Name: India VRF System Market By Type (Heat Pump Systems and Heat Recovery Systems), By Component (Outdoor Units, Indoor Units, Control Systems, and Accessories), By Capacity (Small Capacity and Large Capacity), By Application (Commercial, Residential, and Others) - Opportunities &amp; Forecast, 2020-2027
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India VRF System Market By Type (Heat Pump Systems and Heat Recovery Systems), By Component (Outdoor Units, Indoor Units, Control Systems, and Accessories), By Capacity (Small Capacity and Large Capacity), By Application (Commercial, Residential, and Others) – Opportunities & Forecast, 2020-2027

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Variable refrigerant flow (VRF) is an HVAC technology-based system, which has one outdoor condensing unit and multiple indoor units. The term ‘variable refrigerant flow’ refers to the ability of the system to control the amount of refrigerant flowing to the multiple evaporators that are indoor units, connected to a single condensing unit. VRF systems can either be a heat pump system or a heat recovery system, which provides simultaneous heating and cooling to different zones or rooms within a building at the same time. The use of multiple indoor units of different capacities and configurations provides the ability to create zones that can be individually controlled.

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The significant factors driving the growth of the India VRF system market include the energy-saving potential of the VRF system, zoning, individual temperature control, and minimized ductwork. In addition to this, the growing construction sector in India and the strong demand for advanced air conditioning and heat pump solutions among customers will further boost the demand of India VRF system market. Additionally, the variable refrigerant flow (VRF) system serves as an enhanced version of a multi-split system with heat recovery capabilities and provides simultaneous heating and cooling. This helps in improving the efficiency and power saving capacity of the HVAC system, thereby encouraging the end-users to opt for these systems over the forecast period.

Major infrastructure investments and schemes of government and constructional projects in India such as the ‘Make in India’ campaign, Smart City Mission, the ‘National Infrastructure Pipeline’ project, and PPP Projects in Smart Cities are expected to augment the market growth in India over the forecast period. Some of the major ongoing constructional projects in India, including Gujarat International Finance Tec-City (GIFT), Navi Mumbai International Airport (NMIA), World One Tower residential skyscraper, the GVK Sky city, Lokhandwala Minerva complex are further anticipated to stimulate the growth and development of the VRF system in India.

Increasing applications of VRF systems in various commercial buildings, including hotels, restaurants, corporate offices, and educational institutes, among others, will further propel the market growth over the forecast period. Moreover, higher flexibility, modular designs, simple installation feature, the ability of the VRF systems to produce less noise during operation, and easy to use smart controls of room temperature are some of the major driving factors fuelling the consumer interest in buying VRF systems over the forecast period. On the other hand, the increasing incidences of a refrigerant leak, high installation cost, and lack of awareness regarding the benefits of VRF system will hamper the growth of the India VRF system market. Also, the recent outbreak of COVID is expected to slow down the construction industry, which is likely to hamper the growth of the VRF System market in India.

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Based on the type, the VRF System Market is segmented into heat pump system and heat recovery system. The heat pump system segment is expected to grow at a higher CAGR during the forecast period. The major factors driving the adoption of the heat pump system include relatively low cost, less maintenance requirement, and growing awareness regarding energy efficiency. Additionally, the heat pump systems are being increasingly adopted in residential buildings, retail stores, cellular offices, restaurants, lobby areas, clubhouses, religious facilities where either cooling or heating is required during the same operational periods. On the other hand, the heat recovery system segment is expected to dominate the India VRF system market during the forecast period owing to the various benefits of providing simultaneous cooling or heating operation for each of the indoor units. The heat recovery system offers heat recovery, transfers the heat recovered from the cooling zone, and is being increasingly used to warm up the room in heating mode, thereby surging its energy efficiency and energy savings ability. These systems are mostly used in schools, hotels, historical buildings, office buildings, banks, and other commercial buildings where simultaneous cooling and heating is a design requirement.

Based on the component, the market is segmented into outdoor units, indoor units, control systems, and accessories. The indoor units segment is predicted to grow at a higher CAGR during the forecast period owing to its easy installation into ceilings, ideal for smaller rooms, and the ability to create zones that can be individually controlled. On the other hand, the outdoor unit segment is projected to dominate the market over the forecast period. The major driving factors include its ability of outdoor units to connect multiple indoor units, growing adoption of inverter-driven compressor, light weight, and small footprints.

