Commercial Air Conditioning System (VRF) Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2017-2021 and Forecast 2022-2028

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Commercial Air Conditioning System (VRF)  Market By Type (Heat Recovery System, and Heat Pump System), Component (Outdoor Unit, Indoor Unit, and Control System), Application (Residential, Commercial, and Industrial), and Geography

 

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Report

Description

Commercial Air Conditioning System (VRF) Market is expected to be valued at USD 16,921.6 Million in 2022, growing at a 14.1% CAGR from 2022 to 2028. VRF, short for variable refrigerant flow and also called variable refrigerant volume (VRV), is an HVAC technology. The VRF system comprises refrigerants as the heating and cooling medium for several units and ican deliver simultaneous heating and cooling.  The global market for Commercial Air Conditioning systems (VRF) is primarily driven by the increasing global population. Additionally, nowadays urbanization, takes place rapidly which positively influences the construction industry, these factors are also anticipated to boost the demand for air conditioning systems. For instance, in the previous 50 years, the urban population in the Middle East region has grown at a substantial pace, steadily higher than in China and/or Africa. As a result, almost 70% of the population lives in metropolitan areas across the region, bringing it to the level of Europe. The GCC (Gulf Cooperation Council) is one of the vastly urbanized parts of the world with 85% of people living in cities in 2026, which is further anticipated to increase to 90% by 2050. The Commercial Air Conditioning System (VRF) market is constrained to some extent due to the high capital investment and lack of resources in growing industries. Furthermore, the complexities and higher cost of the VRF system were also cited as important issues that may create a negative impact on the market over the forecast period. The demand for HVAC technologies is progressively increasing in emerging economies such as the UAE, India, Mexico, and Brazil due to the rising temperature and increasing disposable income. As per the National Oceanic and Atmospheric Administration (NOAA), U.S. Department of Commerce, 2020 Annual Climate Report, since 1880 the combined ocean and land temperature have augmented at an average rate of 0.08°C per decade; though, the average rate of increase since 1981 (0.18°C) has been more than twice that rate. Modern buildings constructed worldwide are every so often designed with large panes of glass that draw sunlight and heat up the rooms more quickly, thus the requirement of a cooling system takes place. North America is expected to dominate the market owing to rising industrialization, high disposable income and continues technological development.

 

 

Commercial Air Conditioning System (VRF) Market

MARKET SUMMARY
-
14.1%
  • Study Period– 2022 – 2028
  • Base Year– 2021
  • CAGR– 14.1%
  • Largest Market– Asia Pacific
  • Fastest Growing Market–  North America

Commercial Air Conditioning System (VRF) Market

  • The commercial air conditioning system market report gives comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
  • The commercial air conditioning system market is segmented based on based on type, component, application, and geography.
Key Players
  • Panasonic Corporation
  • FUJITSU
  • TOSHIBA CORPORATION
  • Ingersoll Rand
  • Carrier Global Corporation
Commercial Air Conditioning System (VRF) Market Dynamics

Commercial Air Conditioning System (VRF) market is growing due to the rising demand for Energy-efficient HVAC Systems among many customers. Conventional HVAC systems consume almost 50% of overall energy, eventually putting a financial burden on the consumer. The VRF system is energy efficient, quieter, and easy to install and maintain. These advanced features and cost-effective VRF systems draw millions of customers worldwide which undoubtedly supports to the market expansion. Moreover, increasing awareness regarding energy efficiency and new legislation about reducing environmental impacts led to increasing the adoption of VRF systems in some developing countries like the U.S., Japan, and China.


