. Suitable for mid- to high-rise buildings, such as offices, schools, shopping malls, apartment buildings, and hotels, the energy-efficient Multi V I comes with a range of differentiated, smart features that help reduce energy consumption and deliver a more comfortable indoor environment as well as a quieter outdoor environment throughout a year.
(Source: LG Electronics, Press Release, February 2023)
VRF System Market Report Coverage and Deliverables
The "VRF System Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering the areas mentioned below:
- VRF system market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- VRF system market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- VRF system market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the VRF system market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The VRF system market was estimated to be US$ 21.65 billion in 2023 and is expected to grow at a CAGR of 12.1 % during the forecast period 2023 - 2031.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Secondary Research
3.2 Primary Research
3.2.1 Hypothesis formulation:
3.2.2 Macro-economic factor analysis:
3.2.3 Developing base number:
3.2.4 Data Triangulation:
3.2.5 Country level data:
4. VRF System Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in Value Chain
5. VRF System Market – Key Market Dynamics
5.1 VRF System Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Pressing Need for Energy Efficiency and Conservation
5.2.2 Diversifying Applications Across Various Industries
5.3 Market Restraints
5.3.1 Elevated Upfront Costs
5.4 Market Opportunities
5.4.1 Pairing Building Automation and VRF Systems
5.4.2 Explicit Regulatory Standards
5.4.3 5.4.1 Pipeline of High-End Construction Projects
5.5 Future Trends
5.5.1 VRF System Integration with Home Automation
5.6 Impact of Drivers and Restraints:
6. VRF System Market – Global Market Analysis
6.1 VRF System Market Revenue (US$ Million), 2021–2031
6.2 VRF System Market Forecast Analysis
7. VRF System Market Analysis – by Component
7.1 Indoor Units
7.1.1 Overview
7.1.2 Indoor Units: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Outdoor Units
7.2.1 Overview
7.2.2 Outdoor Units: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
7.3 Control Systems and Accessories
7.3.1 Overview
7.3.2 Control Systems and Accessories: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
8. VRF System Market Analysis – by System Type
8.1 Heat Pump
8.1.1 Overview
8.1.2 Heat Pump: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Heat Recovery
8.2.1 Overview
8.2.2 Heat Recovery: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Cooling Only
8.3.1 Overview
8.3.2 Cooling Only: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
9. VRF System Market Analysis – by Applications
9.1 Commercial
9.1.1 Overview
9.1.2 Commercial: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
9.2 Industrial
9.2.1 Overview
9.2.2 Industrial: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
9.3 Residential
9.3.1 Overview
9.3.2 Residential: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10. VRF System Market – Geographical Analysis
10.1 Overview
10.2 North America
10.2.1 North America VRF System Market Overview
10.2.2 North America: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.2.3 North America: VRF System Market Breakdown, by Component
10.2.3.1 North America: VRF System Market – Revenue and Forecast Analysis – by Component
10.2.4 North America: VRF System Market Breakdown, by System Type
10.2.4.1 North America: VRF System Market – Revenue and Forecast Analysis – by System Type
10.2.5 North America: VRF System Market Breakdown, by Applications
10.2.5.1 North America: VRF System Market – Revenue and Forecast Analysis – by Applications
10.2.6 North America: VRF System Market – Revenue and Forecast Analysis – by Country
10.2.6.1 North America: VRF System Market – Revenue and Forecast Analysis – by Country
10.2.6.2 United States: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.2.6.2.1 United States: VRF System Market Breakdown, by Component
10.2.6.2.2 United States: VRF System Market Breakdown, by System Type
10.2.6.2.3 United States: VRF System Market Breakdown, by Applications
10.2.6.3 Canada: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.2.6.3.1 Canada: VRF System Market Breakdown, by Component
10.2.6.3.2 Canada: VRF System Market Breakdown, by System Type
10.2.6.3.3 Canada: VRF System Market Breakdown, by Applications
10.2.6.4 Mexico: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.2.6.4.1 Mexico: VRF System Market Breakdown, by Component
10.2.6.4.2 Mexico: VRF System Market Breakdown, by System Type
10.2.6.4.3 Mexico: VRF System Market Breakdown, by Applications
10.3 Europe
10.3.1 Europe VRF System Market Overview
10.3.2 Europe: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.3.3 Europe: VRF System Market Breakdown, by Component
10.3.3.1 Europe: VRF System Market – Revenue and Forecast Analysis – by Component
10.3.4 Europe: VRF System Market Breakdown, by System Type
10.3.4.1 Europe: VRF System Market – Revenue and Forecast Analysis – by System Type
10.3.5 Europe: VRF System Market Breakdown, by Applications
10.3.5.1 Europe: VRF System Market – Revenue and Forecast Analysis – by Applications
10.3.6 Europe: VRF System Market – Revenue and Forecast Analysis – by Country
10.3.6.1 Europe: VRF System Market – Revenue and Forecast Analysis – by Country
