As cited by the research report titled ‘Global VRF (variable refrigerant flow) System Market by Component (Outdoor Units, Indoor Units, and Control Systems and Accessories), System Type (Heat Pump, Heat Recovery), Capacity (Up to 10 Tons, 11 to 18 Tons, 19 to 26 Tons, Above 26 Tons), Application (Commercial, Residential, and Others), Regional Forecasts 2021-2027’, available with Market Study Report, global VRF (variable refrigerant flow) system market was worth USD 17.6 billion in 2020 and is projected to grow with a CAGR of 12.7% over 2021-2027 to accumulate USD 40.6 billion by the end of study duration.
 

Favorable government incentives through tax credit programs, less maintenance of these systems, and high energy-saving potential are the major factors driving the global VRF (variable refrigerant flow) system market growth. Additionally, growing construction industry, and relaxed regulations for FDI associated with construction & real estate sectors are positively swaying the market dynamics.
 

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For instance, as per the Population Reference Bureau, in 2019, the global degree of urbanization was 54%, while North America with 82% of population living in cities, was the most urbanized continent in the world. Hence, rapid urbanization is also acting as a growth stimulant here.
 

For the record, variable refrigerant flow (VRF) is an air conditioning system which controls the temperature in commercial buildings. VRF systems are used when different zones in a building are expected to function at different temperatures.
 

On the downside, high installation cost of the VRF systems is likely to restrain the market progression over the forecast duration.
 

Based on components, the industry is segmented into indoor units, outdoor units, and control systems & accessories. On the basis of capacity, the marketplace is divided into up to 10 tons, 11 to 18 tons, 19 to 26 tons, and above 26 tons. Speaking of system type, the industry space is categorized into heat pump systems, and heat recovery systems. Moving on to application ambit, the business space is fragmented into residential, and commercial including others.
 

Considering the geographical analysis, North America is likely to hold a considerable share in worldwide VRF system industry over 2021-2027, owing to growing awareness among individuals regarding energy efficiency and easy installation of VRFs with minimal piping work. Additionally, many North American companies have recently introduced VRF systems which make use of refrigerants with negligible global warming potential.
 

Prominent players in worldwide VRF (variable refrigerant flow) system industry are Panasonic Corporation, Lennox International Inc., LG Electronics Inc., Johnson Controls International, Mitsubishi Electric Corporation, United Technologies Corporation, Samsung Electronics Co. Ltd., Trane Technologies plc, Fujitsu Limited, and Toshiba Corporation.