North-America Got Significant Share

Commercial Air Conditioning System (VRF) Market

North America region has the highest share in the historic period and is expected to dominate the commercial air conditioning system (VRF) market owing to some major factors such as growing popularity, increasing penetration, and growing awareness regarding the energy efficiency of the VRF system among consumers. Furthermore, the existence of many key players and much more ready to enter the market will be one of the major factors for the growth of the North American commercial air conditioning system (VRF) market in the upcoming future. For instance, on 22 May 2019, Mitsubishi Electric-Ingersoll Rand joint venture introduced City Multi and Nv series air conditioners for the U.S market.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Features of the Report

  • The commercial air conditioning system market report provides granular level information about the market size, regional market share, historic market (2017-2021), and forecast (2022-2028)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
Commercial Air Conditioning System (VRF) Market Segmentation


Location

GEOGRAPHY

Frequently Asked Questions

VRF, short for variable refrigerant flow and also called variable refrigerant volume (VRV), is an HVAC technology. The VRF system comprises refrigerants as the heating and cooling medium for several units and is capable of delivering simultaneous heating and cooling.

The heat recovery system segment accounts for a significant market share, and it is expected to register the highest CAGR over the forecasted period.

DAIKIN INDUSTRIES, Ltd., Midea Group, JOHNSON CONTROLS INTERNATIONAL PLC., LG Electronics, MITSUBISHI ELECTRIC CORPORATION, Panasonic Corporation, FUJITSU, TOSHIBA CORPORATION.

increasing global population, growing urbanization worldwide, and continuous advancement in the VRF system.

 


