New York, USA, July 12, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global commercial air conditioning system (VRF) market was valued at $15,859.80 million back in 2019 and is expected to generate a revenue of $34,619.01 million by 2027, growing at a CAGR of 13.5% from 2020 to 2027. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Market
Drivers: VRF systems provide a much more efficient cooling in the multistorey apartments while consuming a much lesser energy. Due to its energy-efficiency, and effortless installation and maintenance, people have inclined toward replacing their AC with VRF technologies especially among residential and commercial consumers. These factors are estimated to favour the growth of the market.
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Restraints: The commencing fee of setting up a VRF system is much costlier when compared to other alternatives. This factor is expected to significantly impede the growth of the global commercial air conditioning system (VRF) market.
Opportunities: The increasing population all over the globe has led to the construction of real estates more than ever before, which is expected to create a number of opportunities in the global commercial air conditioning system (VRF) market.
Segments of the Market
The report has divided the market into different segments based on type, component, application, and regional outlook.
- Type: Heat Recovery Sub-segment to Most Lucrative
The heat recovery sub-segment is expected to be most profitable and generate a revenue of $22,148.8 million by the year 2027. Due to its extensive application in the commercial sector, the demand for heat recovery VRF system is set to surge rapidly.
- Component: Outdoor Unit Sub-segment to be Most Profitable
The outdoor unit sub-segment of the global commercial air conditioning system (VRF) market is anticipated to be most profitable and register a revenue of $15,504 million during the forecast period. Increasing concerns over the carbon emissions in many counties has led to the inclination toward energy-efficient VRF systems, further boosting the growth of the market.
- Application: Commercial Sub-segment to Dominate the Market Share
The commercial sub-segment is anticipated to be most lucrative with an estimated revenue of $22,204.1 million during the forecast period. Increasing investment in malls, corporate buildings, and so on is expected to surge the growth of the commercial sub-segment.
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Regional Outlook: Asia-Pacific Region to Dominate the Market
The Asia-Pacific region is expected to generate a revenue of $21,117.6 million by 2027, growing from $10,261.3 million back in 2019. Expanding IT sector in in this region has led to the adoption of VRF systems, owing to its economical benefits. This factor is expected to surge the growth of the market.
Impact of COVID-19 on the Market
The global commercial air conditioning system (VRF) market has experienced a significant downfall in the demand due to the nation-wide lockdowns and various restrictions imposed by the government on the industrial and installation operations. Therefore, the pandemic has substantially impacted the growth of the market.
Key Market Players
The major players of the global commercial air conditioning system (VRF) market include -
- LG Electronics
- Ingersoll Rand
- Panasonic Corporation
- Carrier Global Corporation
- FUJITSU
- Toshiba Corporation
- Daikin Industries Ltd.
- Mitsubishi Electric Corporation
- Midea Group
- Johnson Controls International PLC
These players are working on developing strategies such as product developments, mergers and acquisitions, partnerships and collaborations to sustain the market growth.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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