Report Overview

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...

Global Water-Cooled Heat Recovery VRF Systems Market - Industry Trends & Forecast Report 2028 

The global water-cooled heat recovery VRF systems market is expected to grow from USD 241.4 million in 2021 and is anticipated to reach USD 356.0 million by 2028 at a CAGR of 5.8%. The growth of the global water-cooled heat recovery VRF systems market can be attributed to the increase in urbanization and industrialization and the advances in VRF systems and HAVAC technologies. Furthermore, the increasing construction activities and the development of energy-efficient products and technologies are projected further to propel the market growth during the forecast period.

 

Water-Cooled Heat Recovery VRF Systems Overview 

VRF stands for Variable refrigerant flow systems. Nowadays, these systems are appreciated globally for being highly versatile and efficient air conditioning solutions. The VRF systems include one outdoor unit that is linked to multiple indoor units or zones. VRF systems are mostly three types: heat pump, heat recovery, and cooling only. The heat recovery VRF are three-pipe systems that can deliver heating to one space while cooling to another simultaneously by transferring the exhaust or waste heat from a zone being cooled to a heating site. The three pipes consist of a suction gas pipe, liquid pipe, and discharge gas pipe. The additional 3rd pipe enables the system to convey the waste thermal energy of an indoor unit to the rest of the system. The Heat Recovery type VRF enhances the air conditioning efficiency significantly and can reduce the energy usage by up to 30% or more in some cases.

Global Water-Cooled Heat Recovery VRF Systems Market

Growth Drivers 

Rapid Infrastructure Development Coupled With Growing Emphasis On Green Buildings

The infrastructure development is likely to pick up pace rapidly due to tight deadlines to complete projects that got delayed due to the COVID-19 pandemic. Thus, the foremost water-cooled heat recovery VRF market players would vigorously promote their products to cope with the massive loss of revenue due to the shutting down of commercial and industrial facilities in 2020 and 2021—moreover, the rising emphasis on green buildings. The VRF systems are complete HVAC solutions, without the need for different systems for heating, air conditioning, heating, thus saving energy. Various policies promoting green buildings are also responsible for the growth of the water-cooled heat recovery VRF systems market. For instance, the New Zealand Building Council's target to construct only 100% green buildings from 2030 onwards.

Introduction Of Technological Advancements By Major Market Players

Several industry leaders are coming up with new products integrated with the latest technological advancements that are playing a significant role in propelling the market growth rate of the water-cooled heat recovery VRF systems. For instance, The new Mitsubishi Electric City Multi water-cooled variable refrigerant flow (VRF) air conditioning system vividly decreases the installation footprint and piping, upsurges the capacity of single-module units, and lowers the energy costs. The benefits of a water heat source system have been supplemented to the air heat source CITY MULTI series, making it apposite for a broader range of applications in high rises, coastal areas, cold climates, etc. The models operate similarly to the air-cooled versions, but they do not need to defrost, and they are ideal retro-fit to the existing water-cooled building systems.

Growth Restraint

Major Production And Supply Chain Disruptions Owing To The COVID-19 Pandemic.

The operation of the stringent measures, including the lockdowns and social distancing, by various governments in 2020 to tackle the COVID-19 pandemic gave rise to decreased production of water-cooled heat recovery VRF systems. Moreover, numerous companies' manufacturing operations were scaled down due to labor shortages coupled with disruptions in the supply of raw materials. Nevertheless, the global water-cooled heat recovery VRF systems market is anticipated to recuperate with the projected increase in demand for such systems, the escalation in people’s disposable income, and rapid infrastructure development.

Impact Of COVID-19 On Global Water-Cooled Heat Recovery VRF Systems Market.

The repercussions of the COVID-19 pandemic that engulfed the world at the start of 2020 could be felt immensely on the global Water-Cooled Heat Recovery VRF Systems market. Important governments all over the globe imposed lockdowns to prevent the spread of the virus. Like other industries, the VRF systems industry was also severely hit by the COVID-19 outbreak. Conversely, the VRF systems manufacturers had to face several challenges ranging from obtaining components and raw materials needed to develop VRF Systems to supplying the end products and calling workers from quarantines. On the other hand, growing automation in several manufacturing companies and integration of BAS for alarms and schedules have positively affected the market growth.

Global Water-Cooled Heat Recovery VRF Systems Market– By Application

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 healthcare sector, corporate offices, hotels, and others. Amidst the segmentation, the commercial sector accounted for the largest market share in 2021. This can be attributed to the large-scale deployment of water-cooled heat recovery VRF systems across different industries. The healthcare sector is set to attain the position of a major revenue contributor to the global water-cooled heat recovery VRF market during the forecast period due to the measures taken by Governments throughout the world to advance their healthcare infrastructure. For instance- the Government of New Zealand declared the investment of $500.9 million (NZD 700 million) for the development of healthcare infrastructure. Furthermore, it plans to renovate 24 local hospitals in the approaching years. On the other hand, the corporate offices have also witnessed a heavy demand for these systems.

