According to a market report by Lucintel, the future of the variable refrigerant flow (VRF) system market looks promising with opportunities in the commercial, residential, and transportation industries. The VRF system market is expected to grow with a CAGR of 12% from 2019 to 2024. The major drivers for this market are growth in building & construction, stringent government regulations for energy efficiency, and increasing demand for HVAC in residential and commercial applications..
In this market, heat pump and heat recovery VRF systems are used in various industries. Lucintel forecasts that heat pump VRF systems will remain the largest product type segment due to the increasing demand for energy efficient air conditioning systems.
Within the VRF system market, commercial will remain the largest end use industry due to the stringent government regulations for energy efficiency.
Asia Pacific will remain the largest market over the forecast period due to increasing building and construction activities. Daikin Industries, Johnson Controls, LG Electronics, Toshiba, Fujitsu Group, Mitsubishi Electric, United Technologies, Ingersoll Rand, Panasonic, and Samsung Electronics are among the major manufacturers of VRF systems.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the VRF System market by end use industry, product type, component, and region. Lucintel has prepared a comprehensive research report entitled “Growth Opportunities in the VRF System Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” This Lucintel report serves as a catalyst for growth strategies, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for the VRF system market by product type, end use industry, component, and region as follows:
By Product Type [$M shipment analysis for 2013 – 2024]:
• Heat Pump Systems
• Heat Recovery Systems
By End Use Industry [$M shipment analysis for 2013 – 2024]:
• Commercial
• Residential
• Others
By Component [$M shipment analysis for 2013 – 2024]:
• Outdoor Units
• Indoor Units
• Control Systems
• Accessories
By Region [$M shipment analysis for 2013 – 2024]:
• North America
– United States
– Canada
– Mexico
• Europe
– Germany
– UK
– Italy
• Asia Pacific
– China
– Japan
– India
• Rest of the World

A more than 150 pages research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or visit us at [email protected].
About Lucintel
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers following 11 key questions:
Q.1 What are some of the most promising potential, high growth opportunities for the VRF system market by product type (heat pump systems and heat recovery systems), end use industry (commercial, residential, and others), component (outdoor units, indoor units, control systems, and accessories), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market, and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity did occur in the last five years, and what has its impact been on the industry?