Report

Table Of Content

1. Executive Summary
2. Global Commercial Air Conditioning System (VRF) Market Introduction
2.1. Global Commercial Air Conditioning System (VRF) Market – Taxonomy
2.2. Global Commercial Air Conditioning System (VRF) Market –Definitions
2.2.1.  Type
2.2.2. Component
2.2.3. Application
2.2.4. Region
3. Global Commercial Air Conditioning System (VRF) Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Global Commercial Air Conditioning System (VRF) Market Dynamic Factors – Impact Analysis
3.6. Global Commercial Air Conditioning System (VRF) Market – Competition Landscape
4. Global Commercial Air Conditioning System (VRF) Market Analysis,2017 – 2021 and Forecast, 2022 – 2028
4.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%)
4.3. Market Opportunity Analysis
5. Global Commercial Air Conditioning System (VRF) Market, By Type, 2017–2021and Forecast, 2022–2028 (Revenue, USD Mn)
5.1. Heat Recovery System
5.1.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.1.3. Market Opportunity Analysis
5.2. Heat Pump System
5.2.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.3. Market Opportunity Analysis
6. Global Commercial Air Conditioning System (VRF) Market, By Component, 2017 – 2021 and Forecast, 2021 – 2027 (Revenue, USD Mn)
6.1. Outdoor Unit
6.1.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.1.3. Market Opportunity Analysis
6.2. Indoor Unit
6.2.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.2.3. Market Opportunity Analysis
6.3. Control System
6.3.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.3.3. Market Opportunity Analysis
7. Global Commercial Air Conditioning System (VRF) Market Forecast, By Application, 2017–2021and Forecast, 2022–2028 (Revenue, USD Mn)
7.1. Residential
7.1.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.1.3. Market Opportunity Analysis
7.2. Commercial
7.2.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.2.3. Market Opportunity Analysis
7.3. Industrial
7.3.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.3.3. Market Opportunity Analysis
8. Global Commercial Air Conditioning System (VRF) Market Forecast, By Region, 2017–2021and Forecast, 2022–2028(Revenue, USD Mn)
8.1. North America
8.1.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.1.3. Market Opportunity Analysis
8.2. Europe
8.2.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.2.3. Market Opportunity Analysis
8.3. Asia-Pacific
8.3.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.3.3. Market Opportunity Analysis
8.4. Latin America
8.4.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.4.3. Market Opportunity Analysis
8.5. Middle East and Africa
8.5.1. Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.5.3. Market Opportunity Analysis
8.6. Global Commercial Air Conditioning System (VRF) Market – Opportunity Analysis Index, By Type, Component, Application, and Region, 2022 – 2028
9. North America Commercial Air Conditioning System (VRF) market analysis,2017–2021and Forecast, 2022–2028(Revenue, USD Mn)
9.1. Type Analysis 2017–2021and Forecast 2022 – 2028by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.1.1. Heat Recovery System
9.1.2. Heat Pump System
9.2. Component Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.2.1. Outdoor Unit
9.2.2. Indoor Unit
9.2.3. Control System
9.3. Application Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
9.3.1. Residential
9.3.2. Commercial
9.3.3. Industrial
9.4. Country Analysis 2017 – 2021 and Forecast 2022 – 2028by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
9.4.1. USA
9.4.2. Canada
9.5. North America Commercial Air Conditioning System (VRF) Market – Opportunity Analysis Index, By Type, Component, Application, and Country, 2022 – 2028
9.6. North America Commercial Air Conditioning System (VRF) Market Dynamics – Trends
10. Europe Commercial Air Conditioning System (VRF) Market Analysis, 2017–2021and Forecast, 2022–2028(Revenue, USD Mn)
10.1. Type Analysis 2017–2021and Forecast 2022 – 2028by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.1.1. Heat Recovery System
10.1.2. Heat Pump System
10.2. Component Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.2.1. Outdoor Unit
10.2.2. Indoor Unit
10.2.3. Control System
10.3. Application Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
10.3.1. Residential
10.3.2. Commercial
10.3.3. Industrial
10.4. Country Analysis 2017–2021and Forecast 2022 – 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
10.4.1. Germany
10.4.2. UK
10.4.3. France
10.4.4. Spain
10.4.5. Italy
10.4.6. Russia
10.4.7. Poland
10.4.8. Rest of Europe
10.5. Europe Commercial Air Conditioning System (VRF) Market – Opportunity Analysis Index, By Type, Component, Application, and Country, 2022 – 2028
10.6. Europe Commercial Air Conditioning System (VRF) Market Dynamics – Trends
11. Asia-Pacific Commercial Air Conditioning System (VRF) Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
11.1. Type Analysis 2017–2021and Forecast 2022 – 2028by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.1.1. Heat Recovery System
11.1.2. Heat Pump System
11.2. Component Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.2.1. Outdoor Unit
11.2.2. Indoor Unit
11.2.3. Control System
11.3. Application Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
11.3.1. Residential
11.3.2. Commercial
11.3.3. Industrial
11.4. Country Analysis2017–2021and Forecast 2022 – 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
11.4.1. Japan
11.4.2. China
11.4.3. India
11.4.4. ASEAN
11.4.5. Australia & New Zealand
11.4.6. Rest of Asia-Pacific
11.5. Asia-Pacific Commercial Air Conditioning System (VRF) Market – Opportunity Analysis Index, By Type, Component, Application, and Country,2022 – 2028
11.6. Asia-Pacific Commercial Air Conditioning System (VRF) Market Dynamics – Trends
12. Latin America Commercial Air Conditioning System (VRF) Market Analysis,2017 – 2021 and Forecast, 2022–2028(Revenue, USD Mn)
12.1. Type Analysis 2017–2021and Forecast 2022 – 2028by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.1.1. Heat Recovery System
12.1.2. Heat Pump System
12.2. Component Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.2.1. Outdoor Unit
12.2.2. Indoor Unit
12.2.3. Control System
12.3. Application Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
12.3.1. Residential
12.3.2. Commercial
12.3.3. Industrial
12.4. Country Analysis 2017–2021and Forecast 2022 – 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
12.4.1. Brazil
12.4.2. Mexico
12.4.3. Argentina
12.4.4. Rest of Latin America
12.5. Latin America Commercial Air Conditioning System (VRF) Market – Opportunity Analysis Index, By Type, Component, Application, and Country, 2022 – 2028
12.6. Latin America Commercial Air Conditioning System (VRF) Market Dynamics – Trends
13. Middle East and Africa Commercial Air Conditioning System (VRF) Market Analysis, 2017 – 2021 and Forecast, 2022 – 2028 (Revenue, USD Mn)
13.1. Type Analysis 2017–2021and Forecast 2022 – 2028by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.1.1. Heat Recovery System
13.1.2. Heat Pump System
13.2. Component Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.2.1. Outdoor Unit
13.2.2. Indoor Unit
13.2.3. Control System
13.3. Application Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
13.3.1. Residential
13.3.2. Commercial
13.3.3. Industrial
13.4. Country Analysis 2017 – 2021 and Forecast 2022 – 2028 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
13.4.1. Gulf Cooperation Council (GCC) Countries
13.4.2. Israel
13.4.3. South Africa
13.4.4. Rest of MEA
13.5. MEA Commercial Air Conditioning System (VRF) Market – Opportunity Analysis Index, By Type, Component, Application, and Country, 2022 – 2028
13.6. MEA Commercial Air Conditioning System (VRF) Market Dynamics – Trends
14. Competition Landscape
14.1. Strategic Dashboard of Top Market Players
14.2. Company Profiles (Introduction, Financial Analysis, Product Type& Service Testing Types, Key Developments, Strategies, and SWOT Analysis)
14.2.1. DAIKIN INDUSTRIES, Ltd.
14.2.2. Midea Group
14.2.3. JOHNSON CONTROLS INTERNATIONAL PLC.
14.2.4. LG Electronics
14.2.5. MITSUBISHI ELECTRIC CORPORATION
14.2.6. Panasonic Corporation
14.2.7. FUJITSU
14.2.8. TOSHIBA CORPORATION
14.2.9. Ingersoll Rand
14.2.10. Carrier Global Corporation
15. Research Methodology
16. Key Assumptions and Acronyms

