The global variable refrigerant flow systems market size is expected to expand on account of increasing demand for energy-efficient systems to counter the drastic effects of climate change. Fortune Business Insights, in its latest report, titled “Variable Refrigerant Flow Systems Market Size, Share & Industry Analysis, By System Type (Heat Pump Systems, Heat Recovery Systems), By Application (Commercial, Residential, Others) Others and Regional Forecast, 2019-2026.”, predicts positive growth for the market during the forecast period.
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https://www.fortunebusinessinsights.com/variable-refrigerant-flow-vrf-systems-market-102018
As per the report by Intergovernmental Panel on Climate Change (IPCC), the temperature is expected to rise by about 2.5 to 10 degrees Fahrenheit in the coming 100 years across the globe. Variable refrigerant flow systems use air, or water source heat pumps to provide heating or cooling for the spaces within a building. The growing concerns for climate change on account of greenhouse gases has given impetus to producing energy-efficient HVAC systems. For instance, Blue Star, one of the leading HVAC manufacturers, has developed a next-gen VRF AC system that is well suited for climate changes and voltage fluctuations. Increasing demand for smart VRF systems than are energy-efficient and consume less power is expected to fuel the growth of the market between 2019 and 2026.
What does the Report Include?
The market report offers a detailed assessment of the various market drivers and restraints. Additionally, it provides an in-depth analysis of each market segment using research methodologies like SWOT analysis and PESTEL analysis. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. The report provides qualitative and quantitative insights into the market from trusted sources. In addition to this, the report includes information from expert professionals from the industry. Moreover, it contains an exhaustive study of the landscape comprising of key players, strategies used by them, and recent product launches for the market growth between 2019 and 2026.
Drivers and Restraints:
Increasing Demand for Energy-Efficient HVAC Systems to Drive Growth
The necessity of adopting a sustainable approach to refrigeration is driving the demand for energy-efficient HVAC systems. This is anticipated to boost the growth of the market in the forthcoming years. For instance, in March 2020, Mitsubishi Electric Trane HVAC US, a global supplier of HVAC systems, won the prestigious National Association of Home Builders (NAHB) 2019 Global Innovation Award for developing the SLZ-KF Four-way Ceiling Cassette model. The model is designed to deliver high-efficiency heating and cooling performance with a SEER rating of about 19.8 to 22.4. The companies are working on manufacturing products that are innovative and energy-efficient to meet the growing demands of the consumer. This is anticipated to contribute to the growth of the market in the forthcoming years.
Regional Analysis:
Adoption of Green Solutions to Favor Growth in North America
Among regions, North America is expected to lead the market owing to the adoption of green technologies and the installation of energy-efficient VRF systems in hospitals and schools. Additionally, increasing construction projects in the transportation sector and the construction of new airports will drive the growth of the market in this region during the projected horizon. Moreover, the rising trend of the development of smart buildings and rising disposable income will promote the growth of the market in the forthcoming years.
Asia-Pacific, on the other hand, will witness significant growth during the forecast period. This is ascribable to factors such as stringent government regulations, rising construction activities, and stable industrial base in countries such as China and India.
Competitive Landscape:
Increasing R&D Activities by Companies to Drive Growth
Several companies operating in the variable refrigerant flow systems market are continually striving to keep up with the current trends to serve their consumer bases better. They are either adopting strategies such as mergers and acquisitions or focusing on R&D activities to expand their geographic presence, as well as portfolio. Below are a couple of the latest industry developments:
Industrial Developments:
• November 2018: Daikin Industries Ltd. announces the acquisition of AHT Cooling Systems GmbH. The acquisition is expected to be valued at around 579 million Euros. Daikin's Noda Hisano says, “Our company plans to use natural refrigerants in applications such as our refrigeration and freezer equipment businesses that require CO2 and propane, in Europe.
• April 2018: Johnson Controls International PLC sets up an R&D center. The center is equipped with facilities such as testing labs and training centers for VRF systems, chillers, and other technologies.
List of Key Players Operating in the Market:
• United Technologies Corp.
• Mitsubishi Electric Corporation.
• Blue Star Limited.
• DAIKIN INDUSTRIES, Ltd.
• SAMSUNG
• Haier Inc.
• Panasonic Australia Pty Ltd
• LG Electronics.
• Midea Group
• Fujitsu General
Among others.