International.
The global variable refrigerant flow (VRF) system market is forecast to reach US$24.09 billion by 2022, growing at a compound annual growth rate (CAGR) of 11.4% between 2016 and 2022, according to a new report published by MarketsandMarkets.
Factors driving the VRF systems market include increasing demand for equipment improved in energy efficiency and lower environmental impact due to the use of low global warming potential (GWP) refrigerant, increasing construction activities, and increasing legislation and energy management initiatives.
The commercial segment is expected to hold the largest share of the VRF systems market during the forecast period. The main factor for the commercial building market is the resurgence of construction activities and an increased concentration on energy-efficient technologies and products.
The main factor accelerating the market is the growing need to condition efficiently according to the individual space needs of the building. VRF systems have the ability to condition several zones in a building, each of which may have different heating and cooling needs.
VRF heat pump systems are expected to observe the highest growth rate during the forecast period.
It is possible that the North American market will grow at the highest CAGR during the forecast period. The implementation of VRF systems is expected to help in improving residential efficiency as well as in commercial buildings. Accelerating demand from the residential, commercial, and industrial segments in North America is driving the growth of the VRF market. A major development in infrastructure is expected to drive the market in this region.