10.3.6.2 France: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.2.1 France: VRF System Market Breakdown, by Component
10.3.6.2.2 France: VRF System Market Breakdown, by System Type
10.3.6.2.3 France: VRF System Market Breakdown, by Applications
10.3.6.3 Germany: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.3.1 Germany: VRF System Market Breakdown, by Component
10.3.6.3.2 Germany: VRF System Market Breakdown, by System Type
10.3.6.3.3 Germany: VRF System Market Breakdown, by Applications
10.3.6.4 United Kingdom: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.4.1 United Kingdom: VRF System Market Breakdown, by Component
10.3.6.4.2 United Kingdom: VRF System Market Breakdown, by System Type
10.3.6.4.3 United Kingdom: VRF System Market Breakdown, by Applications
10.3.6.5 Italy: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.5.1 Italy: VRF System Market Breakdown, by Component
10.3.6.5.2 Italy: VRF System Market Breakdown, by System Type
10.3.6.5.3 Italy: VRF System Market Breakdown, by Applications
10.3.6.6 Russian Federation: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.6.1 Russian Federation: VRF System Market Breakdown, by Component
10.3.6.6.2 Russian Federation: VRF System Market Breakdown, by System Type
10.3.6.6.3 Russian Federation: VRF System Market Breakdown, by Applications
10.3.6.7 Rest of Europe: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.3.6.7.1 Rest of Europe: VRF System Market Breakdown, by Component
10.3.6.7.2 Rest of Europe: VRF System Market Breakdown, by System Type
10.3.6.7.3 Rest of Europe: VRF System Market Breakdown, by Applications
10.4 Asia Pacific
10.4.1 Asia Pacific VRF System Market Overview
10.4.2 Asia Pacific: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.4.3 Asia Pacific: VRF System Market Breakdown, by Component
10.4.3.1 Asia Pacific: VRF System Market – Revenue and Forecast Analysis – by Component
10.4.4 Asia Pacific: VRF System Market Breakdown, by System Type
10.4.4.1 Asia Pacific: VRF System Market – Revenue and Forecast Analysis – by System Type
10.4.5 Asia Pacific: VRF System Market Breakdown, by Applications
10.4.5.1 Asia Pacific: VRF System Market – Revenue and Forecast Analysis – by Applications
10.4.6 Asia Pacific: VRF System Market – Revenue and Forecast Analysis – by Country
10.4.6.1 Asia Pacific: VRF System Market – Revenue and Forecast Analysis – by Country
10.4.6.2 Australia: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.2.1 Australia: VRF System Market Breakdown, by Component
10.4.6.2.2 Australia: VRF System Market Breakdown, by System Type
10.4.6.2.3 Australia: VRF System Market Breakdown, by Applications
10.4.6.3 China: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.3.1 China: VRF System Market Breakdown, by Component
10.4.6.3.2 China: VRF System Market Breakdown, by System Type
10.4.6.3.3 China: VRF System Market Breakdown, by Applications
10.4.6.4 India: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.4.1 India: VRF System Market Breakdown, by Component
10.4.6.4.2 India: VRF System Market Breakdown, by System Type
10.4.6.4.3 India: VRF System Market Breakdown, by Applications
10.4.6.5 Japan: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.5.1 Japan: VRF System Market Breakdown, by Component
10.4.6.5.2 Japan: VRF System Market Breakdown, by System Type
10.4.6.5.3 Japan: VRF System Market Breakdown, by Applications
10.4.6.6 South Korea: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.6.1 South Korea: VRF System Market Breakdown, by Component
10.4.6.6.2 South Korea: VRF System Market Breakdown, by System Type
10.4.6.6.3 South Korea: VRF System Market Breakdown, by Applications
10.4.6.7 Rest of APAC: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.4.6.7.1 Rest of APAC: VRF System Market Breakdown, by Component
10.4.6.7.2 Rest of APAC: VRF System Market Breakdown, by System Type
10.4.6.7.3 Rest of APAC: VRF System Market Breakdown, by Applications
10.5 Middle East and Africa
10.5.1 Middle East and Africa VRF System Market Overview
10.5.2 Middle East and Africa: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.5.3 Middle East and Africa: VRF System Market Breakdown, by Component
10.5.3.1 Middle East and Africa: VRF System Market – Revenue and Forecast Analysis – by Component
10.5.4 Middle East and Africa: VRF System Market Breakdown, by System Type
10.5.4.1 Middle East and Africa: VRF System Market – Revenue and Forecast Analysis – by System Type
10.5.5 Middle East and Africa: VRF System Market Breakdown, by Applications
10.5.5.1 Middle East and Africa: VRF System Market – Revenue and Forecast Analysis – by Applications
10.5.6 Middle East and Africa: VRF System Market – Revenue and Forecast Analysis – by Country
10.5.6.1 Middle East and Africa: VRF System Market – Revenue and Forecast Analysis – by Country
10.5.6.2 South Africa: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.5.6.2.1 South Africa: VRF System Market Breakdown, by Component
10.5.6.2.2 South Africa: VRF System Market Breakdown, by System Type
10.5.6.2.3 South Africa: VRF System Market Breakdown, by Applications
10.5.6.3 Saudi Arabia: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.5.6.3.1 Saudi Arabia: VRF System Market Breakdown, by Component
10.5.6.3.2 Saudi Arabia: VRF System Market Breakdown, by System Type
10.5.6.3.3 Saudi Arabia: VRF System Market Breakdown, by Applications
10.5.6.4 United Arab Emirates: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.5.6.4.1 United Arab Emirates: VRF System Market Breakdown, by Component
