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

This intelligence report by TMR is the outcome of intense study and rigorous assessment of various dynamics shaping the growth of the market. TMR nurtures a close-knit team of analysts, strategists, and industry experts who offer clients tools, methodologies, and frameworks to make smarter decisions. Our objective, insights, and actionable analytics provide CXOs and executives to advance their mission-critical priorities with confidence.

The scrutiny of the various forces impacting the dynamics of the market, and key and associated industries, guides enterprises in understanding various consumer propositions. Our clients leverage these insights and perspectives to enhance customer experience in the fast-paced business environment.

All our insights and perspectives are broadly based on 4 Pillars or Stages: ASBC-S, which offer an elaborate and customizable framework for the success of an organization. The essence and the roles of these in organizational successes are highlighted below:

  • Agenda for CXOs: TMR, through the study, sets the tone for agendas that are pertinent to CEOs, CFOs, CIOs, and other CXO executives of businesses operating in the market. The perspectives help our clients to bridge the gap between agenda and action plan. TMR strives to offer guidance to CXOs to undertake mission-critical activities empowered by various business analysis tools, and boost the performance of the organizations. The perspectives guide you to decide on your own marketing mix that align well with the policies, visions, and mission.
  • Strategic Frameworks: The study offers how organizations are setting both short-term and long-term strategic plans. Our team of experts collaborate and communicate with you to understand these to make your organizations sustainable and resilient during tough times. The insights help them decide sustainable competitive advantage for each business units.
  • Benchmarking for Deciding Target Markets and Brand Positioning: The assessments in the study provides a scrutiny of marketing channels and marketing mix. Our various teams work synergistically with you to help identify your actual and potential direct, indirect, and budget competition areas. Additionally, the study helps you decide most effective budgets for various processes and promotional activities. Furthermore, the study guides you to set benchmarks for integrating people and processes with the 4Ps of marketing. Eventually, this will empower you to find out unique propositioning strategies and niches.
  • Business Composability for Sustainability (C-S): Constant strategy planning for sustainability characterizing our C-S framework in the report has become more relevant than before in the face of disruptions caused by pandemics, recessions, boom and bust cycles, and changing geopolitical scenario. The TMR study offers a high level of customization to help you achieve business composability. Composable enterprises are increasingly gaining the attention of CXOs in order to help them combat market volatility. Our analysts and industry experts help you wade through such uncertainties and guide you to become a smart sustainable business in entirety.

The study presents scrutiny of region-specific consumer and technology trends, including the most recent industry dynamics. These broadly cover but not limited to

  • North America, South America, and the Americas
  • Asia Pacific and Japan
  • Europe
  • Latin America
  • Middle East and Africa

The study offers data-driven insights and guidance of several aspects. Some of the more notable questions are:

  • What are the major recent trends that can influence the product life cycle and the RoI?
  • Which regulatory trends shape corporate-level, business-level, and functional-level strategies?
  • Which micromarketing initiatives of leading players will bring in investments?
  • What can be the best framework and tools for PESTLE analysis?
  • Which regions will witness rise in new opportunities?
  • Which are the game-changing technologies being used to capture new revenue streams in the near future?
  • Which operational and tactical frameworks are being adopted by various players in gaining customer loyalty?
  • What is the current and expected intensity of competition the market in the near future?

Disclaimer: This market research study is an ongoing effort and extreme care has been taken to maintain the highest levels of accuracy at all stages. However, in the light of the rapidly evolving business dynamics, some region-specific or other segment-specific changes may take time to be part of the study.

Enquiry Before Buying

TMR offers Enquiry Before Buying that help clients to get information on their business scenario required where syndicated solutions are not enough.

Enquiry Before Buying