According to Precision Business Insights (PBI), the latest report, the commercial air conditioning (vrf) systems market is expected to be valued at USD 16,921.6 million in 2022, growing at a CAGR of 14.1% from 2022 to 2028 The major driver for the expansion of the global commercial air conditioning (VRF) systems market is the increase in the global population, increasing urbanization across the world and the continuous advancement of the VRF system.
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Heat recovery systems segment will dominate the commercial air conditioning systems (VRF) market:
Based on the type, the heat recovery systems segment is expected to have a major market share in the global market during the forecast period. The heat recovery system has a wide range of applications in commercial establishments such as shopping malls, schools, restaurants, hotels, and among others where heating and cooling is frequently required. Rising investment coupled with increasing construction activities in the corporate and service sectors is further expected to propel the demand for VRF heat recovery system in the coming years.
North America Commercial Air Conditioning (VRF) System Market:
The North America region is expected to lead the global commercial air conditioning systems (VRF) market by registering major market share during the forecast period owing to the growing adoption of VRF systems in various applications, from awareness of the benefits of installing VRF systems among sales people. consumers and high-end residential buildings, particularly in the United States. Moreover, with increasing investment, many key players are focusing on strategic collaboration and new product launches to meet the growing demand from the replacement and refurbishment industry.
Strategic new product launches, mergers, acquisitions, and agreements are the major strategies adopted by market players:
Global Commercial Air Conditioning (VRF) Systems Market further reveals that major players are increasingly adopting strategies such as new product launches, product launches and long-term alliances to improve the revenue share of the market and gain a significant geographical presence in the region.
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The commercial air conditioning systems (VRF) market is segmented on the basis of type, component, application and geography:
Based on Type, the market is segmented as follows:
• Heat recovery system
• Heat pump system
On the basis of component, the market is segmented as follows:
• Outdoor unit
• Indoor unit
• Control system
Based on Application, the market is segmented as follows:
Based on geography, the market is segmented as follows:
• North America
• Latin America
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Key Player Profiles of Commercial Air Conditioning System (VRF) Market report are DAIKIN INDUSTRIES, Ltd., Midea Group, JOHNSON CONTROLS INTERNATIONAL PLC., LG Electronics, MITSUBISHI ELECTRIC CORPORATION, Panasonic Corporation, FUJITSU, TOSHIBA CORPORATION, Ingersoll Rand and Global Carrier Society
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