10.5.6.4.2 United Arab Emirates: VRF System Market Breakdown, by System Type
10.5.6.4.3 United Arab Emirates: VRF System Market Breakdown, by Applications
10.5.6.5 Rest of Middle East and Africa: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.5.6.5.1 Rest of Middle East and Africa: VRF System Market Breakdown, by Component
10.5.6.5.2 Rest of Middle East and Africa: VRF System Market Breakdown, by System Type
10.5.6.5.3 Rest of Middle East and Africa: VRF System Market Breakdown, by Applications
10.6 South and Central America
10.6.1 South and Central America VRF System Market Overview
10.6.2 South and Central America: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.6.3 South and Central America: VRF System Market Breakdown, by Component
10.6.3.1 South and Central America: VRF System Market – Revenue and Forecast Analysis – by Component
10.6.4 South and Central America: VRF System Market Breakdown, by System Type
10.6.4.1 South and Central America: VRF System Market – Revenue and Forecast Analysis – by System Type
10.6.5 South and Central America: VRF System Market Breakdown, by Applications
10.6.5.1 South and Central America: VRF System Market – Revenue and Forecast Analysis – by Applications
10.6.6 South and Central America: VRF System Market – Revenue and Forecast Analysis – by Country
10.6.6.1 South and Central America: VRF System Market – Revenue and Forecast Analysis – by Country
10.6.6.2 Brazil: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.6.6.2.1 Brazil: VRF System Market Breakdown, by Component
10.6.6.2.2 Brazil: VRF System Market Breakdown, by System Type
10.6.6.2.3 Brazil: VRF System Market Breakdown, by Applications
10.6.6.3 Argentina: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.6.6.3.1 Argentina: VRF System Market Breakdown, by Component
10.6.6.3.2 Argentina: VRF System Market Breakdown, by System Type
10.6.6.3.3 Argentina: VRF System Market Breakdown, by Applications
10.6.6.4 Rest of South and Central America: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
10.6.6.4.1 Rest of South and Central America: VRF System Market Breakdown, by Component
10.6.6.4.2 Rest of South and Central America: VRF System Market Breakdown, by System Type
10.6.6.4.3 Rest of South and Central America: VRF System Market Breakdown, by Applications
11. Competitive Landscape
11.1 Company Positioning & Concentration
11.2 Heat Map Analysis By Key Players
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
12.4 Mergers & Acquisitions
13. Company Profiles
13.1 FUJITSU GENERAL
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Daikin Industries Ltd
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Johnson Controls International Plc
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Carrier Global Corp
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 LG Electronics Inc
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Panasonic Holdings Corp
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Samsung Electronics Co Ltd
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Mitsubishi Electric Corp
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Midea Group Co Ltd
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Lennox International Inc
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
13.11 Blue Star Ltd
13.11.1 Key Facts
13.11.2 Business Description
13.11.3 Products and Services
13.11.4 Financial Overview
13.11.5 SWOT Analysis
13.11.6 Key Developments
13.12 Yanmar Holdings Co Ltd
13.12.1 Key Facts
13.12.2 Business Description
13.12.3 Products and Services
13.12.4 Financial Overview
13.12.5 SWOT Analysis
13.12.6 Key Developments
13.13 Trane Technologies Plc
13.13.1 Key Facts
13.13.2 Business Description
13.13.3 Products and Services
13.13.4 Financial Overview
13.13.5 SWOT Analysis
13.13.6 Key Developments
13.14 Systemair AB
13.14.1 Key Facts
13.14.2 Business Description
13.14.3 Products and Services
13.14.4 Financial Overview
13.14.5 SWOT Analysis
13.14.6 Key Developments
13.15 Voltas Ltd
13.15.1 Key Facts
13.15.2 Business Description
13.15.3 Financial Overview
13.15.4 SWOT Analysis
13.15.5 Key Developments
13.16 Robert Bosch GmbH
13.16.1 Key Facts
13.16.2 Business Description
13.16.3 Products and Services
13.16.4 Financial Overview
13.16.5 SWOT Analysis
13.16.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
List of Tables
Table 1. VRF System Market Segmentation
Table 2. Ecosystem: Authentication and Brand Protection Market
Table 3. List of Vendors in Value Chain
Table 4. VRF System Market – Revenue and Forecast to 2031 (US$ Million)
Table 5. VRF System Market – Revenue and Forecast to 2031 (US$ Million) – by Component
Table 6. VRF System Market – Revenue and Forecast to 2031 (US$ Million) – by System Type
Table 7. VRF System Market – Revenue and Forecast to 2031 (US$ Million) – by Applications
