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[ 英語タイトル ] VRF System Market by System Type (Heat Pump, Heat Recovery), Component (Outdoor Unit, Indoor Unit, Control Systems, and Accessories), Application (Commercial: Office Buildings, Retail Stores, Residential), and Geography - Global Forecast to 2023


Product Code : MNMSE00108836
Survey : MarketsandMarkets
Publish On : February, 2021
Category : Semiconductor and Electronics
Study Area : Global
Report format : PDF
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[Report Description]

“VRF system market anticipated to grow at a CAGR of 12.43% from 2017 to 2023”
The VRF system market is estimated to be worth USD 22.79 billion by 2023, growing at a CAGR of 12.43% between 2017 and 2023. The increasing adoption of heat pump and heat recovery systems in commercial and residential building application is expected to drive the growth of VRF system market from 2017 to 2023. A major factor restraining the growth of VRF system market is high installation cost.
“VRF system market for heat recovery system estimated to grow at a higher CAGR during the forecast period”
On the basis of system type, the VRF system market has been classified into heat pump and heat recovery system. The market for heat recovery system is expected to grow at a higher CAGR during the forecast period. Heat recovery systems have the ability to provide heating and cooling simultaneously and are flexible enough to operate in different climatic conditions. These are the main reasons for the high growth of heat recovery system market between 2017 and 2023.

Market for residential applications expected to grow at the highest CAGR during the forecast period
The VRF system market for the residential application is expected to grow at the highest CAGR during the forecast period owing to the good pace of construction industry and easy installation of VRF system. System reliability and design flexibility of VRF system make it an excellent choice for residential applications.

“Asia Pacific accounted for the largest share of the VRF system market in 2016”
Asia Pacific accounted for the largest share of the VRF system market in 2016. The VRF system market in Asia Pacific is driven by various factors such as technological advancements and the early adoption of various VRF technologies by countries such as Japan, China, and South Korea.
The breakup of primaries conducted during the study is depicted below:
• By Company Type: Tier 1 – 55 %, Tier 2 – 20%, and Tier 3 –25%
• By Designation: C-Level Executives – 57%, Directors – 29%, and Others – 14%
• By Region: North America– 37%, Europe – 34%, APAC – 20%, and RoW – 9%
The key players operating in the VRF system market are Daikin Industries (Japan), Mitsubishi Electric (Japan), Hitachi (Japan), Midea Group (China), United Technologies (US), Samsung Electronics (South Korea), Panasonic (Japan), Lennox International (US), Ingersoll Rand (Ireland), Fujitsu General (Japan), and LG Electronics (South Korea).
Research Coverage:
This report covers the VRF system market based on component, application, system type, and geography. The VRF system market based on components has been segmented into indoor units, outdoor units, and control systems and accessories. Based on applications, the VRF system market has been segmented into commercial, residential, and others. On the basis of system type, the VRF system market has been classified into heat pump and heat recovery system. On the basis of region, the market has been segmented into North America, Europe, Asia Pacific (APAC), and RoW.
Key Benefits of Buying the Report:
• This report includes the market statistics pertaining to component, application, system type, and region, along with their respective market sizes.
• In-depth analysis of the value chain has been done to provide an in-depth insight into the VRF system market.
• Major drivers, restraints, challenges, and opportunities for the VRF system market have been detailed in this report.
• Illustrative segmentation, analysis, and forecast for the markets on the basis of component, application, system type, and region have been conducted to provide an overall view of the VRF system market.
• The report includes a detailed competitive leadership mapping, including key players and in-depth analysis and ranking of the key players.

