NEW YORK, April 14, 2021 / PRNewswire / – According to a recent report published by Research Dive, the Global Commercial Air Conditioning System (VRF) Market represented $ 15,859.80 million in 2019 and should generate a turnover of $ 34,619.00 million by 2027 with a 13.5% CAGR in 2020-2027.
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Impact of COVID-19 on Commercial Air Conditioning Systems (VRF) Market:
The COVID 19 pandemic has had a major impact on the development of the global VRF systems market. In an age when people are spending more time at home, HVAC technologies are essential for personal comfort. Additionally, 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 have affected industrial sourcing as well as global sourcing, forcing component suppliers and manufacturers to rethink how they use the global distribution network to maintain business continuity. activities.
In 2019, the Asia Pacific the commercial air conditioning systems (VRF) market was worth $ 10,261.3 million, and by 2027; it should be worth $ 21,117.6 million. The high concentration of VRF systems in countries such as China, Japan, and South Korea is expected to drive the growth of the global commercial air conditioning system (VRF) market. Additionally, the growing popularity of home improvement contractors is expected to increase the demand for commercial air conditioning systems in the region over the next several years.
Key market segments
The report divided the market into type, component, application, and region.
1. In the types segment, the heat recovery systems sub-segment is expected to generate sales 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 required. In the coming years, the demand for VRF systems with heat recovery is expected to be driven by increased investment and expansion of construction activities in the business and service sectors.
2. In the component segment, the indoor units sub-segment is expected to experience the fastest growth, while the outdoor units sub-segment is expected to gain dominant market share. In 2019, the indoor units sub-segment was worth $ 5,531.0 million, and by 2027, it should be worth $ 13,076.0 million. This growth is mainly attributable to the increase in construction activity in the residential and commercial sectors.
3. In the application segment, the residential sub-segment is expected to experience the fastest growing and the commercial sub-segment is expected 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 should be worth $ 8,809.7 million. This growth can mainly be attributed to increased investment in residential construction activities in countries like the United Arab Emirates, India, and Brazil.
Conventional HVAC systems consume almost half of the total electricity, which is a financial burden for the user. However, since the VRF system is more energy efficient, quieter, and easier to install and manage, people are changing their preferences towards it. Growing awareness of energy efficiency and changing legislation is expected to influence the adoption of VRF systems in countries such as United States, Japan, and China. This factor is expected to drive the growth of the global commercial air conditioning systems (VRF) market during the analysis period.
The initial cost of installing a VRF device is high. Compared to traditional air conditioning systems, this system is 15 to 20% more expensive but 50% more energy efficient. According to a study conducted by Washington State University, the installation cost of a VRF HVAC system is approximately 18 USD per square foot served, whereas a conventional HVAC system could cost around 12 USD To 15 USD per square foot served. Thus, the high cost of installing VRF systems is expected to hamper the growth of the global commercial air conditioning system (VRF) market during the analysis period.
Top 10 Market Players and Recent Developments in Commercial Air Conditioning System (VRF) Industry:
Major players in 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 COMPANY
6. Panasonic Corporation
8. TOSHIBA CORPORATION
9. Ingersoll Rand
10. Global carrier company.
For example, in june 2020, Daikin, a leading innovator and provider of advanced and high quality air conditioning solutions for residential, commercial and industrial use, presented a list of expert ventilation methods for offices and shops. The content presented by Daikin covers basic information and effective methods of ventilation in shops and offices and is divided into three areas:
(1) Small stores ⟨Independent buildings such as restaurants and shops facing the street
(2) (2) Small and medium-sized offices ⟨Office in small and medium-sized buildings of 10 floors or less⟩
(3) Offices and stores in large buildings with closed windows.
The report also discusses the other significant aspects of the market including the financial performance of key players, product portfolio, recent strategic developments, and SWOT analysis. – Educate yourself and get quick access to the summary report of the best business development strategies [80 pages]
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About the research dive
Research Dive is a market research company based in Pune, India. By maintaining the integrity and authenticity of the services, the company provides services only based on its proprietary data model, constrained by the 360-degree research methodology, which guarantees a complete and accurate analysis. With unprecedented access to multiple paid data resources, a team of expert researchers and a strict work ethic, the firm delivers extremely accurate and reliable information. By reviewing relevant press releases, government publications, decades of business data, and technical and white papers, Research Dive delivers the services it needs to its clients on time. Its expertise is focused on examining niche markets, targeting its key driving factors and detecting threatening obstacles. Complementarily, he also maintains a transparent collaboration with the great aficionado of the industry, which offers an additional advantage to his research.
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