Table 8. North America: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 9. North America: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 10. North America: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 11. North America: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 12. United States: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 13. United States: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 14. United States: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 15. Canada: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 16. Canada: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 17. Canada: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 18. Mexico: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 19. Mexico: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 20. Mexico: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 21. Europe: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 22. Europe: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 23. Europe: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 24. Europe: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 25. France: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 26. France: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 27. France: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 28. Germany: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 29. Germany: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 30. Germany: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 31. United Kingdom: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 32. United Kingdom: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 33. United Kingdom: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 34. Italy: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 35. Italy: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 36. Italy: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 37. Russian Federation: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 38. Russian Federation: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 39. Russian Federation: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 40. Rest of Europe: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 41. Rest of Europe: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 42. Rest of Europe: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 43. Asia Pacific: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 44. Asia Pacific: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 45. Asia Pacific: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 46. Asia Pacific: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 47. Australia: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 48. Australia: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 49. Australia: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 50. China: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 51. China: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 52. China: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 53. India: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 54. India: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 55. India: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 56. Japan: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 57. Japan: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 58. Japan: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 59. South Korea: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 60. South Korea: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 61. South Korea: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 62. Rest of APAC: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 63. Rest of APAC: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 64. Rest of APAC: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 65. Middle East and Africa: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 66. Middle East and Africa: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 67. Middle East and Africa: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 68. Middle East and Africa: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 69. South Africa: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 70. South Africa: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 71. South Africa: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 72. Saudi Arabia: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 73. Saudi Arabia: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 74. Saudi Arabia: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 75. United Arab Emirates: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 76. United Arab Emirates: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 77. United Arab Emirates: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 78. Rest of Middle East and Africa: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 79. Rest of Middle East and Africa: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 80. Rest of Middle East and Africa: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 81. South and Central America: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 82. South and Central America: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 83. South and Central America: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 84. South and Central America: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Country
Table 85. Brazil: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 86. Brazil: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 87. Brazil: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 88. Argentina: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 89. Argentina: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 90. Argentina: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 91. Rest of South and Central America: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Component
Table 92. Rest of South and Central America: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by System Type
