Global HVAC VRV Market size was valued at US$ 12.2 Bn. in 2019 and expected to reach US$ 29.2 Bn. by 2027 at a CAGR of 11.5% during the forecast period.
Global HVAC VRV Market Overview:
VRV system is also known as Variable Refrigerant Volume system and is extensively used in commercial applications including malls, restaurants, offices, and others owing to their compatibility with the environment and less power usage. VRV is a multi-split type of system in which 60 or more AC units can be connected to a single outside unit, and refrigerant is controlled by the remote operation and manually. In central AC systems, where the need for cooling or heating at particular spots in the office is much harder, the VRV system offers total air conditioning control to the user. The global HVAC VRV market is expected to register a CAGR of approximately 11.5% during the forecast period owing to efficient operational control of the system.
Global HVAC VRV Market
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The report has covered the market trends from 2015 to forecast the market through 2026. 2019 is considered a base year however 2020’s numbers are on real output of the companies in the market. Special attention is given to 2020 and effect of lockdown on the demand and supply, and also the impact of lockdown for next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.
Global HVAC VRV Market Dynamics:
Rising adoption of air conditioning units across the globe owing to changing consumer preferences for lifestyle and rising commercialization across the emerging economies are the factors driving the demand for HVAC VRV. Moreover, decreasing working spaces across SMEs is the key factor attributing to the growth for the products in the market. According to Human Development Index 2020, more than 60% of SMEs have consumed HVAC systems at the workplace and more than 80% of commercial complexes have set up VEV systems for air conditioning integration at the workplace. Owing to the above speculations, it is clear that, VRV systems are gaining traction across the service sector.
Many emerging economies are focusing on energy efficiency and sustainable development. Hence, many governments have made it mandatory to use less carbon radiating instruments including HVAC, refrigerators, and others. The above factors are considered to create traction for the VRV system as it radiates less carbon and the refrigerant is not wasted in the conditioning process.
Automotive industries across the globe are showing great opportunities for HVAC VRV owing to the increasing inclination of manufacturers towards smart factories and stringent regulations for emission and quality control in the automotive sector. In addition, the healthcare sector is also considered to drive the demand for the product across the globe owing to increasing government investments in healthcare sector integration across the globe. According to AAACN, the use of VRV mechanism in hospitals is a new normal across the globe as the efficiency of the air conditioning system improves by the process and flexibility are offered by the VRV.
High maintenance cost of the system and high initial investments required for the installation re the key factors restraining the market growth. On the other hand, opportunities cross the booming commercial sectors of the APAC market is a demand driver for the HVAC VRV system manufacturers and prominent players across the globe.
More restraints and challenges for the market are extensively covered in the report in a way that users will get the whole market scenario in a glance. Moreover, bottom-up approach is considered while sufficing the market trends as 2020 and 2021 market data is also analyzed in the process.
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Global HVAC VRV Market Segmentation:
Heat Recovery System Segment is dominating the HVAC VRV Market:
According to HFAM Institute, heat recovery system provides an efficient path for sustainable development in the air conditioning methods as it is considered more efficient than other methods of VRV. Moreover, the inverter compressor used in the VRV operation of the heat recovery system saves a large amount of energy in one go. Redistribution of excess heat from areas where cooling is required is the key advantage of the heat recovery system segment.
Many manufacturers are also launching HRS system for VRV in medium and large-sized buildings as well as for hospitals, malls and other sites. E.g. DAIKIN has launched a new heat recovery system VRV X/A series, VRV H series, and VRV R series for the same under DAIKIN CSR initiative for environment protection.
The service Sector segment is considered to supplement the growth of HVAC VRV Market:
According to World Trade Report 2019, the service sector has grown from 9% in 1980 to 22% in 2019 owing to mechanised goods and products and high diversifications in trends of the service sector in recent years. In addition, stable growth of middle-class families and increasing outsourcing of the services made by businessmen for growth of the industrial class. The service sector is projected to increase by a CAGR of approximately 5.4% during the forecast period owing to a service-driven economy across the emerging economies.
In addition, changing SME preferences towards employee satisfaction and increasing per capita income of the service sectors are the factor driving the demand for the segment in the market. Moreover, increasing demand for improved aesthetics of the working area is the factor expected to drive the growth of the service sector segment in the HVAC VRV market.
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Global HVAC VRV Market Regional Insights:
North America dominates the HVAC VRV market with approximately 42% market share. Factors attributing to the regional growth of North America are increasing prominence of the service sector and changing consumer preferences towards environmental sustainability. Moreover, increasing investment of governments in the US and Canada towards energy-efficient and less heat markup are the key demand drivers in the region. In addition, the increasing prominence of the healthcare sector and emerging mall culture across the region has adhered to the demand for HVAC VRV across the region.
APAC is considered as the fastest-growing region in the HVAC VRV Market owing to growing consumer inclinations towards compact and portable devices. The rapid adoption of design parameters and developments in the orthodox designs of the products are the key drivers for the market in the region. Moreover, growing commercialization across India, China, Japan and ASEAN countries are the factors driving the demand for the market.
Europe accounted for an equitable share in the HVAC VRV market. Factors attributing to the growth of the regional market are changing consumer preferences and SME inclination towards energy-efficient and less power-consuming devices. Moreover, the growing demand for improved aesthetics of commercial places in Europe are the key factors considered to drive the demand for the product in the region.
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The objective of the report is to present a comprehensive analysis of the Global HVAC VRV Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Global HVAC VRV Market dynamics, structure by analyzing the market segments and project the Global HVAC VRV Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Type portfolio, growth strategies, and regional presence in the Global HVAC VRV Market make the report investor’s guide
Global HVAC VRV Market Scope: Inquire before buying
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Global HVAC VRV Market, by Region
- North America
o CIS Countries
o Rest of Europe
- Asia Pacific
o South Korea
o Rest of Asia Pacific
- Middle East and Africa
o South Africa
o GCC Countries
o Rest of ME&A
- South America
o Rest of South America
Global HVAC VRV Market Key Players
- Mitsubishi Electric Corporation
- DAIKIN Industries, Ltd.
- Panasonic Corporation
- FUJITSU GENERAL
- Lennox International
- Midea Group
- Ingersoll Rand, Inc.
- Blue Star
- Johnson Controls
- United Technologies
- Samsung Electronics
- Advantage Air Systems
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