Global Water-Cooled Heat Recovery VRF Systems Market– Regional Insights.

On the basis of regions, the global water-cooled heat recovery VRF systems market has been segmented into five categories- North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. Amidst the segmentation, Asia-Pacific dominated the global Water-Cooled Heat Recovery VRF Systems market 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 in the market. The key marketing strategies adopted by the players are the introduction of new and advanced product launches, collaborations, partnerships, and acquisitions to expand their customer reach.

 

Recent Development

• November 2021: Carrier launched Toshiba Carrier touchscreen controller in North America for Variable Refrigerant Flow (VRF) systems. It can connect up to 128 indoor units to one easy-to-use interface. This touchscreen controller enables the building managers to access their entire VRF system via one centralized location, thus eradicating the need to monitor different units separately.
• April 2021: Carrier Corporation (Carrier) announced that it signed agreements to acquire Guangdong Giwee Group and its affiliates, such as Guangdong Chigo Heating and Ventilation Equipment Co., Ltd. (GCHV Global). Giwee Group has a proven strength in the VRF as well as light commercial market in China that is believed to increase Carrier's access to this growing market.

 

Scope of Report:

 

Attribute	Details
Years Considered	Historical data- 2018-2021
	Base Year- 2021
	Forecast- 2022-2028
Facts Covered	Revenue in USD Million
Market Coverage	United States, Canada, Germany, United Kingdom, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, United Arab Emirates, South Africa
Product/Service Segmentation	By application and by region.
Key Players	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.

 

By Application

• Commercial
  • Healthcare
  • Corporate Offices
  • Hotels
  • Others
• Residential

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle-East and Africa

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. Global Water-Cooled Heat Recovery VRF Systems Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Advancement/Recent Development
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. Global Water-Cooled Heat Recovery VRF Systems Market Overview
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Application
         1. Commercial
            1. Healthcare
            2. Corporate Offices
            3. Hotels
            4. Others
         2. Residential
         3. Others
      2. By Region
         1. North America
         2. Europe
         3. The Asia Pacific
         4. Latin America
         5. The Middle East and Africa
6. North America Water-Cooled Heat Recovery VRF Systems Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Application
      2. By Country
         1. United States
         2. Canada
7. Europe Water-Cooled Heat Recovery VRF Systems Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Application
      2. By Country
         1. Germany
         2. United Kingdom
         3. Italy
         4. France
         5. Spain
         6. Rest of Europe
8. The Asia Pacific Water-Cooled Heat Recovery VRF Systems Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Application
      2. By Country
         1. China
         2. India
         3. Japan
         4. South Korea
         5. Rest of Asia Pacific
9. Latin America Water-Cooled Heat Recovery VRF Systems Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Application
      2. By Country
         1. Brazil
         2. Mexico
         3. Rest of Latin America
10. The Middle East & Africa Water-Cooled Heat Recovery VRF Systems Market
    1. Market Size & Forecast by Value, 2018-2028
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Application
       2. By Country
          1. Saudi Arabia
          2. UAE
          3. South Africa
          4. Rest of Middle East & Africa
11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership.)
12. Impact of Covid-19 on Global Water-Cooled Heat Recovery VRF Systems Market Industry
13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. Daikin
    2. Toshiba
    3. Mitsubishi Electric
    4. Midea Group
    5. Johnson Controls
    6. LG Electronics
    7. Samsung Electronics Co. Ltd.
    8. Panasonic Corporation
    9. Hitachi Ltd.
    10. United Technologies Corporation
    11. Emerson Electric Co.
    12. Schneider Electric SE
    13.  Johnson Controls International PLC
    14. Fujitsu Limited
    15. Other prominent players

 

14. Key Strategic Recommendations

 

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

 

List Of Figures

 

Figure 1        Global Water-Cooled Heat Recovery VRF Systems Segmentation

Figure 2        Global Water-Cooled Heat Recovery VRF Systems Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4        Global Water-Cooled Heat Recovery VRF Systems Market Size, By Value (USD Million), 2018-2028

Figure 5        Global Water-Cooled Heat Recovery VRF Systems Market Share, By Application, By Value, 2018-2028

Figure 6        Global Water-Cooled Heat Recovery VRF Systems Market Share, By Region, By Value, 2018-2028

Figure 7        North America Water-Cooled Heat Recovery VRF Systems Market Size, By Value (USD Million), 2018-2028

