In a recent published report, Kenneth Research has updated the market report for VRF System Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for VRF System Market products.
Kenneth Research, in its repository of market research reports, have recently added a report on VRF System Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The VRF System Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017.
On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017. Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
The VRF System Market is majorly affected by the recently hit global pandemic, COVID-19, which has devastated several businesses worldwide. Although, the ICT industry has observed a significant rise in the utilization of cloud applications, yet several manufacturing organizations in the ICT industry are facing significant issues, especially in places where the ICT infrastructure is not that satisfactory.
Global VRF System Market
By Component (Control Systems and Accessories, Outdoor Units, Indoor Units), System Type (Heat Recovery Systems, Heat Pump Systems), Application (Residential, Commercial), and Regional Market Size, Status and Forecast to 2025
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The Global VRF System Market was valued at USD 10.65 billion in 2016 and is projected to reach USD 30.89 billion by 2025, growing at a CAGR of 12.56% from 2017 to 2025.
Variable Refrigerant Flow (VRF) air conditioning systems is an extremely energy efficient means of precisely regulating the temperature within buildings. This system enables simultaneous heating and cooling and better heat recovery from one zone to another in a heating, ventilation, and air conditioning system. Benefits of VRF system includes – quiet operation, energy efficiency, installation flexibility, heat and cools simultaneously, state-of-the-art controls, fewer breakdowns, easy design, installation and maintenance.
1. Market Drivers
1.1 Growing penetration of VRF systems for residential applications
1.2 Growing real estate and construction industries
1.3 Easy and minimum maintenance with high energy saving capability of VRF systems
1.4 Need of technologically advanced refrigerants for air conditioning and heat pump solutions
1.5 Increasing adoption of heat pump and heat recovery systems
2. Market Restraints
2.1 Increasing installation cost
2.2 Complex VRF designing
2.3 Poor safety standards
The Global VRF System Market is segmented on the component, system type, application, and region.
1.1 Control Systems and Accessories
1.2 Outdoor Units
1.3 Indoor Units
2. By System Type:
2.1 Heat Recovery Systems
2.2 Heat Pump Systems
3. By Application:
4. By Region:
4.1 North America (U.S., Canada, Mexico)
4.2 Europe (Germany, UK, France, Rest of Europe)
4.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
4.4 Latin America (Brazil, Argentina, Rest of Latin America)
4.5 Middle East & Africa
The major players in the market are as follows:
1. LG Electronics
2. Fujitsu Group
3. Daikin Industries
4. Mitsubishi Electric
5. United Technologies
7. Samsung Electronics
9. Lennox International
10. Ingersoll Rand
11. Midea Group
12. Johnson Controls
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global VRF System Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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