The "Global Variable Refrigerant Flow Systems Market By Type, By Component, By End User, By Region, Industry Analysis and Forecast, 2020 - 2026" report has been added to ResearchAndMarkets.com's offering.
The Global Variable Refrigerant Flow (VRF) Systems Market size is expected to reach $35.4 billion by 2026, rising at a market growth of 17.2% CAGR during the forecast period.
VRF air-conditioning systems are now being installed by a growing number of property owners and managers. With a long product life under harsh conditions, good air conditioning efficiency and excellent service, VRF systems are becoming the chosen option for apartments and collective housing.
The key factors driving the growth of the VRF systems industry are the rising demand for energy-efficient heating, ventilation and air conditioning (HVAC) solutions and growing construction industry, along with government initiatives to ease FDI standards in the real estate sector. VRF systems refer to two main components of air conditioning systems: outdoor units and indoor units. Such systems use built-in heat exchangers for heating and refrigerating applications.
The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix, Toshiba Corporation, Samsung Electronics Co., Ltd., and Johnson Controls International PLC are the forerunners in the Variable Refrigerant Flow (VRF) Systems Market. Companies such as LG Electronics, Inc., Daikin Industries, Ltd., Trane Technologies PLC, Panasonic Corporation, Mitsubishi Electric Corporation, Fujitsu Limited, and Lennox international, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include LG Electronics, Inc. (LG Corporation), Daikin Industries, Ltd., Toshiba Corporation, Mitsubishi Electric Corporation, Fujitsu Limited, Trane Technologies PLC, Lennox International, Inc., Panasonic Corporation, Samsung Electronics Co., Ltd. (Samsung Group), and Johnson Controls International PLC.
Recent Strategies Deployed
Partnerships, Collaborations, and Agreements
May-2020: Panasonic collaborated with Quantum Cooling, an independent HVAC manufacturers' representative firm. Under the collaboration, the latter company was aimed to distribute Panasonic VRF and mini-split systems, including its new ECO Ventilate Packaged Dedicated Outside Air Systems (DOAS), to the customers in Florida.
Oct-2019: Panasonic entered into collaboration with Welcome Air-Tech (WAT), a regional specialist in air handling units (AHU). Together, the companies is expected to develop an energy-efficient and sustainable air conditioning and ventilation solution for the commercial sector across Southeast Asia. The companies launched DX-AHU and variable refrigerant flow (VRF) solution that provides an efficient and environmentally-friendly new indoor air quality (IAQ) solution, featuring WAT-Saver's innovative and proven indoor AHU technology, alongside Panasonic's energy-efficient outdoor variable refrigerant flow (VRF) inverter technology solution.
Jun-2019: Fujitsu General teamed up with G.I. Holding S.p.A. (hereafter GIH), an Italian air conditioning manufacturer. Together, the companies launched an inverter-controlled Air Handling Unit with excellent energy savings.
Jan-2019: Mitsubishi Electric Trane HVAC, LLC, a JV between Mitsubishi Electric and Trane signed an agreement with Tozour Energy Systems, Philadelphia area's leading commercial HVAC and building automation provider. The latter company was aimed to distribute Mitsubishi Electric Trane HVAC, LLC's CITYMULTI VRF systems for the plan and spec market in Pennsylvania and southern New Jersey.
Acquisitions and Mergers
Sep-2019: Trane completed the acquisition of Arctic Chiller Group, a Canadian-based HVAC manufacturer. The acquisition broadened the product portfolio of the company for reducing energy and operating costs.
Feb-2019: Daikin Industries acquired AHT Group, a leading company in the commercial refrigeration market in Europe. The acquisition broadened Daikin's portfolio and enabled it to become a one-stop provider offering complete coordination of air conditioning and refrigeration products.
Product Launches and Product Expansions
Nov-2019: LG launched the Multi V S, industry's first compact R32 VRF range. The R32 VRF has been designed for residential buildings and small to medium-sized offices. The Multi V S requires 4.3kg of R32 compared to the previously required 5.6kg on the R410A version.
Sep-2019: Mitsubishi Electric announced the launch of new R32 VRF (Variable Refrigerant Flow) air conditioning systems. These air conditioning systems is expected to provide the UK market with the first complete range of lower Global Warming Potential (GWP) solutions. The R32 City Multi YNW range is available in both heat recovery and heat pump variants for delivering lower GWP for large air conditioning systems.
Sep-2019: Johnson Controls-Hitachi Air Conditioning introduced the Hitachi Water Source Variable Refrigerant Flow (VRF) heat pump and heat recovery systems. The new multi-module systems deliver the capability of connecting multiple single-module units, ranging from 6-48 tons.
Jan-2019: Trane introduced Genyue5+, full DC Inverter VRF system for India and SAARC markets. Genyue5+ has been designed for providing better efficiency in operations and lowering energy consumption while improving capacity, ensuring reliability, and delivering ease of operations.
Jan-2020: Mitsubishi Electric opened two new showrooms in Patiala and Sangrur cities of Punjab. These showrooms is expected to display and sell Mitsubishi Electric's Air-conditioning products including room air-conditioners, packaged air-conditioners, City Multi VRF systems, and Jet Towels to residential and commercial establishments.
Oct-2019: Johnson Controls-Hitachi Air Conditioning opened a new Global Development Center in Kadi, Gujarat State, India. The center aimed to drive the company's world-class innovation capabilities with a strong focus on developing residential air conditioners and commercial packaged air conditioners for India as well as Southeast Asia, Middle East, and European markets.
Scope of the Study
- Heat Pump Systems
- Heat Recovery Systems
- Outdoor Units
- Indoor Units
- Control Systems & Accessories
- North America
- Asia Pacific
- LG Electronics, Inc. (LG Corporation)
- Daikin Industries, Ltd.
- Toshiba Corporation
- Mitsubishi Electric Corporation
- Fujitsu Limited
- Trane Technologies PLC
- Lennox International, Inc.
- Panasonic Corporation
- Samsung Electronics Co. Ltd. (Samsung Group)
- Johnson Controls International PLC
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