VRF System Market by System Type (Heat Pump, Heat Recovery), Component (Outdoor Unit, Indoor Unit, Control Systems, and Accessories), Application (Commercial: Office Buildings, Retail Stores, Residential), and Geography - Global Forecast to 2023

Table of Contents

1 INTRODUCTION 13

1.1 STUDY OBJECTIVES 13
1.2 DEFINITION 13
1.3 STUDY SCOPE 14
1.3.1 MARKETS COVERED 14
1.3.2 YEARS CONSIDERED FOR STUDY 15
1.4 CURRENCY 16
1.5 PACKAGE SIZE 16
1.6 LIMITATIONS 16
1.7 STAKEHOLDERS 16

2 RESEARCH METHODOLOGY 17

2.1 RESEARCH DATA 17
2.1.1 SECONDARY DATA 18
2.1.1.1 Major secondary sources 18
2.1.1.2 Secondary sources 19
2.1.2 PRIMARY DATA 19
2.1.2.1 Primary interviews with experts 19
2.1.2.2 Breakdown of primaries 20
2.1.2.3 Primary sources 20
2.1.2.4 Key industry insights 21
2.1.3 SECONDARY AND PRIMARY RESEARCH 21
2.2 MARKET SIZE ESTIMATION 22
2.2.1 BOTTOM-UP APPROACH 22
2.2.1.1 Approach for capturing market share by bottom-up analysis (demand side) 23
2.2.2 TOP-DOWN APPROACH 23
2.2.2.1 Approach for capturing market share by top-down analysis (supply side) 24
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 25
2.4 RESEARCH ASSUMPTIONS 26

3 EXECUTIVE SUMMARY 27
4 PREMIUM INSIGHTS 32

4.1 ATTRACTIVE OPPORTUNITIES IN THE VRF SYSTEM MARKET 32
4.2 VRF SYSTEM MARKET, BY APPLICATION 33
4.3 VRF SYSTEM MARKET, BY GEOGRAPHY 34
4.4 VRF SYSTEM MARKET, BY SYSTEM TYPE 34
4.5 VRF SYSTEM MARKET, BY COMPONENT 35

5 MARKET OVERVIEW 37

5.1 INTRODUCTION 37
5.2 MARKET DYNAMICS 37
5.2.1 DRIVERS 38
5.2.1.1 Growing construction industry and easing of norms of FDI for construction and real estate sectors 38
5.2.1.2 High energy saving potential as well as easy and minimum maintenance of VRF system 39
5.2.1.3 Focus of major players on providing technologically advanced refrigerants for air conditioning and heat pump solutions 39
5.2.1.4 Regulations and policies of EU government pertaining to construction products 39
5.2.2 RESTRAINTS 40
5.2.2.1 High installation cost 40
5.2.3 OPPORTUNITIES 40
5.2.3.1 Significant opportunities in developing countries 40
5.2.3.2 Increasing penetration of VRF system for residential applications 40
5.2.4 CHALLENGES 41
5.2.4.1 Essence to comply with the safety standards and complexities in designing VRF systems 41
5.3 VALUE CHAIN ANALYSIS 41

6 VRF SYSTEM MARKET, BY COMPONENT 43

6.1 INTRODUCTION 44
6.2 OUTDOOR UNITS 45
6.2.1 COMPRESSORS 47
6.2.2 INVERTERS 47
6.2.3 OTHERS 48
6.2.3.1 Suction accumulators 48
6.2.3.2 Liquid receivers 48
6.3 INDOOR UNITS 48
6.3.1 ELECTRONIC EXPANSION VALVES 49
6.3.2 SYNCHRONOUS ELECTRONIC MOTORS 50
6.3.3 OTHERS 50
6.3.3.1 Filters 50
6.3.3.2 Drain lines 50
6.4 CONTROL SYSTEMS AND ACCESSORIES 50

7 VRF SYSTEM MARKET, BY SYSTEM TYPE 52

7.1 INTRODUCTION 53
7.2 HEAT PUMP VRF SYSTEMS 54
7.2.1 AIR-SOURCE HEAT PUMP VRF SYSTEMS 54
7.2.2 GROUND-SOURCE HEAT PUMP VRF SYSTEMS 54
7.2.3 ABSORPTION HEAT PUMP VRF SYSTEMS 55
7.3 HEAT RECOVERY VRF SYSTEMS 57

