Heat Pump VRF Systems Market: Outlook, Opportunity & Future Trends Upto Forecast Period
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For the purpose of in depth analysis, the heat pump VRF systems market has been segmented on the basis of system type, applications, and geography. Based on system type, the market has been segmented into air-source heat pump variable refrigerant flow system, absorption heat pump variable refrigerant flow system, and ground-source heat pump variable refrigerant flow system. Various applications of heat pump VRF system include application in the residential and commercial sector. The commercial sector has been further divided into five categories - building application, retail store, healthcare sector, educational institute, and hotels& restaurants. The report provide cross functional analysis of all the above mentioned segments across different regions such as Europe, North America, Asia Pacific, Middle East &Africa, and Latin America.
Good pace of growth of the construction industry and easy installation of VRF systems is one of the major drivers for the growth of the heat pump VRF systems market. Design reliability and flexibility of the heat pump (VRF) system makes it an exceptional choice for commercial building applications. Therefore, the growing need for energy-efficient alternatives compared to traditional air-conditioning systems is anticipated to drive the market for heat pump (VRF) systems during the forecast period from 2017 to 2025. In addition, the cost effective installation of VRF systems and energy savings is also anticipated to increase the demand for heat pump VRF systems in the coming years. In turn, this is projected to impact the market of heat pump VRF systems in a positive manner during the forecast period.
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Despite many driving factors, the heat pump VRF systems market is expected to face slowdown in its growth rate because of the lack of awareness regarding the benefits of VRF systems and very high initial investment. Design issues in refrigerant piping and control wiring are restraining factors for the global heat pump VRF systems market. Very little or no duct space requirement and saving of more than thirty percent of HVAC energy usage is likely to create a significant opportunity for heat pump VRF systems in the coming years.
By system type, the air-source heat pump VRF systems type held significant market share because of its quality of providing low energy alternatives to conventional boiler systems. However, absorption heat pump VRF systems are projected to witness exponential growth during the forecast period. Cool changeover zone due to the modular build up makes it the most appropriate choice for various end user applications.
Geographically, the global heat pump VRF systems market is mainly driven by the Asia Pacific region. Growth in construction activity in the APAC region coupled with the growing demand for smart devices to handle VRF systems, and increasing urbanization and population in APAC has led to growing demand to implement heat pump VRF systems in this region. Shorter piping run along with better refrigerant distribution and a highly responsive piping system is expected to drive the heat pump VRF systems market rapidly. This region is expected to maintain its dominance in the market during the forecast period owing to the presence of variable refrigerant volume system manufacturers in countries such as South Korea and Japan.
Some of the leading players operating in the heat pump VRF systems market includes Daikin Industries (Japan),Mitsubishi Electrical (Japan),Fujitsu (Japan),Toshiba Corporation (Japan), LG Electronics (South Korea),Midea Group (China),Johnson Controls (the U.S.),Lennox International (the U.S.),United Technologies Corporation (the U.S.), and Ingersoll Rand Plc. (Ireland).
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