Heat pump system to lead the VRF system market during the forecast period
VRF systems are used in most commercial buildings, ranging from small shops and cafes to large office buildings and public spaces. VRF zoning ensures the usage of energy to only cool or heat offices that are occupied. VRF systems ensure the most comfortable and productive work environment since these systems comprise quiet indoor units and can maintain precise temperature control.
The VRF heat pump system market for the residential application will be driven by factors such as increasing disposable income, growing awareness regarding energy efficiency, and rising energy costs. These factors have given rise to the need for energy-efficient devices that can help reduce energy consumption and cost. VRF systems provide a solution for all these issues by using various control systems, thermostats, and sensors.
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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.
North America to be the fastest-growing region in the VRF system market during the forecast period
The market in North America is further segmented into the US, Canada, and Mexico. In North America, VRF systems have gained tremendous popularity owing to the increasing awareness about energy efficiency and easy installation process with minimum piping work. Recently, many companies based in North America have launched VRF systems integrated with low global warming potential refrigerants. The introduction of advanced environment-friendly refrigerants, such as HFC-32, has boosted the adoption of VRF systems in North America.
Key market players
As of 2019, Daikin (Japan), Toshiba (Japan), Mitsubishi Electric (Japan), Midea Group (China), and Johnson Controls (US) dominated the global VRF system market.
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