New York, USA, Oct. 31, 2022 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global commercial air conditioning system (VRF) market is anticipated to rise at a stable CAGR of 13.5%, thereby garnering a revenue of $34,619.00 million in the 2020-2027 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the commercial air conditioning system (VRF) market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2020-2027. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: Strategic alliances among the leading players of the industry are expected to be the primary growth driver of the commercial air conditioning system (VRF) market in the forecast period. Additionally, product developments and launches by key players are anticipated to push the market forward.
Opportunities: Over the recent period, there is a growing demand for energy-efficient HVAC systems which is predicted to offer numerous growth opportunities for the market in the forecast period. Moreover, increasing demand for energy efficient systems, especially in emerging economies is expected to help the market register substantial growth in the coming period.
Restraints: However, according to market analysts, high cost of installation might become a restraint in the growth of the commercial air conditioning system (VRF) market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The commercial air conditioning system (VRF) market was significantly impacted due to the pandemic. A growth in demand for HVAC systems was recorded from both residential as well as commercial spaces such as hospitals and laboratories. However, simultaneously, there were disruptions in production cycles and manufacturing due to the lockdowns.
Segments of the Market
The ResearchDive report has fragmented the commercial air conditioning system (VRF) market across different segments such as type, component, application, and region.
Type: Heat Recovery System Sub-segment to be the Most Dominant
By type, the heat recovery system sub-segment is expected to have the highest market share and generate a yield of $22,148.8 million by 2027. Extensive use of heat recovery systems in commercial spaces such as malls, schools, hotels, and restaurants is predicted to help in the growth of this sub-segment.
Component: Indoor Unit Sub-segment to have the Highest CAGR
By component, the indoor unit sub-segment of the commercial air conditioning system (VRF) market is expected to have highest CAGR and generate a revenue of $13,076.0 million by 2027. Increasing construction activity in the commercial and residential sectors across the globe is predicted to offer numerous growth opportunities to the sub-segment in the forecast period.
Application: Commercial Sub-segment to be the Most Lucrative
By application, the commercial sub-segment is predicted to be the most dominant and generate a revenue of $22,204.1 million by 2027. Growing number of malls, retail spaces, and corporate buildings, especially in countries like India, UAE, and China is predicted to boost the growth of this sub-segment.
Region: Market in the Asia-Pacific Region to be the Most Profitable
By regional analysis, the commercial air conditioning system (VRF) market in Asia-Pacific region is anticipated to be the most dominant and register a revenue of $21,117.6 million by 2027. Increasing prevalence and high concentration of VRF systems in countries like China, Japan, and South Korea, etc. is predicted to be the primary growth driver of the market in this region.
Prominent Market Players
Some prominent players in the commercial air conditioning system (VRF) market are
- DAIKIN INDUSTRIES, Ltd.
- MITSUBISHI ELECTRIC CORPORATION
- TOSHIBA CORPORATION
- Midea Group
- Panasonic Corporation
- Ingersoll Rand
- JOHNSON CONTROLS INTERNATIONAL PLC.
- FUJITSU
- Carrier Global Corporation
- LG Electronics
These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market.
For instance, in February 2022, Carrier Global Corporation, a leading HVAC and security solutions provider, announced that it had signed an agreement to acquire Toshiba Corporation's Toshiba Carrier Corporation (TCC). Toshiba Corporation is a Japanese multinational conglomerate and this acquisition is predicted to help Carrier Global Corporation immensely in the coming period. Buy the Full Report
Finally, this comprehensive report also summarizes many crucial facets of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Commercial Air Conditioning System (VRF) Market:
- Factors to Consider while Buying Commercial Air Conditioning System
- Global Commercial Air Conditioning System (VRF) Market: A Way to Enhance Energy Efficiency
