DUBLIN--(BUSINESS WIRE )--The "Global VRF AC System Market Research and Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The global VRF AC system is growing at a CAGR of 5.3% during the forecast period. The major factors that are augmenting the growth of the VRF AC market include increasing demand for energy-efficient heating, ventilation, air conditioning (HVAC), and the growth of various industries including construction and manufacturing.
Furthermore, initiatives are taken by the government to ease the foreign direct investment (FDI) standards in the real estate sector, enlargement of open network compatibility, the polarization of VRF designed for cold regions are also estimated to be the major factors that are significantly contributing towards the growth of the market. Additionally, the growing distribution of VRF AC systems in high-rise buildings is expected to provide profitable opportunities to the players that are operating in the VRF systems market.
The deployment of these systems in high-rise buildings is escalating due to the flexibility along with low utility cost benefits that are being offered by these systems. To fulfill the various need of multiple tenants, VRF systems provide control and flexibility in the installation process by removing the need for water piping. Many of the specialized instrument manufacturers have brought in user-friendly control systems with LCD touch screens that combined central air conditioning along with VRF to control central air conditioning systems.
However, certain factors are affecting the growth of the market. High cost associated with the installation of VRF system, complexities related to designing of the VRF system, specific installation requirements that make it tedious, and over-functioning is the major factors that are hindering the growth of the global VRF AC systems market.
Further, various companies are introducing novel VRF AC technologies to stay competitive in the market, which in turn is contributing to the market growth as well. For instance, in October 2019, Johnson Controls-Hitachi Air Conditioning had announced the beginning of a new global development center which is to be situated in Kadi, Gujarat, India. The investment was around $22.5 million which would lead to an increase in innovation capabilities with a prime focus on developing air conditioners for residential and commercial for India, Southeast Asia, Middle East, and European markets.
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900