8 VRF SYSTEM MARKET, BY APPLICATION 60

8.1 INTRODUCTION 61
8.2 COMMERCIAL APPLICATIONS 62
8.2.1 OFFICE BUILDINGS 67
8.2.2 RETAIL STORES 67
8.2.3 HEALTHCARE FACILITIES 67
8.2.4 HOSPITALITY BUILDINGS 68
8.2.5 EDUCATIONAL BUILDINGS 68
8.2.6 HISTORICAL BUILDINGS 68
8.2.7 GOVERNMENT BUILDINGS 68
8.3 RESIDENTIAL BUILDINGS 69
8.4 OTHERS 73

9 GEOGRAPHIC ANALYSIS 78

9.1 INTRODUCTION 79
9.2 NORTH AMERICA 81
9.2.1 US 85
9.2.2 CANADA 85
9.2.3 MEXICO 86
9.3 EUROPE 86
9.3.1 TURKEY 90
9.3.2 UK 91
9.3.3 GERMANY 91
9.3.4 RUSSIA 91
9.3.5 ITALY 91
9.3.6 FRANCE 91
9.3.7 REST OF EUROPE 92
9.4 APAC 92
9.4.1 JAPAN 96
9.4.2 CHINA 96
9.4.3 SOUTH KOREA 96
9.4.4 INDIA 97
9.4.5 AUSTRALIA 97
9.4.6 REST OF APAC 97
9.5 REST OF THE WORLD 98
9.5.1 THE MIDDLE EAST 100
9.5.2 SOUTH AMERICA 100
9.5.3 AFRICA 101

10 COMPETITIVE LANDSCAPE 102

10.1 INTRODUCTION 102
10.2 MARKET RANKING OF PLAYERS IN THE VRF SYSTEM MARKET, 2016 103
10.3 COMPETITIVE SITUATION AND TRENDS 105
10.3.1 PRODUCT LAUNCHES AND DEVELOPMENTS 105
10.3.2 ACQUISITIONS AND MERGERS 106
10.3.3 PARTNERSHIPS, AGREEMENTS, & COLLABORATIONS 106
10.3.4 EXPANSIONS 107

11 COMPANY PROFILES 108

11.1 INTRODUCTION 108
(Business Overview, Products offered & Services strategies, Key Insights, Recent Developments,)*
11.2 DAIKIN INDUSTRIES 109
11.3 JOHNSON CONTROLS 112
11.4 LG ELECTRONICS 115
11.5 TOSHIBA 118
11.6 FUJITSU GROUP 121
11.7 MITSUBISHI ELECTRIC 124
11.8 MIDEA GROUP 127
11.9 UNITED TECHNOLOGIES 130
11.10 INGERSOLL RAND 133
11.11 LENNOX INTERNATIONAL 136
11.12 PANASONIC 139
11.13 SAMSUNG ELECTRONICS 142
11.14 KEY INNOVATORS 145
11.14.1 GREE 145
11.14.2 CARRIER 145
*Details on Business Overview, Products offered & Services strategies, Key Insights, Recent Developments, MnM View might not be captured in case of unlisted companies.
12 APPENDIX 146

