DUBLIN, October 30, 2017 /PRNewswire/ --

The "VRF System Market by System Type (Heat Pump, Heat Recovery), Component (Outdoor Unit, Indoor Unit, Control Systems, and Accessories), Application (Commercial: Office Buildings, Retail Stores, Residential), and Geography - Global Forecast to 2023" report has been added to Research and Markets' offering.

The VRF system market is expected to grow from USD 10.04 Billion in 2016 to USD 22.79 Billion by 2023, at a CAGR of 12.43% between 2017 and 2023.

The major factors driving the growth of VRF system market include the growing construction industry and easing of norms of FDI for construction and real estate sectors, high energy saving potential as well as easy and minimum maintenance of VRF system, the focus of major players on providing technologically advanced refrigerants for air conditioning and heat pump solutions. Further various advantages of VRF systems such as the high performance of equipment, high energy efficiency, lower failure risk, and greater load management potential are also propelling the growth of VRF system market.

The VRF system market report has been segmented on the basis of component, system type, application, and region. Based on components, the VRF system market has been classified into outdoor units, indoor units, and control systems and accessories. The outdoor unit segment is estimated to lead the VRF system market during the forecast period. There is a considerable increase in the volume of outdoor and indoor units of VRF systems in recent years. The increasing adoption of VRF systems in commercial buildings, growing demand for energy-efficient devices, and increasing consumer awareness toward energy saving in developing regions such as APAC and RoW are the key factors driving the demand for outdoor and indoor units of VRF systems. The market for control systems and accessories is expected to grow at the highest CAGR between 2017 and 2023.

Daikin Industries is one of the leading players in the VRF system market owing to its wide product portfolio and significant geographic presence.

Market Dynamics

Drivers

• Growing Construction Industry And Easing of Norms of Fdi for Construction And Real Estate Sectors
• High Energy Saving Potential As Well As Easy And Minimum Maintenance of VRF System
• Focus of Major Players On Providing Technologically Advanced Refrigerants for Air Conditioning And Heat Pump Solutions
• Regulations And Policies of Eu Government Pertaining to Construction Products

Restraints

• High Installation Cost

Opportunities

• Significant Opportunities in Developing Countries
• Increasing Penetration of VRF System for Residential Applications

Challenges

• Essence to Comply With the Safety Standards And Complexities in Designing VRF Systems

Companies Mentioned

• Carrier
• Daikin Industries
• Fujitsu Group
• Gree
• Ingersoll Rand
• Johnson Controls
• Lennox International
• LG Electronics
• Midea Group
• Mitsubishi Electric
• Panasonic
• Samsung Electronics
• Toshiba
• United Technologies

For more information about this report visit https://www.researchandmarkets.com/research/n7wmjk/vrf_system_market

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SOURCE Research and Markets