VRF Systems Market Worth $24.09 Billion by 2022
Factors driving the market include increasing demand for improved energy-efficient equipment
PUNE, India — The global variable refrigerant flow (VRF) systems market is forecast to reach $24.09 billion by 2022, growing at a compound annual growth rate (CAGR) of 11.4 percent between 2016 and 2022, according to a new report published by MarketsandMarkets.
Factors driving the VRF systems market include increasing demand for improved energy-efficient equipment and lower environmental impact due to use of low-global warming potential (GWP) refrigerant, growing construction activities, and increased legislation and energy management initiatives.
The commercial segment is expected to hold the largest share of the VRF systems market during the forecast period. The main driving factor for the commercial buildings market is revival in construction activities and enhanced focus on energy-efficient technologies and products. VRF systems are used in most commercial buildings, ranging from small shops and cafes to large office buildings and public spaces. The major factor accelerating the market is the growing need to efficiently condition according to the individual space needs of the building. VRF systems have the ability to condition multiple zones in a building, each of which may have different heating and cooling needs.
Heat pump VRF systems are expected to see the highest growth rate during the forecast period. VRF heat pump systems offer an energy-efficient alternative compared to traditional air conditioning systems.
The market in North America is expected to grow at the highest CAGR during the forecast period. VRF systems help in reducing energy consumption and cost. Implementation of VRF systems are expected to help in improving the efficiency of residential as well as commercial buildings. Accelerating demand from the residential, commercial, and industrial segments in North America is driving the growth of the VRF market. Significant development in infrastructure is expected to boost the market in this region.
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Publication date: 7/25/2016