LIST OF TABLES

TABLE 1 VRF SYSTEM MARKET, BY COMPONENT, 2014–2023 (USD BILLION) 44
TABLE 2 VRF SYSTEM MARKET FOR OUTDOOR UNITS, BY CAPACITY,
2014–2023 (USD BILLION) 45
TABLE 3 VRF SYSTEM MARKET FOR OUTDOOR UNITS, BY CAPACITY,
2014–2023 (THOUSAND UNITS) 46
TABLE 4 VRF SYSTEM MARKET FOR OUTDOOR UNITS, BY REGION,
2014–2023 ( USD MILLION) 47
TABLE 5 VRF SYSTEM MARKET FOR INDOOR UNITS, BY REGION,
2014–2023 (USD MILLION) 49
TABLE 6 VRF SYSTEM MARKET FOR CONTROL SYSTEMS AND ACCESSORIES,
BY REGION, 2014–2023 (USD MILLION) 51
TABLE 7 VRF SYSTEM MARKET, BY SYSTEM TYPE, 2014–2023 (USD BILLION) 53
TABLE 8 VRF SYSTEM MARKET, BY SYSTEM TYPE, 2014–2023 (THOUSAND UNITS) 54
TABLE 9 VRF HEAT PUMP SYSTEM MARKET, BY REGION, 2014–2023 (USD MILLION) 55
TABLE 10 VRF HEAT PUMP SYSTEM MARKET, BY APPLICATION, 2014–2023 (USD MILLION) 56
TABLE 11 VRF HEAT RECOVERY SYSTEM MARKET, BY REGION, 2014–2023 (USD MILLION) 58
TABLE 12 VRF HEAT RECOVERY SYSTEM MARKET, BY APPLICATION,
2014–2023 (USD MILLION) 59
TABLE 13 VRF SYSTEM MARKET, BY APPLICATION, 2014–2023 (USD MILLION) 61
TABLE 14 VRF SYSTEM MARKET, BY APPLICATION, 2014–2023 (THOUSAND UNITS) 62
TABLE 15 VRF SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY REGION,
2014–2023 (USD MILLION) 63
TABLE 16 VRF SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY REGION,
2014–2023 (THOUSAND UNITS) 64
TABLE 17 VRF SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY SYSTEM TYPE,
2014–2023 (USD MILLION) 64
TABLE 18 VRF SYSTEM MARKET FOR COMMERCIAL APPLICATION IN NORTH AMERICA,
BY SYSTEM TYPE, 2014–2023 (USD MILLION) 65
TABLE 19 VRF SYSTEM MARKET FOR COMMERCIAL APPLICATION IN EUROPE, BY SYSTEM TYPE, 2014–2023 (USD MILLION) 66
TABLE 20 VRF SYSTEM MARKET FOR COMMERCIAL APPLICATION IN APAC, BY SYSTEM TYPE, 2014–2023 (USD MILLION) 66
TABLE 21 VRF SYSTEM MARKET FOR COMMERCIAL APPLICATION IN ROW, BY SYSTEM TYPE, 2014–2023 (USD MILLION) 66
TABLE 22 VRF SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY REGION,
2014–2023 (USD MILLION) 70
TABLE 23 VRF SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY REGION,
2014–2023 (THOUSAND UNITS) 70
TABLE 24 VRF SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY SYSTEM TYPE,
2014–2023 (USD MILLION) 71
TABLE 25 VRF SYSTEM MARKET FOR RESIDENTIAL APPLICATION IN NORTH AMERICA,
BY SYSTEM TYPE, 2014–2023 (USD MILLION) 71
TABLE 26 VRF SYSTEM MARKET FOR RESIDENTIAL APPLICATION IN EUROPE, BY SYSTEM TYPE, 2014–2023 (USD MILLION) 72
TABLE 27 VRF SYSTEM MARKET FOR RESIDENTIAL APPLICATION IN APAC, BY SYSTEM TYPE, 2014–2023 (USD MILLION) 72
TABLE 28 VRF SYSTEM MARKET FOR RESIDENTIAL APPLICATION IN ROW, BY SYSTEM TYPE, 2014–2023 (USD MILLION) 72
TABLE 29 VRF SYSTEM MARKET FOR OTHER APPLICATIONS, BY REGION,
2014–2023 (USD MILLION) 74
TABLE 30 VRF SYSTEM MARKET FOR OTHER APPLICATIONS, BY REGION,
2014–2023 (THOUSAND UNITS) 74
