Global VRF System Market Insights, Size & Growth Forecast To 2027

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Global VRF System Market by Component (Outdoor Units [Compressors, Invertors, and Others), Indoor Units [Electronic Expansion Valves, Synchronous Electronic Motors and Others), and Control Systems and Accessories), By System Type (Heat Pump, and Heat Recovery System), By Capacity (Up to 10 Tons, 11 to 18 Tons, 19 to 26 Tons and Above 26 Tons), By Application (Commercial, Residential, and Others) and By Region (North America, Europe, Asia Pacific, South America, and Middle East & Africa)
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Global VRF System Market by Component (Outdoor Units [Compressors, Invertors, and Others), Indoor Units [Electronic Expansion Valves, Synchronous Electronic Motors and Others), and Control Systems and Accessories), By System Type (Heat Pump, and Heat Recovery System), By Capacity (Up to 10 Tons, 11 to 18 Tons, 19 to 26 Tons and Above 26 Tons), By Application (Commercial, Residential, and Others) and By Region (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

Published: Apr 2021 Base Year: 2020 Report ID: FOOD2110
Available Format: Historical Data: 2017 - 2019 Pages: 1 - 250
Category : Food & Beverages
Global VRF system market anticipated driving due to the rise in demand for energy-efficient resources and the growing construction industry. Global VRF system market valued size was over USD 16.36 billion in 2019, and expected to generate USD 43.08 billion by 2027, growing at a CAGR of 11.83 % from 2020 - 2027. The primary factors are a good pace of growth in the construction industry and the easy installation of VRF systems. The rapid economic development and increased standard of living have led to the new wave of building construction in the country. These factors are expected to propel the demand for the VRF system over the coming years. Further, the upsurge in demand for VRF systems for its highly energy-efficient and applications in residential and commercial buildings in saving 40% energy compared with traditional air conditioning equipment is positively impacting the market growth. Expansion of housing markets, rising population, growing industrial base, and development of renewable and reliable energy sources are some other major drivers propelling the growth of the VRF systems market across the globe.
Additionally, the expanding development of commercial buildings and urban areas, including hospitals, residential complexes, offices, and educational institutes, will positively impact the VRF system market. Further, consumer awareness towards energy management systems is increasing along with the rising demand for sustainable heating & cooling technologies like VRF systems. Moreover, the surge in VRF systems for its variable-speed compressors and compatibility at partial-load conditions endure less wear and tear, and fewer breakdowns, resulting in reduced downtime, are propelling the demand of VRF systems.

Components Overview in the Global VRF System Market
Based on components, the global VRF system market classified Outdoor Units [Compressors, Invertors, and Others), Indoor Units [Electronic Expansion Valves, Synchronous Electronic Motors, and Others), and Control Systems and Accessories. The Outdoor Units segment lead the market by 2027, owing to the rise in revival in the construction activities and enhanced focus on the implementation of energy-efficient technologies and products.  Additionally, the rising adoption of wireless control systems for monitoring indoor units around the globe will foster the growth of the VRF system's outdoor unit.

System type Overview in the Global VRF System market
Based on system type, the global VRF system market bifurcates into the Heat Pump and Heat Recovery System. The Heat Pump segment witnessed the largest market share in 2019 and will dominate by 2027. It is owing to heat pump are mostly used in residential application as the surge in disposable income, increasing awareness regarding energy efficiency, and rising energy costs. VRF systems provide a solution for all these issues by using various control systems, thermostats, and sensors.

Capacity Overview in the Global VRF System Market
Based on capacity, the global VRF system market classified into Up to 10 Tons, 11 to 18 Tons, 19 to 26 Tons, and Above 26 Tons. The above 26 Tons segment projected to lead the market by 2027. It is due to Above 26 Tons are highly demand in shopping malls, office buildings, hotels, hospitals, etc.

Application Overview in the Global VRF System Market
By the application, the global VRF system market segregated into Commercial, Residential, and Others. The Residential segment captured the highest CAGR in 2019 and likely to dominate the VRF system market by 2027. It is due to rising infrastructure and construction activities along with the focus on the adoption of energy efficient VRF systems, growing consumer awareness towards energy management systems, and household disposable income is rising, the buying power of customer also increases.