Figure 8        North America Water-Cooled Heat Recovery VRF Systems Market Share, By Application, By Value, 2018-2028

Figure 9        North America Water-Cooled Heat Recovery VRF Systems Market Share, By Country, By Value, 2018-2028

Figure 10       Europe Water-Cooled Heat Recovery VRF Systems Market Size, By Value (USD Million), 2018-2028

Figure 11       Europe Water-Cooled Heat Recovery VRF Systems Market Share, By Application, By Value, 2018-2028

Figure 12       Europe Water-Cooled Heat Recovery VRF Systems Market Share, By Country, By Value, 2018-2028

Figure 13       The Asia-Pacific Water-Cooled Heat Recovery VRF Systems Market Size, By Value (USD Million), 2018-2028

Figure 14       The Asia-Pacific Water-Cooled Heat Recovery VRF Systems Market Share, By Application, By Value, 2018-2028

Figure 15       The Asia-Pacific Water-Cooled Heat Recovery VRF Systems Market Share, By Country, By Value, 2018-2028

Figure 16       Latin America Water-Cooled Heat Recovery VRF Systems Market Size, By Value (USD Million), 2018-2028

Figure 17       Latin America Water-Cooled Heat Recovery VRF Systems Market Share, By Application, By Value, 2018-2028

Figure 18       Latin America Water-Cooled Heat Recovery VRF Systems Market Share, By Country, By Value, 2018-2028

Figure 19       The Middle East & Africa Water-Cooled Heat Recovery VRF Systems Market Size, By Value (USD Million), 2018-2028

Figure 20       The Middle East & Africa Water-Cooled Heat Recovery VRF Systems Market Share, By Application, By Value, 2018-2028

Figure 21       The Middle East & Africa Water-Cooled Heat Recovery VRF Systems Market Share, By Country, By Value, 2018-2028

 

List Of Tables

 

Table 1         Global Water-Cooled Heat Recovery VRF Systems Market Size, By Application, By Value, 2018-2028                       

Table 2         Global Water-Cooled Heat Recovery VRF Systems Market Size, By Region, By Value, 2018-2028            

Table 3         North America Water-Cooled Heat Recovery VRF Systems Market Size, By Application, By Value, 2018-2028                        

Table 4         North America Water-Cooled Heat Recovery VRF Systems Market Size, By Country, By Value, 2018-2028              

Table 5         Europe Water-Cooled Heat Recovery VRF Systems Market Size, By Application, By Value, 2018-2028                       

Table 6         Europe Water-Cooled Heat Recovery VRF Systems Market Size, By Country, By Value, 2018-2028            

Table 7         The Asia-Pacific Water-Cooled Heat Recovery VRF Systems Market Size, By Application, By Value, 2018-2028                        

Table 8         The Asia-Pacific Water-Cooled Heat Recovery VRF Systems Market Size, By Country, By Value, 2018-2028              

Table 9         Latin America Water-Cooled Heat Recovery VRF Systems Market Size, By Application, By Value, 2018-2028                                 

Table 10        Latin America Water-Cooled Heat Recovery VRF Systems Market Size, By Country, By Value, 2018-2028              

Table 11        The Middle East & Africa Water-Cooled Heat Recovery VRF Systems Market Size, By Application, By Value, 2018-2028            

Table 12        The Middle East & Africa Water-Cooled Heat Recovery VRF Systems Market Size, By Country, By Value, 2018-2028          

Table 13        Daikin Company Overview                     

Table 14        Daikin Financial Overview                      

Table 15        Toshiba Company Overview                   

Table 16        Toshiba Financial Overview                    

Table 17        Midea Group Company Overview                      

Table 18        Midea Group Financial Overview                       

Table 19        Johnson Controls Company Overview                          

Table 20        Johnson Controls Financial Overview                           

Table 21        Samsung Electronics Co. Ltd. Company Overview                   

Table 22        Samsung Electronics Co. Ltd. Financial Overview                    

Table 23        Hitachi Ltd. Company Overview                        

Table 24        Hitachi Ltd. Financial Overview                         

Table 25        United Technologies Corporation Company Overview                         

Table 26        United Technologies Corporation Financial Overview                         

Table 27        Emerson Electric Co. Company Overview                     

Table 28        Emerson Electric Co. Financial Overview                      

Table 29        Schneider Electric SE Company Overview                     

Table 30        Schneider Electric SE Financial Overview                     

Table 31        Johnson Controls International PLC Company Overview                    

Table 32        Johnson Controls International PLC Financial Overview                     

Table 33        Fujitsu Limited Company Overview                    

Table 34        Fujitsu Limited Financial Overview