TABLE OF CONTENTS

1 INTRODUCTION 13
1.1 STUDY OBJECTIVES 13
1.2 DEFINITION 13
1.3 STUDY SCOPE 14
1.3.1 MARKETS COVERED 14
1.3.2 YEARS CONSIDERED FOR STUDY 15
1.4 CURRENCY 16
1.5 PACKAGE SIZE 16
1.6 LIMITATIONS 16
1.7 STAKEHOLDERS 16
2 RESEARCH METHODOLOGY 17
2.1 RESEARCH DATA 17
2.1.1 SECONDARY DATA 18
2.1.1.1 Major secondary sources 18
2.1.1.2 Secondary sources 19
2.1.2 PRIMARY DATA 19
2.1.2.1 Primary interviews with experts 19
2.1.2.2 Breakdown of primaries 20
2.1.2.3 Primary sources 20
2.1.2.4 Key industry insights 21
2.1.3 SECONDARY AND PRIMARY RESEARCH 21
2.2 MARKET SIZE ESTIMATION 22
2.2.1 BOTTOM-UP APPROACH 22
2.2.1.1 Approach for capturing market share by bottom-up analysis (demand side) 23
2.2.2 TOP-DOWN APPROACH 23
2.2.2.1 Approach for capturing market share by top-down analysis (supply side) 24
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 25
2.4 RESEARCH ASSUMPTIONS 26
3 EXECUTIVE SUMMARY 27
4 PREMIUM INSIGHTS 32
4.1 ATTRACTIVE OPPORTUNITIES IN THE VRF SYSTEM MARKET 32
4.2 VRF SYSTEM MARKET, BY APPLICATION 33
4.3 VRF SYSTEM MARKET, BY GEOGRAPHY 34
4.4 VRF SYSTEM MARKET, BY SYSTEM TYPE 34
4.5 VRF SYSTEM MARKET, BY COMPONENT 35
5 MARKET OVERVIEW 37
5.1 INTRODUCTION 37
5.2 MARKET DYNAMICS 37
5.2.1 DRIVERS 38
5.2.1.1 Growing construction industry and easing of norms of FDI for construction and real estate sectors 38
5.2.1.2 High energy saving potential as well as easy and minimum maintenance of VRF system 39
5.2.1.3 Focus of major players on providing technologically advanced refrigerants for air conditioning and heat pump solutions 39
5.2.1.4 Regulations and policies of EU government pertaining to construction products 39
5.2.2 RESTRAINTS 40
5.2.2.1 High installation cost 40
5.2.3 OPPORTUNITIES 40
5.2.3.1 Significant opportunities in developing countries 40
5.2.3.2 Increasing penetration of VRF system for residential applications 40
5.2.4 CHALLENGES 41
5.2.4.1 Essence to comply with the safety standards and complexities in designing VRF systems 41
5.3 VALUE CHAIN ANALYSIS 41
6 VRF SYSTEM MARKET, BY COMPONENT 43
6.1 INTRODUCTION 44
6.2 OUTDOOR UNITS 45
6.2.1 COMPRESSORS 47
6.2.2 INVERTERS 47
6.2.3 OTHERS 48
6.2.3.1 Suction accumulators 48
6.2.3.2 Liquid receivers 48
6.3 INDOOR UNITS 48
6.3.1 ELECTRONIC EXPANSION VALVES 49
6.3.2 SYNCHRONOUS ELECTRONIC MOTORS 50
6.3.3 OTHERS 50
6.3.3.1 Filters 50
6.3.3.2 Drain lines 50
6.4 CONTROL SYSTEMS AND ACCESSORIES 50
7 VEF SYSTEM MARKET, BY SYSTEM TYPE 52
7.1 INTRODUCTION 53
7.2 HEAT PUMP VRF SYSTEMS 54
7.2.1 AIR-SOURCE HEAT PUMP VRF SYSTEMS 54
7.2.2 GROUND-SOURCE HEAT PUMP VRF SYSTEMS 54
7.2.3 ABSORPTION HEAT PUMP VRF SYSTEMS 55
7.3 HEAT RECOVERY VRF SYSTEMS 57
8 VRF SYSTEM MARKET, BY APPLICATION 60
8.1 INTRODUCTION 61
8.2 COMMERCIAL APPLICATIONS 62
8.2.1 OFFICE BUILDINGS 67
8.2.2 RETAIL STORES 67
8.2.3 HEALTHCARE FACILITIES 67
8.2.4 HOSPITALITY BUILDINGS 68
8.2.5 EDUCATIONAL BUILDINGS 68
8.2.6 HISTORICAL BUILDINGS 68
8.2.7 GOVERNMENT BUILDINGS 68
8.3 RESIDENTIAL BUILDINGS 69
8.4 OTHERS 73
9 GEOGRAPHIC ANALYSIS 78
9.1 INTRODUCTION 79
9.2 NORTH AMERICA 81
9.2.1 US 85
9.2.2 CANADA 85
9.2.3 MEXICO 86
9.3 EUROPE 86
9.3.1 TURKEY 90
9.3.2 UK 91
9.3.3 GERMANY 91
9.3.4 RUSSIA 91
9.3.5 ITALY 91
9.3.6 FRANCE 91
9.3.7 REST OF EUROPE 92
9.4 APAC 92
9.4.1 JAPAN 96
9.4.2 CHINA 96
9.4.3 SOUTH KOREA 96
9.4.4 INDIA 97
9.4.5 AUSTRALIA 97
9.4.6 REST OF APAC 97
9.5 REST OF THE WORLD 98
9.5.1 THE MIDDLE EAST 100
9.5.2 SOUTH AMERICA 100
9.5.3 AFRICA 101
10 COMPETITIVE LANDSCAPE 102
10.1 INTRODUCTION 102
10.2 MARKET RANKING OF PLAYERS IN THE VRF SYSTEM MARKET, 2016 103
10.3 COMPETITIVE SITUATION AND TRENDS 105
10.3.1 PRODUCT LAUNCHES AND DEVELOPMENTS 105
10.3.2 ACQUISITIONS AND MERGERS 106
10.3.3 PARTNERSHIPS, AGREEMENTS, & COLLABORATIONS 106
10.3.4 EXPANSIONS 107
11 COMPANY PROFILES 108
11.1 INTRODUCTION 108
(Business Overview, Products offered & Services strategies, Key Insights, Recent Developments,)*
11.2 DAIKIN INDUSTRIES 109
11.3 JOHNSON CONTROLS 112
11.4 LG ELECTRONICS 115
11.5 TOSHIBA 118
11.6 FUJITSU GROUP 121
11.7 MITSUBISHI ELECTRIC 124
11.8 MIDEA GROUP 127
11.9 UNITED TECHNOLOGIES 130
11.10 INGERSOLL RAND 133
11.11 LENNOX INTERNATIONAL 136
11.12 PANASONIC 139
11.13 SAMSUNG ELECTRONICS 142
11.14 KEY INNOVATORS 145
11.14.1 GREE 145
11.14.2 CARRIER 145
*Details on Business Overview, Products offered & Services strategies, Key Insights, Recent Developments, MnM View might not be captured in case of unlisted companies.
12 APPENDIX 146
12.1 INSIGHTS OF INDUSTRY EXPERTS 146
12.2 DISCUSSION GUIDE 147
12.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 149
12.4 INTRODUCING RT: REAL-TIME MARKET INTELLIGENCE 151
12.5 AVAILABLE CUSTOMIZATIONS 153
12.6 RELATED REPORTS 153
12.7 AUTHOR DETAILS 154

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