Global Water-Cooled Heat Recovery VRF Systems Market to Boost in Coming Years – Projected to Reach worth USD 356.0 Million by 2028
Published | 28 March 2022
The growth of the global water-cooled heat recovery VRF systems market can be attributed to the growth in urbanization and industrialization, along with the advances in VRF systems and HAVAC technologies. Furthermore, the increasing construction activities as well as the development of energy-efficient products and technologies is projected to further propel the market growth..
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the global Water-Cooled Heat Recovery VRF Systems market was worth USD 241.4 million in 2021 and is anticipated to reach USD 356.0 million by 2028 at a CAGR of 5.8%. This is attributable to the large-scale deployment of VRF systems in most commercial buildings, ranging from cafes and small shops to large office buildings and public spaces. Also, the growing construction and infrastructure development have led to a surge in demand for these systems. All these factors are likely to propel the growth of water-cooled heat recovery VRF systems during the forecast period.
Growing Demand Due To Several Benefits Offered By VRF Systems To Drive The Market Growth
The VRF systems offer several benefits, such as VRF zoning guarantees the usage of energy to only heat or cool the engaged offices. VRF systems ensure the most productive and comfortable work environment as they comprise quiet indoor units and can preserve precise temperature control. Furthermore, the rising adoption of the VRF mechanical system, VRF air conditioning system, and wireless control systems to monitor indoor units throughout the indoor and outdoor structures is also expected to bolster the market growth.
Commercial Application Segment Anticipated To Propel The Market Growth During The Forecast period
Based on application, the global Water-Cooled Heat Recovery VRF Systems market is classified into commercial, residential, and others. The commercial sector has been further segmented into the healthcare sector, corporate offices, hotels, and others. Amidst the segmentation, the commercial sector accounted for the largest market share in 2021. Even in the commercial sector, the Corporate Offices were the Largest Application Area for Water-Cooled Heat Recovery VRF Systems and held the largest market share in 2021. Moreover, this trend is likely to stay constant during the forecast period due to the growth in infrastructure and construction industry due to the escalating urban population.
Furthermore, the Healthcare Category under the commercial sector is expected to observe the Fastest-Growing Demand for Water-Cooled Heat Recovery VRF Equipment. This can be ascribed to the progressively burgeoning footfall in hospitals and the government funding to promote new hospitals throughout the world. Since VRF systems are an essential part of hospitals, the market in this category is anticipated to record the maximum growth rate during the forecast period 2022-2028.
Impact Of COVID-19 On Global Water-Cooled Heat Recovery VRF Systems Market
The COVID-19 outbreak harshly hit the water-cooled heat recovery VRF systems industry by postponing new installations and leading to huge revenue loss. Moreover, the stringent lockdown directives required many producers to scale down their production output, bringing production facilities to a standstill. The coronavirus lockdown paused the device and component, which raised the product prices while lowering the market demand. Nevertheless, the VRF systems market is speedily returning to former levels, observing the gradually growing demand, particularly from the industrial sectors. Furthermore, the market demand is likely to recover due to lifting off the lockdown in many countries.
Asia-Pacific Dominates The Water-Cooled Heat Recovery VRF Systems Market While North America To Witness The Highest Growth During The Forecast Period.
Based on the regional analysis, the global Water-Cooled Heat Recovery VRF Systems market can be segmented into North America, Europe, the Asia-Pacific, Latin America, the Middle East, and Africa. Amidst the segmentation, Asia-Pacific dominated the global Water-Cooled Heat Recovery VRF Systems market with the largest share in 2021. This can be attributed to the progressively growing awareness about energy efficiency, the latest technological advancements introduced by key players present in the region, and the government's increasing focus on constructing green buildings.
Competitive Landscape
The global water-cooled heat recovery VRF systems market is fragmented, with numerous players serving the market. The key players dominating the global water-cooled heat recovery VRF Systems market are Daikin, Toshiba, Mitsubishi Electric, Midea Group, Johnson Controls, LG Electronics, Samsung Electronics Co. Ltd., Panasonic Corporation, Hitachi Ltd., United Technologies Corporation, Emerson Electric Co., Schneider Electric SE, Johnson Controls International PLC, Fujitsu Limited and other prominent players. The market players are focusing on increasing their customer base to attain a competitive edge. The players' key marketing strategies are introducing new and advanced products, collaborations, partnerships, and acquisitions to expand their customer reach.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global water-cooled heat recovery VRF systems market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global water-cooled heat recovery VRF Systems market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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