TABLE 31 VRF SYSTEM MARKET FOR OTHER APPLICATIONS, BY SYSTEM TYPE,
2014–2023 (USD MILLION) 75
TABLE 32 VRF SYSTEM MARKET FOR OTHER APPLICATIONS IN NORTH AMERICA, BY SYSTEM TYPE, 2014–2023 (USD MILLION) 75
TABLE 33 VRF SYSTEM MARKET FOR OTHER APPLICATIONS IN EUROPE, BY SYSTEM TYPE, 2014–2023 (USD MILLION) 76
TABLE 34 VRF SYSTEM MARKET FOR OTHER APPLICATIONS IN APAC, BY SYSTEM TYPE, 2014–2023 (USD MILLION) 76
TABLE 35 VRF SYSTEM MARKET FOR OTHER APPLICATIONS IN ROW, BY SYSTEM TYPE, 2014–2023 (USD MILLION) 77
TABLE 36 VRF SYSTEM MARKET, BY REGION, 2014–2023 (USD BILLION) 80
TABLE 37 VRF SYSTEM MARKET, BY REGION, 2014–2023 (THOUSAND UNITS) 80
TABLE 38 VRF SYSTEM MARKET IN NORTH AMERICA, BY COUNTRY,
2014–2023 (USD MILLION) 83
TABLE 39 VRF SYSTEM MARKET IN NORTH AMERICA, BY COUNTRY,
2014–2023 (THOUSAND UNITS) 83
TABLE 40 VRF SYSTEM MARKET IN NORTH AMERICA, BY APPLICATION,
2014–2023 (USD MILLION) 84
TABLE 41 VRF SYSTEM MARKET IN NORTH AMERICA, BY APPLICATION,
2014–2023 (THOUSAND UNITS) 84
TABLE 42 VRF SYSTEM MARKET IN NORTH AMERICA, BY SYSTEM TYPE,
2014–2023 (USD MILLION) 84
TABLE 43 VRF SYSTEM MARKET IN NORTH AMERICA, BY SYSTEM TYPE,
2014–2023 (THOUSAND UNITS) 85
TABLE 44 VRF SYSTEM MARKET IN EUROPE, BY COUNTRY, 2014–2023 (USD MILLION) 88
TABLE 45 VRF SYSTEM MARKET IN EUROPE, BY COUNTRY, 2014–2023 (THOUSAND UNITS) 88
TABLE 46 VRF SYSTEM MARKET IN EUROPE, BY APPLICATION, 2014–2023 (USD MILLION) 89
TABLE 47 VRF SYSTEM MARKET IN EUROPE, BY APPLICATION,
2014–2023 (THOUSAND UNITS) 89
TABLE 48 VRF SYSTEM MARKET IN EUROPE, BY SYSTEM TYPE, 2014–2023 (USD MILLION) 89
TABLE 49 VRF SYSTEM MARKET IN EUROPE, BY SYSTEM TYPE,
2014–2023 (THOUSAND UNITS) 90
TABLE 50 VRF SYSTEM MARKET IN APAC, BY COUNTRY, 2014–2023 (USD MILLION) 94
TABLE 51 VRF SYSTEM MARKET IN APAC, BY COUNTRY, 2014–2023 (THOUSAND UNITS) 94
TABLE 52 VRF SYSTEM MARKET IN APAC, BY APPLICATION, 2014–2023 (USD MILLION) 95
TABLE 53 VRF SYSTEM MARKET IN APAC, BY APPLICATION, 2014–2023 (THOUSAND UNITS) 95
TABLE 54 VRF SYSTEM MARKET IN APAC, BY SYSTEM TYPE, 2014–2023 (USD MILLION) 95
TABLE 55 VRF SYSTEM MARKET IN APAC, BY SYSTEM TYPE, 2014–2023 (THOUSAND UNITS) 96
TABLE 56 VRF SYSTEM MARKET IN ROW, BY REGION, 2014–2023 (USD MILLION) 98
TABLE 57 VRF SYSTEM MARKET IN ROW, BY REGION, 2014–2023 (THOUSAND UNITS) 98
TABLE 58 VRF SYSTEM MARKET IN ROW, BY APPLICATION, 2014–2023 (USD MILLION) 99
TABLE 59 VRF SYSTEM MARKET IN ROW, BY APPLICATION, 2014–2023 (THOUSAND UNITS) 99
TABLE 60 VRF SYSTEM MARKET IN ROW, BY SYSTEM TYPE, 2014–2023 (USD MILLION) 99
TABLE 61 VRF SYSTEM MARKET IN ROW, BY SYSTEM TYPE, 2014–2023 (THOUSAND UNITS) 100
TABLE 62 RANKING OF TOP 5 PLAYERS IN THE VRF SYSTEM MARKET, 2016 103
TABLE 63 PRODUCT LAUNCHES AND DEVELOPMENTS, 2015–2017 105
TABLE 64 ACQUISITION & MERGERS, 2015–2017 106
TABLE 65 PARTNERSHIPS, AGREEMENTS, AND COLLABORATIONS, 2015–2017 106
TABLE 66 EXPANSIONS, 2015–2017 107