Regional Overview in the Global VRF System Market
By geography, the Global VRF System Market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific held a higher market share in 2019 and will continue its dominance by 2027. It is attributable to rapid economic development and increased standard of living; expansion of construction projects led to span residential, commercial, and infrastructure projects, along with the presence of VRF system manufacturers in countries such as South Korea and Japan.

Global VRF System Market: Competitive Landscape
Companies such as Daikin, Toshiba, Mitsubishi Electric, Midea Group, Johnson Controls, LG Electronics, Fujitsu, United Technologies, Ingersoll Rand, Lennox, Panasonic, Samsung Electronics, Nortek, Gree, Emerson, Electrolux, and Whirlpool are the key players in the Global VRF System Market.


1. Research Strategic Development
1.1. Market Modelling
1.2. Product Analysis
1.3. Market Trend and Economic Factors Analysis
1.4. Market Segmental Analysis
1.5. Geographical Mapping
1.6. Country Wise Segregation

2. Research Methodology
2.1. Identification of Target Market
2.2. Data Acquisition 
2.3. Refining of Data/ Data Transformations
2.4. Data Validation through Primary Techniques
2.5. Exploratory Data Analysis
2.6. Graphical Techniques/Analysis
2.7. Quantitative Techniques/Analysis
2.8. Visual Result/Presentation 

3. Executive Summary

4. Market Insights
4.1. Supply Chain Analysis
4.2. Economic Factor Analysis 
4.2.1. Drivers
4.2.2. Trends
4.2.3. Opportunities
4.2.4. Challenges
4.3. Technological Landscape
4.4. Competitors & Product Analysis
4.5. Regulatory Framework
4.6. Company market share analysis, 2019
4.7. Porter’s Five forces analysis
4.8. New Investment Analysis
4.9. PESTEL Analysis

5. Global VRF Systems Market Overview
5.1. Market Size & Forecast, 2016-2027
5.1.1. Demand
5.1.1.1. By Value (USD Million)
5.1.2. Consumption
5.1.2.1. By Volume (Thousands Unit)
5.1.3. Supply/Production
5.1.3.1. By Volume (Thousands Unit)
5.2. Market Share & Forecast, 2016-2027
5.2.1. By Component
5.2.1.1. Outdoor Units 
5.2.1.1.1. Compressors
5.2.1.1.2. Invertors
5.2.1.1.3. Others
5.2.1.2. Indoor Units 
5.2.1.2.1. Electronic Expansion Valves
5.2.1.2.2. Synchronous Electronic Motors
5.2.1.2.3. Others
5.2.1.3. Control Systems and accessories
5.2.2. By System Type
5.2.2.1. Heat Pump
5.2.2.2. Heat Recovery System
5.2.3. By Capacity
5.2.3.1. Up to 10 Tons
5.2.3.2. 11 to 18 Tons
5.2.3.3. 19 to 26 Tons
5.2.3.4. Above 26 Tons
5.2.4. By Application
5.2.4.1. Commercial
5.2.4.2. Residential
5.2.4.3. Others
5.2.5. By Region
5.2.5.1. North America
5.2.5.2. Europe
5.2.5.3. Asia Pacific
5.2.5.4. South America 
5.2.5.5. Middle East & Africa 

6. North America VRF Systems Market Overview
6.1. North America VRF Systems Market Size & Forecast, 2016-2027
6.1.1. Demand
6.1.1.1. By Value (USD Million)
6.1.2. Consumption
6.1.2.1. By Volume (Thousands Unit)
6.1.3. Supply/Production
6.1.3.1. By Volume (Thousands Unit)
6.2. North America VRF Systems Market Share & Forecast, 2016-2027
6.2.1. By Component
6.2.1.1. Outdoor Units 
6.2.1.1.1. Compressors
6.2.1.1.2. Invertors
6.2.1.1.3. Others
6.2.1.2. Indoor Units 
6.2.1.2.1. Electronic Expansion Valves
6.2.1.2.2. Synchronous Electronic Motors
6.2.1.2.3. Others
6.2.1.3. Control Systems and accessories
6.2.2. By System Type
6.2.2.1. Heat Pump
6.2.2.2. Heat Recovery System
6.2.3. By Capacity
6.2.3.1. Up to 10 Tons
6.2.3.2. 11 to 18 Tons
6.2.3.3. 19 to 26 Tons
6.2.3.4. Above 26 Tons
6.2.4. By Application
6.2.4.1. Commercial
6.2.4.2. Residential
6.2.4.3. Others
6.2.5. By Country
6.2.5.1. US
6.2.5.2. Canada
6.2.5.3. Mexico
6.2.6. Price-Point Analysis
6.2.7. Manufacturer & Distributor List (Top 5)
6.2.8. Company Market Share (Top 3-5)
6.2.9. Economic Impact Study on North America VRF Systems Market 

