May 18, 2021 23:58 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, May 18, 2021 (GLOBE NEWSWIRE) -- The global variable refrigerant flow system market size is projected to reach USD 28.46 billion by 2028, exhibiting a CAGR of 7.02% during the forecast period. As per a new report by Fortune Business Insights™, titled “Variable Refrigerant Flow System Market, 2021-2028”, the value of this market stood at USD 15.90 billion in 2020.
Improving Funding for HVAC Startups to Boost the Market
The growing intensity of global warming and climate change has aggravated the need for adopting energy-efficient heating and cooling systems. Variable refrigerant flow (VRF) systems have emerged as the ideal solution to address this urgent requirement. Headlining the development of novel VRF solutions are startups specializing in cooling and heating technologies. More importantly, these entities are enjoying a period of improved funding and exciting collaborations. For example, in April 2020, Montreal-based BrainBox AI, a startup that develops automated HVAC systems, received funding of $8.6 million. According to the company, its AI-enabled HVAC units can deliver energy savings of up to 25% and reduce carbon footprint by 20% to 40%. Similarly, in December 2019, Envio Systems, a startup concerned with enhancing the energy performance of commercial spaces using the cloud and IoT, bagged $5 million in funding from Ebm-Papst, a leader in the HVAC industry based in Germany.
On the basis of components, the global market has been categorized into outdoor units, indoor units, and control systems & accessories. Based on system type, the market has been bifurcated into heat pump systems and heat recovery systems. By applications, the market has been divided into residential, commercial, and industrial. Among these, the commercial segment led this market with a share of 49.2% in 2020. In terms of region, the market has been segmented into North America, Asia Pacific, the Middle East & Africa, Europe, and Latin America.
The sudden outbreak of the COVID-19 pandemic is expected to limit the variable refrigerant flow systems market growth owing to the sharp decline in the demand for commercial spaces. The market recorded a decline of -15.50% in 2020 and reached a value of USD 17.70 billion in 2021. With strict social distancing norms imposed by governments worldwide, several business organizations have adopted remote working models for their employees. As a result, the utilization of commercial office spaces has drastically shrunk. For example, according to the property consultant firm Colliers International, the demand for office spaces in Mumbai dipped by 62% in 2020.
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This report contains rigorous research into the market drivers, trends, and opportunities and also supplies actionable insights into the segments defining the market. Further, the report incorporates a comprehensive analysis of the challenges restraining the market growth and supplies a holistic examination of the regional and competitive developments influencing the market.
Attractive Economic & Environmental Benefits of HVAC VRF Systems to Foster Growth
The economic and environmentally beneficial properties of variable refrigerant flow systems are the two most compelling reasons for their increasing adoption. For example, because the VRF technology requires the installation of only one HVAC unit, costs on additional units and equipment, which are substantial in the context of large constructions, are saved. This also automatically brings down maintenance costs as only one HVAC system needs to be operated. In terms of energy efficiency too, VRF systems appear attractive. This is due to the fact that these systems are engineered to facilitate the simultaneous distribution of cold and hot air in individual zones, where each unit has its own thermostat. Thus, the VRF technology reduces heat wastage and the unit only needs to use 30-70% of its capacity. These factors are crucial in augmenting the prospects of this market.
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Asia Pacific to Present Huge Growth Opportunities; North America to Gain from Product Launches
Asia Pacific is foreseen to dominate the variable refrigerant flow systems market share during the forecast period on account of the mushrooming growth of commercial buildings in the region. As a consequence, the uptake of VRF systems is skyrocketing across the region. In 2020, the Asia Pacific market size stood at USD 10.12 billion.
The market in North America is surging on the back of frequent product releases by leading industry players, such as LG’s introduction of the V5 multi-VRF units in Canada in 2018. In Europe, rising awareness about the effects of climate change is propelling the demand for energy-efficient variable refrigerant flow systems solutions in the region.
Distribution Agreements to Aid Key Players Expand Business Horizons
Key players in this market are bolstering their presence by entering into distribution deals with regional companies. These deals are enabling market participants to rapidly expand their footprint in the HVAC industry and widen their businesses in a sustained manner.
List of Key Players Covered in the Variable Refrigerant Flow System Market Report:
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