LIST OF FIGURES

FIGURE 1 VRF SYSTEM MARKET SEGMENTATION 14
FIGURE 2 VRF SYSTEM MARKET SEGMENTATION, BY REGION 15
FIGURE 3 VRF SYSTEM MARKET: RESEARCH DESIGN 17
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 22
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 24
FIGURE 6 MARKET BREAKDOWN AND DATA TRIANGULATION 25
FIGURE 7 ASSUMPTIONS FOR RESEARCH STUDY 26
FIGURE 8 GLOBAL VRF SYSTEM MARKET SIZE ESTIMATION IN TERMS OF VALUE AND VOLUME FOR THE FORECAST PERIOD 27
FIGURE 9 OUTDOOR UNITS TO HOLD THE LARGEST SIZE OF THE
VRF SYSTEM MARKET BY 2023 28
FIGURE 10 COMMERCIAL BUILDING APPLICATION TO ACCOUNT FOR THE LARGEST SHARE OF THE VRF SYSTEM MARKET BY 2023 29
FIGURE 11 VRF HEAT PUMP SYSTEMS TO HOLD A MAJOR SIZE OF THE
VRF SYSTEM MARKET BY 2023 29
FIGURE 12 REGIONAL SCENARIO OF THE VRF SYSTEM MARKET IN 2016 30
FIGURE 13 VRF SYSTEM MARKET FOR RESIDENTIAL APPLICATION ESTIMATED TO GROW AT THE HIGHEST RATE BETWEEN 2017 AND 2023 32
FIGURE 14 US TO DOMINATE THE NORTH AMERICAN VRF SYSTEMS MARKET 33
FIGURE 15 VRF SYSTEM MARKET FOR COMMERCIAL APPLICATION REGISTERED THE LARGEST SHIPMENT IN 2016 33
FIGURE 16 CHINA HELD THE LARGEST SHARE OF THE GLOBAL VRF SYSTEM MARKET IN 2016 34
FIGURE 17 VRF HEAT PUMP SYSTEMS HELD A LARGER MARKET SHARE IN 2016 34
FIGURE 18 VRF HEAT PUMP SYSTEM REGISTERED HIGHEST SHIPMENT IN 2016 35
FIGURE 19 OUTDOOR UNITS HELD THE LARGEST MARKET SIZE DURING FORECAST PERIOD 35
FIGURE 20 OUTDOOR UNITS REGISTERED HIGHEST SHIPMENT FOR CAPACITY RANGE BETWEEN 11 AND 18 TON IN 2016 36
FIGURE 21 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND THREATS 37
FIGURE 22 GLOBAL CONSTRUCTION SPENDING BY REGION IN 2016 38
FIGURE 23 VALUE CHAIN ANALYSIS: MAXIMUM VALUE IS ADDED BY MANUFACTURERS, SYSTEM INTEGRATORS, AND CONSULTANTS 42
FIGURE 24 GLOBAL VRF SYSTEM MARKET, BY COMPONENT, 2017 VS. 2023 (USD BILLION) 44
FIGURE 25 MARKET FOR VRF SYSTEMS HAVING CAPACITY ABOVE 26 TONS TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD 45
FIGURE 26 VRF SYSTEM MARKET FOR OUTDOOR UNITS IN NORTH AMERICA TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD 46
FIGURE 27 APAC TO ACCOUNT FOR THE LARGEST SIZE OF THE VRF SYSTEM MARKET FOR OUTDOOR UNITS BY 2023 49
FIGURE 28 APAC TO HOLD THE LARGEST SIZE OF THE VRF SYSTEM MARKET FOR CONTROL SYSTEMS AND ACCESSORIES BY 2023 51