7. Europe VRF Systems Market Overview
7.1. Europe VRF Systems Market Size & Forecast, 2016-2027
7.1.1. Demand
7.1.1.1. By Value (USD Million)
7.1.2. Consumption
7.1.2.1. By Volume (Thousands Unit)
7.1.3. Supply/Production
7.1.3.1. By Volume (Thousands Unit)
7.2. Europe VRF Systems Market Share & Forecast, 2016-2027
7.2.1. By Component
7.2.1.1. Outdoor Units 
7.2.1.1.1. Compressors
7.2.1.1.2. Invertors
7.2.1.1.3. Others
7.2.1.2. Indoor Units 
7.2.1.2.1. Electronic Expansion Valves
7.2.1.2.2. Synchronous Electronic Motors
7.2.1.2.3. Others
7.2.1.3. Control Systems and accessories
7.2.2. By System Type
7.2.2.1. Heat Pump
7.2.2.2. Heat Recovery System
7.2.3. By Capacity
7.2.3.1. Up to 10 Tons
7.2.3.2. 11 to 18 Tons
7.2.3.3. 19 to 26 Tons
7.2.3.4. Above 26 Tons
7.2.4. By Application
7.2.4.1. Commercial
7.2.4.2. Residential
7.2.4.3. Others
7.2.5. By Country
7.2.5.1. Germany
7.2.5.2. UK
7.2.5.3. France
7.2.5.4. Italy
7.2.5.5. Rest of Europe
7.2.6. Price-Point Analysis
7.2.7. Manufacturer & Distributor List (Top 5)
7.2.8. Company Market Share (Top 3-5)
7.2.9. Economic Impact Study on Europe VRF Systems Market 

8. Asia Pacific VRF Systems Market Overview
8.1. Asia Pacific VRF Systems Market Size & Forecast, 2016-2027
8.1.1. Demand
8.1.1.1. By Value (USD Million)
8.1.2. Consumption
8.1.2.1. By Volume (Thousands Unit)
8.1.3. Supply/Production
8.1.3.1. By Volume (Thousands Unit)
8.2. Asia Pacific VRF Systems Market Share & Forecast, 2016-2027
8.2.1. By Component
8.2.1.1. Outdoor Units 
8.2.1.1.1. Compressors
8.2.1.1.2. Invertors
8.2.1.1.3. Others
8.2.1.2. Indoor Units 
8.2.1.2.1. Electronic Expansion Valves
8.2.1.2.2. Synchronous Electronic Motors
8.2.1.2.3. Others
8.2.1.3. Control Systems and accessories
8.2.2. By System Type
8.2.2.1. Heat Pump
8.2.2.2. Heat Recovery System
8.2.3. By Capacity
8.2.3.1. Up to 10 Tons
8.2.3.2. 11 to 18 Tons
8.2.3.3. 19 to 26 Tons
8.2.3.4. Above 26 Tons
8.2.4. By Application
8.2.4.1. Commercial
8.2.4.2. Residential
8.2.4.3. Others
8.2.5. By Country
8.2.5.1. China
8.2.5.2. India
8.2.5.3. Japan
8.2.5.4. Australia
8.2.5.5. Rest of Asia Pacific
8.2.6. Price-Point Analysis
8.2.7. Manufacturer & Distributor List (Top 5)
8.2.8. Company Market Share (Top 3-5)
8.2.9. Economic Impact Study on Asia Pacific VRF Systems Market 

