- The global commercial air conditioning system (VRF) market is predicted to undergo huge growth in the coming years. The Asia-Pacific market for commercial air conditioning system (VRF) is projected to dominate the global industry.
NEW YORK, April 14, 2021 /PRNewswire/ -- According to a recent report published by Research Dive, the Global Commercial Air Conditioning System (VRF) Market accounted for $15,859.80 million in 2019 and is anticipated to garner a revenue of $34,619.00 million by 2027 with a CAGR of 13.5% during 2020-2027.
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COVID-19 Impact on Commercial Air Conditioning System (VRF) Market:
The COVID 19 pandemic has had a major impact on the global VRF system market's development. At a time when people are spending more time at home, HVAC technologies are critical to personal comfort. Furthermore, HVAC technologies are used in organizations such as hospitals, clinics, and laboratories to provide heating, cooling, and air filtration. The COVID-19 outbreak and home quarantine affected industrial supply as well as global supply, forcing component suppliers and manufacturers to rethink how they use the global distribution network to sustain business continuity.
In 2019, the Asia-Pacific commercial air conditioning system (VRF) market was worth $10,261.3 million, and by 2027; it is expected to be worth $21,117.6 million. The high concentration of VRF systems in countries such as China, Japan, and South Korea is anticipated to drive the growth of the global commercial air conditioning system (VRF) market. Furthermore, rising popularity among retrofitting contractors is anticipated to push up demand of the commercial air conditioning systems in the area in the coming years.
Key Segments of the Market
The report has divided the market into type, component, application, and region.
1. In the type segment, the heat recovery system sub-segment is anticipated to garner a revenue of $22,148.8 million during the analysis period. Heat recovery systems are commonly used in commercial establishments such as shopping malls, schools, hotels, and restaurants, among others, where simultaneous heating and cooling is necessary. In the coming years, demand for heat recovery VRF systems is expected to be driven by increasing investment and expanding construction activities in the corporate and service sectors.
2. In the component segment, the indoor unit sub-segment is anticipated to experience the fastest growth, whereas outdoor unit sub-segment is anticipated to garner a dominant market share. In 2019, the indoor unit sub-segment was worth $5,531.0 million, and by 2027, it is expected to be worth $13,076.0 million. This growth can be majorly attributed to the rise in the construction activities in the residential and commercial sectors.
3. In the application segment, the residential sub-segment is anticipated to experience the fastest growth and commercial sub-segment is anticipated to garner the maximum revenue share in the global market. In 2019, the residential sub-segment was worth $3,560.3 million, and by 2027, it is expected to be worth $8,809.7 million. This growth can be majorly attributed to the increasing investment in residential construction activities in countries like the UAE, India, and Brazil.
Dynamics of the Market
Conventional HVAC systems consume nearly half of total electricity, placing a financial burden on the user. However, since the VRF system is more energy efficient, quieter, and easier to install and manage, people are changing their preference toward it. Increasing energy-efficiency awareness and evolving legislation are expected to influence the adoption of VRF systems in countries such as the United States, Japan, and China. This factor is anticipated to boost the growth of the global commercial air conditioning system (VRF) market in the analysis period.
The initial cost of installing a VRF device is high. As compared to traditional air conditioning systems, this system is 15-20% more expensive but 50% more energy efficient. According to a study conducted by Washington State University, the cost of installing a VRF HVAC system is approximately USD 18 per square foot served, while a conventional HVAC system could cost approximately USD 12 to USD 15 per square foot served. Thus, the high cost of installation of VRF systems is anticipated to hamper the growth of the global commercial air conditioning system (VRF) market in the analysis period.
Top 10 Key Market Players and Recent Developments in Commercial Air Conditioning System (VRF) Industry:
The most significant players of the global commercial air conditioning system (VRF) market include
1. DAIKIN INDUSTRIES, Ltd.
2. Midea Group
3. JOHNSON CONTROLS INTERNATIONAL PLC.
4. LG Electronics
5. MITSUBISHI ELECTRIC CORPORATION
6. Panasonic Corporation
8. TOSHIBA CORPORATION
9. Ingersoll Rand
10. Carrier Global Corporation.
For instance, in June 2020, Daikin, a leading innovator and provider of advanced, high-quality air conditioning solutions for residential, commercial, and industrial purposes, introduced a list of expert ventilation methods for offices and stores. The content introduced by Daikin covers basic information and effective methods for ventilation in stores and offices and is divided into three areas:
(1) Small stores ⟨Freestanding buildings such as restaurants and shops facing the street⟩
(2) (2) Small- and medium-sized offices ⟨Offices in small- and medium-sized buildings with 10 floors or less⟩
(3) Offices and Stores in Large Buildings with Closed Windows.
The report also discusses the other important aspects of the market including financial performance of key players, product portfolio, recent strategic developments, and SWOT analysis. - Inquire and Get Quick Access to Top Companies Development Strategies Summary Report [80 pages]
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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