FIGURE 29 VRF SYSTEM MARKET, BY SYSTEM TYPE, 2017–2023 (USD BILLION) 53
FIGURE 30 VRF HEAT PUMP SYSTEM MARKET, BY REGION, 2017 VS. 2023 (USD MILLION) 55
FIGURE 31 VRF HEAT PUMP SYSTEM MARKET, BY APPLICATION,
2017 VS. 2023 (USD MILLION) 56
FIGURE 32 VRF HEAT RECOVERY SYSTEM MARKET, BY REGION,
2017 VS. 2023 (USD MILLION) 58
FIGURE 33 VRF HEAT RECOVERY SYSTEM MARKET, BY APPLICATION,
2017 VS. 2023 (USD MILLION) 59
FIGURE 34 RESIDENTIAL APPLICATION EXPECTED TO GROW AT THE FASTEST RATE DURING THE FORECAST PERIOD 61
FIGURE 35 VRF SYSTEM MARKET FOR COMMERCIAL APPLICATION IN NORTH AMERICA EXPECTED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD 63
FIGURE 36 HEAT RECOVERY SYSTEMS TO HOLD THE LARGEST SIZE OF THE VRF SYSTEM MARKET FOR COMMERCIAL APPLICATION IN EUROPE BY 2023 65
FIGURE 37 APAC TO ACCOUNT FOR THE LARGEST SIZE OF THE VRF SYSTEM MARKET FOR RESIDENTIAL APPLICATION BY 2023 69
FIGURE 38 VRF HEAT PUMP SYSTEMS TO HOLD A LARGER SIZE OF THE NORTH AMERICAN MARKET FOR RESIDENTIAL APPLICATION BY 2023 71
FIGURE 39 APAC TO HOLD THE LARGEST SIZE OF THE VRF SYSTEM MARKET FOR OTHER APPLICATIONS BY 2023 73
FIGURE 40 MARKET FOR VRF HEAT RECOVERY SYSTEMS FOR OTHER APPLICATIONS TO GROW AT A HIGHER CAGR DURING THE FORECAST PERIOD 75
FIGURE 41 VRF SYSTEM MARKET: GEOGRAPHIC SNAPSHOT (2017–2023) 79
FIGURE 42 VRF SYSTEM MARKET SNAPSHOT IN NORTH AMERICA 82
FIGURE 43 VRF SYSTEM MARKET SNAPSHOT IN EUROPE 87
FIGURE 44 VRF SYSTEM MARKET SNAPSHOT IN APAC 93
FIGURE 45 COMPANIES ADOPTED PRODUCT LAUNCHES AND DEVELOPMENTS AS KEY GROWTH STRATEGIES BETWEEN 2014 AND 2017 102
FIGURE 46 GEOGRAPHIC REVENUE MIX OF TOP 5 MARKET PLAYERS (2016) 108
FIGURE 47 DAIKIN INDUSTRIES: COMPANY SNAPSHOT 109
FIGURE 48 JOHNSON CONTROLS: COMPANY SNAPSHOT 112
FIGURE 49 LG ELECTRONICS: COMPANY SNAPSHOT 115
FIGURE 50 TOSHIBA: COMPANY SNAPSHOT 118
FIGURE 51 FUJITSU GROUP: COMPANY SNAPSHOT 121
FIGURE 52 MITSUBISHI ELECTRIC: COMPANY SNAPSHOT 124
FIGURE 53 MIDEA GROUP: COMPANY SNAPSHOT 127
FIGURE 54 UNITED TECHNOLOGIES: COMPANY SNAPSHOT 130
FIGURE 55 INGERSOLL RAND: COMPANY SNAPSHOT 133
FIGURE 56 LENNOX INTERNATIONAL: COMPANY SNAPSHOT 136
FIGURE 57 PANASONIC: COMPANY SNAPSHOT 139
FIGURE 58 SAMSUNG ELECTRONICS: COMPANY SNAPSHOT 142

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