New York, USA, April 06, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global Commercial Air Conditioning System (VRF) Market is anticipated to garner a revenue of $34,619.00 million by 2027, at a CAGR of 13.5% during 2020-2027.
COVID-19 Impact on the Global Commercial Air Conditioning System (VRF) Market:
The COVID 19 pandemic has had a significant effect on the growth of the global commercial air conditioning system (VRF) market. The introduction of safety measures to control the virus's spread caused organizational problems for industry participants, resulting in a manpower shortage. Along with the instability in the industrial supply chain, the novel coronavirus outbreak triggered a fluctuation in demand for HVAC systems, like VRF systems, as offices and commercial establishments were closed.
Because of social distancing, suppliers, service providers, and contractors were either not permitted or unwilling to provide installation services, resulting in decreased demand and, as a result, decreased sales volume and revenue for the companies. The effect was then felt all the way up and down the value and supply chain.
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Market Dynamics
Conventional HVAC systems consume approximately 50% of total electricity, placing a financial burden on the user. People are changing their preference toward the VRF system because it is more energy efficient, quieter, and simpler to install and manage. In countries such as the United States, Japan, and China, increasing energy-efficiency consciousness and evolving legislation are expected to boost the growth of the global commercial air conditioning system (VRF) market in the analysis period.
Installing a VRF system has a high upfront cost. This system is 15-20% more costly than conventional air conditioning systems, but it is 50% more energy efficient. According to a study conducted by Washington State University, the cost of installing a VRF HVAC system is about USD 18 per square foot served, compared to USD 12 to USD 15 per square foot served for a conventional HVAC system. Thus, the high cost incurred in the installation of VRF systems is anticipated to restrain the growth of the global commercial air conditioning system (VRF) market in the analysis period.
The report has segmented the market based on type, component, application, and regional analysis.
Heat Pump System Type Sub-Segment is Predicted to Experience the Fastest Growth
In the type sub-segment, heat pump system sub-segment is anticipated to experience the fastest growth. In 2019, the heat pump system sub-segment was worth $4,903.40 million, and by 2027, it is expected to be worth $12,470.20. The heat pump system is simple to install and maintain, and it is more energy efficient than a heat recovery system, and hence it is commonly used in residential buildings. Consumers' living conditions in urban areas have improved as a result of an increase in the number of dual-income households; as a result, consumers are spending more on electronic appliances, such as HVAC systems. These factors are anticipated to fuel the growth of the heat pump sub-segment in the analysis period.
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Outdoor Unit Component Sub-Segment is Anticipated to Garner a Dominant Market Share
The outdoor unit sub-segment is anticipated to hold a dominant market share in the global market and it is predicted to garner a revenue of $15,502.4 million in the analysis period. The increasing demand for replacement and retrofitting by countries like U.S., China, Japan, and South Korea. Moreover, consumer preference has changed from conventional HVAC to VRF systems as a result of increased consumer awareness and the introduction of legislation to minimize carbon emissions. These factors are anticipated to fuel the growth of the outdoor unit sub-segment during the analysis period.
Commercial Sub-Segment is Anticipated to Garner the Maximum Revenue Share
The commercial sub-segment is anticipated to hold a dominant market share in the global market and it is predicted to garner a revenue of $22,204.1 million in the analysis period. This growth can be attributed to the increasing numbers of malls, retail space, and corporate buildings in countries like India, UAE, and China. Mall developers and investors such as Raheja-owned Inorbit Malls, Xander-APG joint venture Virtuous Retail South Asia (VRSA), property developer Prestige Estates Ventures, and Blackstone-owned Nexus Malls, according to the Industry Norm, are looking to double their space in a year or two.
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North America Region Anticipated to Experience the Fastest Growth
The North-America market for commercial air conditioning (VRF) is anticipated to garner a revenue of $1,221.2 million and surge at a CAGR of 17.5% by 2027. The increased adoption of VRF systems by large businesses is anticipated to drive the growth of the market. Growing awareness of the associated benefits of installing VRF systems among commercial consumers and high-end residential buildings, as well as increasing popularity, especially in the United States, are the major factors driving the growth of the commercial air conditioning (VRF) market in this region.
Key Players and Business Strategies
The report enlists the most significant players of the global commercial air conditioning (VRF) market that include
- Carrier Global Corporation
- Ingersoll Rand
- DAIKIN INDUSTRIES, Ltd.
- Midea Group
- JOHNSON CONTROLS INTERNATIONAL PLC.
- LG Electronics
- MITSUBISHI ELECTRIC CORPORATION
- Panasonic Corporation
- FUJITSU
- TOSHIBA CORPORATION.
These industry players are focusing on developing several strategies such as partnerships, mergers and acquisitions, and product launches to promote to the expansion of the market.
The report also discusses the other important aspects of the market including financial performance of key players, product portfolio, recent strategic developments, and SWOT analysis.
In Addition, the report having some numerous point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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