NEW YORK, July 09, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, global VRF systems market is expected to reach $24,096 million by 2023.
The growth in the market can be attributed to the increasing demand for energy-efficient and cost-effective heating, ventilation, and air conditioning (HVAC) systems. Besides, growing construction industry and increasing energy management activities are the key factors bolstering the growth of the VRF systems market, globally. Major players in the market are focusing on providing eco-friendly refrigerants for these systems, and consumers in developed economies are increasingly adopting the VRF technology.
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On the basis of application, the VRF systems market has been categorized into commercial, residential, and other applications. Commercial areas of application include buildings, educational institutions, healthcare facilities, hotels and restaurants, and retail stores. Such systems condition multiple zones in a building having varied heating and cooling needs. Commercial applications are expected to continue holding the largest share in the market in the coming years. This can be mainly attributed to the growing focus on energy-efficient technologies and products and increasing commercial structures across the globe.
Browse report overview with 134 tables and 60 figures spread through 152 pages and detailed TOC on "Variable Refrigerant Flow (VRF) Systems Market by Component (Outdoor Units, Indoor Units, Control Systems & Accessories), by Compressor Unit (Air-Cooled Unit, Water-Cooled Unit), by System Type (Heat Pump Systems [Air-Source, Ground-Source, Absorption], Heat Recovery Systems), by Application Area (Commercial, Residential), by Geography (U.S., Canada, U.K., Germany, Russia, Italy, France, Turkey, China, Japan, India, South Korea, Australia, Brazil, Mexico, U.A.E., South Africa) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at: https://www.psmarketresearch.com/market-analy...ems-market
Based on system type, the VRF systems market has been categorized into heat pump and heat recovery systems. In a heat pump system, all indoor units get conditioned in the same mode (either cooling or heating). A heat recovery system, on the other hand, has the capacity to heat and cool the facility simultaneously.
Heat pump systems constituted around 75% of the total VRF installations in 2017, globally. The higher adoption of heat pump systems can be attributed to their lower acquisition cost and fewer design constraints.
Some of the key players operating in the VRF systems market are Emerson Electric Co., United Technologies Corporation, Daikin Industries Ltd., Johnson Controls International Plc, Schneider Electric SE, Toshiba Corporation, LG Electronics Inc., Fujitsu Ltd., Mitsubishi Electric Corporation, and Media Group Co. Ltd.
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To stay ahead of the competition, players in the VRF systems market are increasingly focusing on research and development (R&D), geographical expansion, and product improvement. For instance, in May 2018, Mitsubishi Electric Corporation launched the R32 or difluoromethane (refrigerant type) version of VRF system in the U.K. to meet the customer demand for energy-efficient and low global warming potential (GWP)-type VRF solutions. Besides, in April 2018, Johnson Controls International PLC established an R&D center, which includes facilities like testing labs and a training center for VRF systems, chillers, and other products and technologies.
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