Table 93. Rest of South and Central America: VRF System Market – Revenue and Forecast to 2031(US$ Million) – by Applications
Table 94. Company Positioning & Concentration
Table 95. List of Abbreviation
List of Figures
Figure 1. VRF System Market Segmentation, by Geography
Figure 2. PEST Analysis
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. VRF System Market Revenue (US$ Million), 2021–2031
Figure 5. VRF System Market Share (%) – by Component (2023 and 2031)
Figure 6. Indoor Units: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
Figure 7. Outdoor Units: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
Figure 8. Control Systems and Accessories: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
Figure 9. VRF System Market Share (%) – by System Type (2023 and 2031)
Figure 10. Heat Pump: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. Heat Recovery: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. Cooling Only: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13. VRF System Market Share (%) – by Applications (2023 and 2031)
Figure 14. Commercial: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. Industrial: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. Residential: VRF System Market – Revenue and Forecast to 2031 (US$ Million)
Figure 17. VRF System Market Breakdown by Region, 2023 and 2031 (%)
Figure 18. North America: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 19. North America: VRF System Market Breakdown, by Component (2023 and 2031)
Figure 20. North America: VRF System Market Breakdown, by System Type (2023 and 2031)
Figure 21. North America: VRF System Market Breakdown, by Applications (2023 and 2031)
Figure 22. North America: VRF System Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 23. United States: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 24. Canada: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 25. Mexico: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 26. Europe: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 27. Europe: VRF System Market Breakdown, by Component (2023 and 2031)
Figure 28. Europe: VRF System Market Breakdown, by System Type (2023 and 2031)
Figure 29. Europe: VRF System Market Breakdown, by Applications (2023 and 2031)
Figure 30. Europe: VRF System Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 31. France: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 32. Germany: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 33. United Kingdom: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 34. Italy: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 35. Russian Federation: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 36. Rest of Europe: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 37. Asia Pacific: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 38. Asia Pacific: VRF System Market Breakdown, by Component (2023 and 2031)
Figure 39. Asia Pacific: VRF System Market Breakdown, by System Type (2023 and 2031)
Figure 40. Asia Pacific: VRF System Market Breakdown, by Applications (2023 and 2031)
Figure 41. Asia Pacific: VRF System Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 42. Australia: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 43. China: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 44. India: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 45. Japan: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 46. South Korea: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 47. Rest of APAC: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 48. Middle East and Africa: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 49. Middle East and Africa: VRF System Market Breakdown, by Component (2023 and 2031)
Figure 50. Middle East and Africa: VRF System Market Breakdown, by System Type (2023 and 2031)
Figure 51. Middle East and Africa: VRF System Market Breakdown, by Applications (2023 and 2031)
Figure 52. Middle East and Africa: VRF System Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 53. South Africa: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 54. Saudi Arabia: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 55. United Arab Emirates: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 56. Rest of Middle East and Africa: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 57. South and Central America: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 58. South and Central America: VRF System Market Breakdown, by Component (2023 and 2031)
Figure 59. South and Central America: VRF System Market Breakdown, by System Type (2023 and 2031)
Figure 60. South and Central America: VRF System Market Breakdown, by Applications (2023 and 2031)
Figure 61. South and Central America: VRF System Market Breakdown, by Key Countries, 2023 and 2031 (%)
Figure 62. Brazil: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 63. Argentina: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 64. Rest of South and Central America: VRF System Market – Revenue and Forecast to 2031(US$ Million)
Figure 65. Heat Map Analysis By Key Players
The List of Companies - VRF System Market
- FUJITSU GENERAL
- Daikin Industries Ltd
- Johnson Controls International Plc
- Carrier Global Corp.
- LG Electronics Inc.
- Panasonic Holdings Corp.
- Samsung Electronics Co Ltd.
- Mitsubishi Electric Corp.
- Midea Group Co Ltd.
- Lennox International Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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