Based on capacity, the market has been segmented into small capacity and large capacity. The small capacity segment is anticipated to grow at a higher CAGR during the forecast period. This is attributed to the growing demand for up to 10 Tons of VRF systems in residential building applications, small-sized office buildings, and low-rise hotels. The less amount of noise creation, energy-saving, comfortable airflow, and centralized control for small-sized buildings, are the major factors contributing to the growth of the 11 to 18 tons small capacity VRF system market in India.

Based on the application, the market is segmented into commercial, residential, and others. Among these, the commercial segment is expected to grow at a faster CAGR over the coming years. Simultaneous heating and cooling, precise zonal control, desired temperature control in an easy way, versatility in function, flexibility in design, and higher energy efficiency are some of the major factors contributing to the strong demand for VRF systems in the commercial sector. Additionally, there has been an upsurge in demand for the VRF system in commercial buildings such as shopping malls, small shops, cafes, large office buildings, and public spaces, which is further supporting the market growth in the commercial sector. On the other hand, the residential segment is expected to lead the market during the forecast period owing to the numerous benefits offered by the VRF system, such as a highly cost-effective, efficient, and flexible HVAC solution. Increasing investment in the residential construction sector in the region and beneficial properties of the VRF system, including low cost of operation, long product life, and less downtime are certain factors are further contributing to the growth of the VRF system market in the residential sector in India.

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Various notable players operating in the market include Daikin industries, Ltd., Fujitsu Limited, Mitsubishi Electric Corporation, Johnson Controls International Plc, Toshiba Corporation, LG Electronics Inc., Midea Group Co., Ltd., Raytheon Technologies Corporation, Samsung Electronics Co., Ltd., and Panasonic Corporation, among others.

Key Market Developments:

- In 2020, Trane Technologies Plc announced the launch of Genyue5+, a full DC Inverter VRF system for India and SAARC markets. Genyue5+ has the ability to be controlled with its GEN Network Control, the advanced 15” touch screen controller. Additionally, the Genyue5+ inverter is expected to be used across various sectors, including retail, healthcare, hospitality, commercial, educational institution, and others.
- In 2020, Mitsubishi Electric Corporation opened two concept based showrooms MEQ Cooling Planet and MEQ Hiroba showrooms in Patiala and Sangrur cities of Punjab. These showrooms will display and sell Mitsubishi Electric’s air-conditioning products, including room air-conditioners, packaged air-conditioners, City Multi VRF systems and Jet Towels for residential and commercial establishments. One of the primary features of these showrooms is that the customers can touch and feel the Mitsubishi Electric India products.
- In 2018, Toshiba Carrier Corp announced a new joint venture with United Technologies Corporation, for the establishment of Toshiba Carrier Air-Conditioning India Private Ltd. in Gurgaon, Haryana, India. The new joint venture has been created to support strong demand for variable refrigerant flow (VRF) solutions for use in office building and condominiums. With this joint venture, Toshiba Carrier Air-Conditioning India will benefit from the existing manufacturing operations, distribution network and existing sales force of Carrier in India.

The India VRF System market segmented on the basis of type, component, capacity, and application. Based on type, the market is segmented into heat pump systems and heat recovery systems. Based on component, the market is segmented into outdoor units, indoor units, control systems and accessories. Based on capacity, the market is segmented into small capacity and large capacity. Based on application, the market is segmented into commercial, residential, and others.

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Key questions answered in this research report:

- At what pace is India VRF System market growing? What will be the growth trend in the future?
- What are the key drivers and restraints in India VRF System market? What will be the impact of market drivers and market restraints in the future?
- Which type generated maximum revenues in 2019 and identify the most promising products during the forecast period?
- What are the various applications in India VRF System market and how they are poised to grow?
- What companies are the major participants in India VRF System market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Type, By Component, By Capacity, By Application
Regional Coverage	India
Companies Profiled	Daikin industries, Ltd., Fujitsu Limited, Mitsubishi Electric Corporation, Johnson Controls International Plc, Toshiba Corporation, LG Electronics Inc., Midea Group Co., Ltd., Raytheon Technologies Corporation, Samsung Electronics Co., Ltd., and Panasonic Corporation among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation