New York, USA, April 6, 2021 (GLOBE NEWSWIRE) – According to a report published by Research Dive, the Commercial air conditioning system (VRF) Marlet should generate a turnover of $ 34,619.00 million by 2027, To CAGR of 13.5% in 2020-2027.
Impact of COVID-19 on the Global Commercial Air Conditioning System (VRF) Market:
The COVID 19 pandemic has had a significant effect on the growth of the global commercial air conditioning systems (VRF) market. The introduction of security measures to control the spread of the virus caused organizational problems for industry participants, resulting in a shortage of manpower. Along with instability in the industrial supply chain, the novel coronavirus outbreak triggered a fluctuation in demand for HVAC systems, such as VRF systems, as offices and commercial establishments were closed.
Due to social distancing, suppliers, service providers and contractors were not allowed or refused to provide installation services, which resulted in decreased demand and, consequently, decreased sales volume. and corporate income. The effect was then felt throughout the value and supply chain.
Access Free Sample Copy of Commercial Air Conditioning Systems (VRF) Market Report (Including Full Table of Contents, Tables, and Figure) Here! @ https://www.researchdive.com/download-sample/8366
Conventional HVAC systems consume about 50% of total electricity, which is a financial burden for the user. People are changing their preference to the VRF system because it is more energy efficient, quieter and easier to install and manage. In countries like the United States, Japan, and China, the growing awareness of energy efficiency and changing legislation is expected to drive the growth of the global commercial air conditioning systems (VRF) market over the course of the analysis period.
The installation of a VRF system has a high initial cost. This system is 15-20% more expensive than conventional air conditioning systems, but it is 50% more energy efficient. According to a study by Washington State University, the cost of installing a VRF HVAC system is about $ 18 per square foot served, compared to $ 12 to $ 15 per square foot served for a conventional HVAC system. Thus, the high cost incurred in the installation of VRF systems is expected to restrain the growth of the global commercial air conditioning system (VRF) market during the analysis period.
The report segmented the market on the basis of type, component, application, and regional analysis.
The fastest growing types of heat pump systems sub-segment
Within the types sub-segment, the heat pump systems sub-segment is expected to experience the fastest growth. In 2019, the heat pump system sub-segment was worth $ 4,903.40 million and by 2027 it is expected to be worth $ 12,470.20. The heat pump system is simple to install and maintain, and it is more energy efficient than a heat recovery system, and therefore it is commonly used in residential buildings. The living conditions of consumers in urban areas have improved thanks to the increase in the number of double-income households; as a result, consumers are spending more on electronic devices, such as HVAC systems. These factors are expected to fuel the growth of the heat pump sub-segment during the analysis period.
Learn about the impact of COVID-19 on the Commercial Air Conditioning System (VRF) market. Click Here To Talk About Our Expertise Before Buying Report and Get More Market Insight @ https://www.researchdive.com/connect-to-analyst/8366
Outdoor Unit Components sub-segment is expected to gain dominant market share
The outdoor units sub-segment is expected to hold a dominant market share in the global market and is expected to generate revenue of $ 15,502.4 million during the analysis period. The growing demand for replacement and modernization from countries like the United States, China, Japan and South Korea. Additionally, consumer preference has shifted from conventional HVAC systems to VRF systems due to increased consumer awareness and the introduction of legislation to minimize carbon emissions. These factors are expected to fuel the growth of the outdoor units sub-segment during the analysis period.
Business sub-segment is expected to generate maximum revenue share
The business sub-segment is expected to hold a dominant market share in the global market and is expected to generate revenue of $ 22,204.1 million during the analysis period. This growth can be attributed to the increasing number of shopping malls, retail spaces and corporate buildings in countries like India, United Arab Emirates and China. Mall developers and investors such as Raheja-owned Inorbit Malls, Xander-APG joint venture, Virtuous Retail South Asia (VRSA), real estate developer Prestige Estates Ventures and Blackstone-owned Nexus Malls are looking to double their space . in a year or two.
Request Customization of Commercial Air Conditioning Systems (VRF) Market Report and Get 10% Discount on this Report @ https://www.researchdive.com/request-for-customization/8366
Fastest Growing North America Region
The North American Commercial Air Conditioning (VRF) market is expected to generate revenue of $ 1,221.2 million and increase to a 17.5% CAGR by 2027. The increased adoption of VRF systems by large enterprises is expected to drive the market growth. The growing awareness of the benefits associated with installing VRF systems among commercial consumers and high-end residential buildings, along with the growing popularity, especially in the United States, are the major drivers for the growth of the market for the commercial air conditioning (VRF) in this Region.
Key players and business strategies
The report appeals to the major players in the global commercial air conditioning (VRF) market which include
- Global carrier company
- Ingersoll Rand
- DAIKIN INDUSTRIES, Ltd.
- Midea Group
- JOHNSON CONTROLS INTERNATIONAL PLC.
- LG Electronics
- MITSUBISHI ELECTRICAL COMPANY
- Panasonic Corporation
- TOSHIBA COMPANY.
These industry players are focused on developing multiple strategies such as partnerships, mergers and acquisitions, and product launches to drive market expansion.
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.
Besides, the report contains many points about Major Business Manufacturers such as SWOT Analysis, Product Portfolio, Financial Status – Inquire to Access Detailed Top Business Development Strategy Report
Main trend reports:
Navigation Lighting Market – https://www.researchdive.com/8346/navigation-lighting-market
Storage Refrigeration Monitoring Market – https://www.researchdive.com/169/storage-refrigeration-monitoring-market
Security Motion Control Market – https://www.researchdive.com/128/safety-motion-control-market