The global variable refrigerant flow systems market, valued at $11,400.7 million in 2017, is projected to witness a CAGR of 13.4% during the forecast period (2018–2023).
With expanding construction industry, government initiatives toward easing FDI norms in real estate, and growing demand for energy-efficient heating, ventilation and air conditioning (HVAC) systems, the VRF systems market is growing.
VRF is a type of air-conditioning system that consists of two major components: an outdoor unit and an indoor unit. Unlike conventional systems that cut off heating or cooling with the change in room temperature, VRF HVAC systems continuously maintain the supply of warm or cool air without causing fluctuations in room temperature.
VRF systems cater to the varied needs that come with multiple tenants by providing personalized control systems and installation flexibility, and eliminating the necessity for water piping.
Due to installation flexibility and cost benefits, the demand for VRF systems in high-rise buildings has been increasing. With multiple tenants within a high-rise building, inefficiently designed HVAC systems might result in high costs, poor air quality, and inconsistent airflow.
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On a global ground, China led the domain by generating more than 25.0% of the worldwide revenue, owing to its varied climate, slew of construction projects, and improving living standards. Region wise, Asia-Pacific (APAC) contributed the majority of the revenue (63.2%) to the VRF systems market in 2017.
In addition, the advanced VRF systems are mobile-accessible, meaning users can use their handheld devices to set and maintain the temperature in different places, check the system condition, and receive maintenance alerts.