Lucintel anticipates that Asia Pacific will be the fastest growing region in the variable refrigerant flow (VRF) system market

   October 21, 2019
According to a market report by Lucintel, the future of the variable refrigerant flow (VRF)  system market looks promising with opportunities in the commercial, residential, and transportation industries. The VRF system market is expected to grow with a CAGR of 12% from 2019 to 2024. The major drivers for this market are growth in building & construction, stringent government regulations for energy efficiency, and increasing demand for HVAC in residential and commercial applications..

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In this market, heat pump and heat recovery VRF systems are used in various industries. Lucintel forecasts that heat pump VRF systems will remain the largest product type segment due to the increasing demand for energy efficient air conditioning systems.

Within the VRF system market, commercial will remain the largest end use industry due to the stringent government regulations for energy efficiency.

Asia Pacific will remain the largest market over the forecast period due to increasing building and construction activities. Daikin Industries, Johnson Controls, LG Electronics, Toshiba, Fujitsu Group, Mitsubishi Electric, United Technologies, Ingersoll Rand, Panasonic, and Samsung Electronics are among the major manufacturers of VRF systems.

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the VRF System market by end use industry, product type, component, and region. Lucintel has prepared a comprehensive research report entitled “VRF System Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” This Lucintel report serves as a catalyst for growth strategies, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for the VRF system market by product type, end use industry, component, and region as follows:

By Product Type [$M shipment analysis for 2013 – 2024]: 

  • Heat Pump Systems

  • Heat Recovery Systems

By End Use Industry [$M shipment analysis for 2013 – 2024]:

  • Commercial

  • Residential

  • Others

By Component [$M shipment analysis for 2013 – 2024]: 

  • Outdoor Units

  • Indoor Units

  • Control Systems

  • Accessories

By Region [$M shipment analysis for 2013 – 2024]:

  • North America

    • United States

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • Italy

  • Asia Pacific

    • China

    • Japan

    • India

  • Rest of the World

This 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link or

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