Global VRF Systems Market is expected to register a CAGR of 11% during the forecast period of 2020–2026. Various factors are contributing to the growth of the global VRF systems market such as increasing demand for energy-efficient systems; rising construction of both residential and commercial buildings is driving the growth of the market. However, installation costs and specific installation requirements are expected to drive the growth of the market.
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Global VRF Systems Market is estimated to grow at a significant rate in the future. The geographical analysis of the VRF Systems market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.
North America accounted for a significant share in 2019 for the global VRF systems market. North America is one of the developed regions having advanced technology and well-developed infrastructure which are some of the factors that are driving the growth of the market. Based on countries the North American region has been segmented as US, Canada, and Mexico. The US holds the largest share in the region due to the presence of companies such as Emerson Electric Co., United Technologies Corporation, and others that are working on the development of various new products based on efficiency and low energy consumption.
Europe accounts for the third-largest market share in the VRF systems market due to the changing climate. Furthermore, the demand for energy-efficient systems and the construction of new infrastructure is also driving the growth of the market. According to Japan Refrigeration and Air Conditioning Industry Association in 2018 6.91 million of AC were sold in the region
Asia-Pacific holds the largest share for the VRF systems market across the globe due to rising urbanization, technological advancements, increasing demand for environment-friendly, and energy-efficient systems which are fueling in the growth of the market. Additionally, the development of new infrastructure in the region. China held the largest share for the VRF systems market in the Asia-pacific region which is followed by Japan and India.
The rest of the world is expected to register a significant CAGR during the forecast period due to increasing investments made by the government, companies for the development of advanced technology in the region, and increasing demand for energy-efficient systems which is leading the growth of the market.
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MRFR recognizes the key players in the global VRF systems market are Emerson Electric Co. (US), United Technologies Corporation (US), Daikin Industries Ltd. (Japan), Johnson Controls International PLC (Ireland), Schneider Electric SE (France), Toshiba Corporation (Japan), LG Electronics Inc. (South Korea), Fujitsu Limited (Japan), Mitsubishi Electric Corporation (Japan), Midea Group Co. Ltd. (China), Samsung Electronics (South Korea), and Panasonic Corporation (Japan) among others.
The prominent players keep innovating and investing in research and development to offer a cost-effective product portfolio. There have been recent mergers and acquisitions among the key players, a strategy of business entities for strengthening their reach to the customers.
The Global VRF Systems Market has been segmented based on component, compressor unit, system type, capacity, application, and region.
By component, the market has been segmented as outdoor units, indoor units, and control systems and accessories
By compressor units, the market has been segmented into air-cooled units and water-cooled units.
By system type, the market has been segmented into heat pump system and heat recovery system
By capacity, the market has been segmented into up to 10 tons, 11 to 18 tons, 19 to 26 tons, and above 26 tons
By application, the market has been segmented into residential, healthcare, automobile, hotels, educational institutes, retail store, and others
By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
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