Report

Company Profile

  • DAIKIN INDUSTRIES, Ltd.
  • Midea Group
  • JOHNSON CONTROLS INTERNATIONAL PLC.
  • LG Electronics
  • MITSUBISHI ELECTRIC CORPORATION
  • Panasonic Corporation
  • FUJITSU
  • TOSHIBA CORPORATION
  • Ingersoll Rand
  • Carrier Global Corporation

Description

Commercial Air Conditioning System (VRF) Market is expected to be valued at USD 16,921.6 Million in 2022, growing at a 14.1% CAGR from 2022 to 2028. VRF, short for variable refrigerant flow and also called variable refrigerant volume (VRV), is an HVAC technology. The VRF system comprises refrigerants as the heating and cooling medium for several units and ican deliver simultaneous heating and cooling.  The global market for Commercial Air Conditioning systems (VRF) is primarily driven by the increasing global population. Additionally, nowadays urbanization, takes place rapidly which positively influences the construction industry, these factors are also anticipated to boost the demand for air conditioning systems. For instance, in the previous 50 years, the urban population in the Middle East region has grown at a substantial pace, steadily higher than in China and/or Africa. As a result, almost 70% of the population lives in metropolitan areas across the region, bringing it to the level of Europe. The GCC (Gulf Cooperation Council) is one of the vastly urbanized parts of the world with 85% of people living in cities in 2026, which is further anticipated to increase to 90% by 2050. The Commercial Air Conditioning System (VRF) market is constrained to some extent due to the high capital investment and lack of resources in growing industries. Furthermore, the complexities and higher cost of the VRF system were also cited as important issues that may create a negative impact on the market over the forecast period. The demand for HVAC technologies is progressively increasing in emerging economies such as the UAE, India, Mexico, and Brazil due to the rising temperature and increasing disposable income. As per the National Oceanic and Atmospheric Administration (NOAA), U.S. Department of Commerce, 2020 Annual Climate Report, since 1880 the combined ocean and land temperature have augmented at an average rate of 0.08°C per decade; though, the average rate of increase since 1981 (0.18°C) has been more than twice that rate. Modern buildings constructed worldwide are every so often designed with large panes of glass that draw sunlight and heat up the rooms more quickly, thus the requirement of a cooling system takes place. North America is expected to dominate the market owing to rising industrialization, high disposable income and continues technological development.

 

 

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