9. South America VRF Systems Market Overview
9.1. South America VRF Systems Market Size & Forecast, 2016-2027
9.1.1. Demand
9.1.1.1. By Value (USD Million)
9.1.2. Consumption
9.1.2.1. By Volume (Thousands Unit)
9.1.3. Supply/Production
9.1.3.1. By Volume (Thousands Unit)
9.2. South America VRF Systems Market Share & Forecast, 2016-2027
9.2.1. By Component
9.2.1.1. Outdoor Units 
9.2.1.1.1. Compressors
9.2.1.1.2. Invertors
9.2.1.1.3. Others
9.2.1.2. Indoor Units 
9.2.1.2.1. Electronic Expansion Valves
9.2.1.2.2. Synchronous Electronic Motors
9.2.1.2.3. Others
9.2.1.3. Control Systems and accessories
9.2.2. By System Type
9.2.2.1. Heat Pump
9.2.2.2. Heat Recovery System
9.2.3. By Capacity
9.2.3.1. Up to 10 Tons
9.2.3.2. 11 to 18 Tons
9.2.3.3. 19 to 26 Tons
9.2.3.4. Above 26 Tons
9.2.4. By Application
9.2.4.1. Commercial
9.2.4.2. Residential
9.2.4.3. Others
9.2.5. By Country
9.2.5.1. Brazil
9.2.5.2. Argentina
9.2.5.3. Rest of South America
9.2.6. Price-Point Analysis
9.2.7. Manufacturer & Distributor List (Top 5)
9.2.8. Company Market Share (Top 3-5)
9.2.9. Economic Impact Study on South America VRF Systems Market

10. Middle East & Africa VRF Systems Market Overview
10.1. Middle East & Africa VRF Systems Market Size & Forecast, 2016-2027
10.1.1. Demand
10.1.1.1. By Value (USD Million)
10.1.2. Consumption
10.1.2.1. By Volume (Thousands Unit)
10.1.3. Supply/Production
10.1.3.1. By Volume (Thousands Unit)
10.2. Middle East & Africa VRF Systems Market Share & Forecast, 2016-2027
10.2.1. By Component
10.2.1.1. Outdoor Units 
10.2.1.1.1. Compressors
10.2.1.1.2. Invertors
10.2.1.1.3. Others
10.2.1.2. Indoor Units 
10.2.1.2.1. Electronic Expansion Valves
10.2.1.2.2. Synchronous Electronic Motors
10.2.1.2.3. Others
10.2.1.3. Control Systems and accessories
10.2.2. By System Type
10.2.2.1. Heat Pump
10.2.2.2. Heat Recovery System
10.2.3. By Capacity
10.2.3.1. Up to 10 Tons
10.2.3.2. 11 to 18 Tons
10.2.3.3. 19 to 26 Tons
10.2.3.4. Above 26 Tons
10.2.4. By Application
10.2.4.1. Commercial
10.2.4.2. Residential
10.2.4.3. Others
10.2.5. By Country
10.2.5.1. Saudi Arabia
10.2.5.2. UAE
10.2.5.3. South Africa
10.2.5.4. Rest of Middle East & Africa
10.2.6. Price-Point Analysis
10.2.7. Manufacturer & Distributor List (Top 5)
10.2.8. Company Market Share (Top 3-5)
10.2.9. Economic Impact Study on Middle East & Africa VRF Systems Market

11. Competitor Analysis
11.1. Company Description
11.2. Financial Analysis
11.3. Key Products
11.4. Key Management Personnel 
11.5. Contact Address
11.6. SWOT Analysis
11.7. Company Profile
11.7.1. Daikin
11.7.2. Toshiba
11.7.3. Mitsubishi Electric
11.7.4. Midea Group
11.7.5. Johnson Controls
11.7.6. LG Electronics
11.7.7. Fujitsu
11.7.8. United Technologies
11.7.9. Ingersoll Rand
11.7.10. Lennox
11.7.11. Panasonic
11.7.12. Samsung Electronics
11.7.13. Nortek
11.7.14. Gree
11.7.15. Emerson
11.7.16. Electrolux
11.7.17. Whirlpool
11.7.18. Other Prominent Players"

SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.

The report is based on in-depth qualitative and quantitative analysis of the Global Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings.  The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.

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