The global commercial air conditioning (VRF) market will see accelerated growth through 2027 due to increasing consumer demand for energy efficient HVAC systems

NEW YORK, April 14, 2021 / PRNewswire / – According to a recent report released by Research Dive, the global Commercial Air Conditioner (VRF) market accounted for $ 15,859.80 million in 2019 and is expected to have sales of $ 34,619.00 million by 2027 with a CAGR of 13.5% in the period 2020-2027.

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Effects of COVID-19 on Commercial Air Conditioning (VRF) Market:

The COVID 19 pandemic has had a significant impact on the development of the global VRF system market. At a time when people spend more time at home, HVAC technologies are vital to personal comfort. In addition, 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 impacted both industrial and global supplies, forcing component suppliers and manufacturers to rethink their use of the global distribution network in order to maintain business continuity.

Get access to COVID-19 Impact Analysis Report on Commercial Air Conditioning (VRF) Market.

Regional analysis

In 2019 the Asia Pacific The commercial air conditioning (VRF) market has paid off $ 10,261.3 millionand until 2027; it is expected to be worth it $ 21,117.6 million. The high concentration of VRF systems in countries like China, Japan, and South Korea is expected to drive the growth of the global commercial air conditioning (VRF) market. In addition, its increasing popularity with retrofit companies is expected to fuel demand for commercial air conditioning in the region in the coming years.

Key areas of the market

The report has segmented the market into Type, Component, Application and Region.

1. In the type segment, the heat recovery system sub-segment is expected to generate sales $ 22,148.8 million during the analysis period. Heat recovery systems are commonly used in commercial facilities such as shopping malls, schools, hotels and restaurants where heating and cooling are required at the same time. In the coming years, the demand for VRF systems for heat recovery is expected to be driven by increasing investments and the expansion of construction activities in the corporate and service sectors.

2. In the components segment, the indoor units sub-segment is expected to experience the fastest growth, while the outdoor units sub-segment is expected to achieve a dominant market share. In 2019, the indoor unit subsegment was worth it $ 5,531.0 millionand by 2027 it is expected to be worth it $ 13,076.0 million. This growth is mainly due to the increased construction activity in the residential and commercial sectors.

3. In the application segment, the residential sub-segment is expected to show the fastest growth, and the commercial sub-segment is expected to generate the maximum share of sales in the world market. In 2019, the residential segment was worth it $ 3,560.3 millionand by 2027 it is expected to be worth it $ 8,809.7 million. This growth is mainly due to increasing investment in residential construction in countries such as the United Arab Emirates. India, and Brazil.

Market dynamics

Traditional HVAC systems use almost half of all electricity and place a financial burden on the user. However, because the VRF system is more energy efficient, quieter, and easier to install and manage, users are changing their preference for it. It is expected that an increasing awareness of energy efficiency and a further development of the legislation will lead to the introduction of VRF systems in countries such as e.g. The United States, Japan, and China. This factor is expected to fuel the growth of the global Commercial Air Conditioning (VRF) market over the analysis period.

The initial cost of installing a VRF device is high. Compared to conventional air conditioning systems, this system is 15 to 20% more expensive, but 50% more energy efficient. According to a study by Washington State UniversityThe cost of installing a VRF HVAC system is approximately USD 18 served per square foot while a traditional HVAC system could cost about USD 12 to USD 15 served per square foot. Therefore, the high cost of installing VRF systems is expected to hamper the growth of the global commercial air conditioning (VRF) market during the analysis period.

Top 10 key players in the market and recent developments in the VRF (Commercial Air Conditioning System) industry:

Major players in the global Commercial Air Conditioning (VRF) Market include

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

For example in June 2020Daikin, a leading innovator and provider of advanced, high quality air conditioning solutions for residential, commercial and industrial uses, presented a list of expert ventilation methods for offices and shops. The content introduced by Daikin includes basic information and effective methods for ventilating shops and offices and is divided into three areas:

(1) Small shops reDetached buildings such as restaurants and shops overlooking the street⟩
(2) (2) Small and medium-sized offices “Offices in small and medium-sized buildings with 10 floors or less”
(3) Offices and shops in large buildings with the windows closed.

The report also discusses the other important aspects of the market including the key players’ financial performance, product portfolio, recent strategic developments, and SWOT analysis. – Inquire and get quick access to the executive summary report on the top companies’ development strategies [80 pages]

For more information on Commercial Air Conditioning (VRF):

Global Commercial Air Conditioning (VRF) Market: One Way to Improve Energy Efficiency

Factors To Consider When Buying A Commercial Air Conditioner

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About Research Dive

Research Dive is a market research company based in Pune, India. While maintaining the integrity and authenticity of the services, the company offers the services based solely on its exclusive data model enforced by the 360-degree research method that guarantees a comprehensive and accurate analysis. With unparalleled access to multiple paid data resources, a team of experts, and a strong work ethic, the company provides the most accurate and reliable insights. Research Dive reviews relevant press releases, government publications, decades of commercial data, and technical and white papers, and provides its clients with the services they need within the required timeframe. Expertise is focused on studying niche markets, targeting key factors, and identifying threatening barriers. In addition, there is a seamless collaboration with the big industry enthusiast, which gives his research another advantage.

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