HVAC VRV Market: Introduction

  • In HVAC VRV, VRV stands for Variable Refrigerant Volume, where cooling is monitored and controlled by refrigerant flow volume to indoor units. This system is more effective in terms of running cost, efficiency, and flexibility in control and use. VRV systems are mostly used in mid and large sized buildings.
  • Increasing demand from medium and small businesses for efficient HVAC systems owing to decreasing working space is encouraging the overall HVAC VRV market. Growing service sector in several emerging countries and awareness about environmental impact is also expected to surge the growth of the market in the coming years.

Key Drivers of the Global HVAC VRV Market

  • Significant growth in commercial complexes and offices is a major factor boosting the global HVAC VRV market. Emerging countries are showing growth in service industry, leading to increasing number of small and medium sized buildings in urban areas of these countries. Additionally, other sectors such as healthcare, hotels and restaurants, and malls are anticipated to encourage the overall HVAC VRV market in the near future.
  • Increasing population and decreasing space size of offices is also a major driver of the HVAC VRV market. Several developed countries are focusing more on energy efficient systems which also supports the global market surge. Automotive industry, and oil and gas industry are also showing increasing demand for HVAC VRV. The overall global HVAC VRV market is expected to expand at a significant rate during the forecast period.

Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report

HVAC VRV Anticipated to Create Attractive Opportunities in Future

  • Developing countries in Asia Pacific and South America are expected to show significant growth in demand for HVAC VRV systems in the coming years owing to increasing industrialization, and a growing service industry. Urbanization has also surged the hotel, restaurant, and healthcare industry, leading to increasing demand for HVAC VRV systems. These factors are expected to create attractive opportunities for manufacturers in the future.
  • Technological developments to increase efficiency and reduce operational cost of equipment is anticipated to be influencing factors for HVAC VRV system manufacturers in the near future. Increasing demand for eco-friendly equipment which generate less carbon footprint is encouraging manufacturers to focus on product development and innovation.

High Cost of Product Expected to Obstruct the Overall HVAC VRV Market

  • Currently, high production cost is the major obstruction faced by HVAC VRV manufacturers.  Both product cost and maintenance cost of HVAC VRV are high which is anticipated to influence the global HVAC VRV market. HVAC VRV is unaffordable for small and mid-sized companies. This is expected to hinder the HVAC VRV market growth during the forecast period.

North America and Asia Pacific Anticipated to Dominate the Global HVAC VRV Market

  • North America is the major consumer of HVAC VRV systems followed by Asia Pacific. China has shown significant growth in demand for the product in recent years owing to increasing industrialization and urbanization. Several emerging countries across Asia Pacific are anticipated to boost the demand for HVAC VRV systems in the coming years.   
  • The Middle East and Europe are also experiencing surge in overall demand in the past few years. Growing healthcare industry, restaurants, and hotels are the major end-users boosting demand for HVAC VRV systems in these regions.

For Right Perspective & Competitive Insights on HVAC VRV Market, Request for a Sample

Key Players Operating in the Global Market

The global HVAC VRV market is highly concentrated across major manufacturers who account for around 20%–25% share of the overall market. A few of the major players operating in the global HVAC VRV market are:

  • Daikin Industries, Ltd.
  • Panasonic Corporation
  • Mitsubishi Electric Corporation
  • Toshiba
  • Midea Group
  • Lennox International
  • Ingersoll Rand Inc.
  • Voltas Ltd

Global HVAC VRV Market: Research Scope

Global HVAC VRV Market, by System Type

  • Two Pipe System
  • Three Pipe System

Global HVAC VRV Market, by Application

  • Residential
  • Commercial
    • Offices and commercial complex
    • Hotels and Restaurants
    • Hospitals and Clinics
    • Others (Educational Institutions etc.)
  • Industrial

Global HVAC VRV Market, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America  
  • Europe
    • Germany
    • France
    • U.K.
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Rest of South America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.


Hvac Vrv Market

Pre Book