Global Commercial Air Conditioning (VRF) System Market

New York, USA, Oct. 31, 2022 (GLOBE NEWSWIRE) — According to the recently released Research Dive report, the global commercial air conditioning (VRF) systems market is expected to grow at a stable CAGR of 13.5%, generating revenue of $34,619.00 million during the period 2020-2027. This comprehensive scuba research report presents a brief overview of the current framework of the Commercial Air Conditioning Systems (VRF) Market including its priority features such as growth drivers, growth opportunities, restraints and barriers during of the forecast period 2020-2027. The report also contains all the crucial market figures to help new entrants easily understand the market.

Market dynamics

Drivers: Strategic alliances among the major industry players are expected to be the main growth driver for the commercial air conditioning systems (VRF) market during the forecast period. Additionally, product developments and launches by key players are expected to drive the market forward.

Opportunities: During the recent period, there is an increasing demand for energy efficient HVAC systems which is expected to provide ample growth opportunities for the market over the forecast period. Moreover, rising demand for energy efficient systems, especially in emerging economies, is expected to help the market to register substantial growth over the coming period.

Constraints: However, according to market analysts, the high cost of installation may become a drag on the growth of the commercial air conditioning systems (VRF) market.

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Impact of Covid-19 on the market

The Covid-19 pandemic has disrupted the usual way of life for people across the world and the ensuing lockdowns have had a negative impact on industrial processes across all sectors. The commercial air conditioning systems (VRF) market has been significantly impacted due to the pandemic. A growth in demand for HVAC systems has been recorded in residential and commercial spaces such as hospitals and laboratories. However, simultaneously there have been disruptions in the production and manufacturing cycles due to the lockdowns.

Market segments

The ResearchDive report has fragmented the commercial air conditioning systems (VRF) market into different segments such as type, component, application, and region.

Type: The heat recovery systems sub-segment will be the most dominant

By type, the heat recovery systems sub-segment is expected to have the highest market share and generate a return of $22,148.8 million by 2027. The extensive use of heat recovery systems in commercial spaces such as malls, schools, hotels and restaurants are expected to contribute to the growth of this sub-segment.

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Component: Indoor units sub-segment will have the highest CAGR

By component, the indoor unit sub-segment of the commercial air conditioning systems (VRF) market is expected to have the highest CAGR and generate a revenue of $13,076.0 million by 2027. The increase of construction activity in the commercial and residential sectors across the globe is expected to provide plenty of growth opportunities to the sub-segment over the forecast period.

Application: Commercial sub-segment will be the most lucrative

By application, the business sub-segment is expected to be the most dominant and generate a revenue of $22,204.1 million by 2027 to drive the growth of this sub-segment.

Region: the Asia-Pacific region market will be the most profitable

According to a regional analysis, the commercial air conditioning systems (VRF) market in the Asia-Pacific region is expected to be the most dominant and register a revenue of $21,117.6 million by 2027. Increasing prevalence and the high concentration of VRF systems in countries like China, Japan, and South Korea, etc. is expected to be the main driver of market growth in this region.

Main market players

Some prominent players in the commercial air conditioning systems (VRF) market are

  1. DAIKIN INDUSTRIES, Ltd.
  2. MITSUBISHI ELECTRIC CORPORATION
  3. TOSHIBA COMPANY
  4. Midea Group
  5. Panasonic Company
  6. Ingersoll-Rand
  7. JOHNSON CONTROLS INTERNATIONAL PLC.
  8. FUJITSU
  9. Global carrier company
  10. LG Electronics

These players introduce and come up with new technological advancements and innovations to gain market leadership.

For example, in February 2022, Carrier Global Corporation, a leading provider of HVAC and security solutions, announced that it had signed an agreement to acquire Toshiba Carrier Corporation (TCC) from Toshiba Corporation. Toshiba Corporation is a Japanese multinational conglomerate and this acquisition should help Carrier Global Corporation tremendously in the coming period. Buy the full report

Finally, this comprehensive report also summarizes many crucial facets of the global market including product portfolio, latest strategic developments, financial performance of key players, and SWOT analysis.

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