Product Code: BWC22106
Global Water-Cooled Heat Recovery VRF Systems Market to Boost in Coming Years - Projected to Reach worth USD 356.0 Million by 2028
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..
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the global Water-Cooled Heat Recovery VRF Systems market was worth USD 241.4 million in 2021 and is anticipated to reach USD 356.0 million by 2028 at a CAGR of 5.8%. This is attributable to the large-scale deployment of VRF systems in most commercial buildings, ranging from cafes and small shops to large office buildings and public spaces. Also, the growing construction and infrastructure development have led to a surge in demand for these systems. All these factors are likely to propel the growth of water-cooled heat recovery VRF systems during the forecast period.
Growing Demand Due To Several Benefits Offered By VRF Systems To Drive The Market Growth
The VRF systems offer several benefits, such as VRF zoning guarantees the usage of energy to only heat or cool the engaged offices. VRF systems ensure the most productive and comfortable work environment as they comprise quiet indoor units and can preserve precise temperature control. Furthermore, the rising adoption of the VRF mechanical system, VRF air conditioning system, and wireless control systems to monitor indoor units throughout the indoor and outdoor structures is also expected to bolster the market growth.
Commercial Application Segment Anticipated To Propel The Market Growth During The Forecast period
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 the healthcare sector, corporate offices, hotels, and others. Amidst the segmentation, the commercial sector accounted for the largest market share in 2021. Even in the commercial sector, the Corporate Offices were the Largest Application Area for Water-Cooled Heat Recovery VRF Systems and held the largest market share in 2021. Moreover, this trend is likely to stay constant during the forecast period due to the growth in infrastructure and construction industry due to the escalating urban population.
Furthermore, the Healthcare Category = under the commercial sector is expected to observe the Fastest-Growing Demand for Water-Cooled Heat Recovery VRF Equipment. This can be ascribed to the progressively burgeoning footfall in hospitals and the government funding to promote new hospitals throughout the world. Since VRF systems are an essential part of hospitals, the market in this category is anticipated to record the maximum growth rate during the forecast period 2022-2028.
Impact Of COVID-19 On Global Water-Cooled Heat Recovery VRF Systems Market.
The COVID-19 outbreak harshly hit the water-cooled heat recovery VRF systems industry by postponing new installations and leading to huge revenue loss. Moreover, the stringent lockdown directives required many producers to scale down their production output, bringing production facilities to a standstill. The coronavirus lockdown paused the device and component, which raised the product prices while lowering the market demand. Nevertheless, the VRF systems market is speedily returning to former levels, observing the gradually growing demand, particularly from the industrial sectors. Furthermore, the market demand is likely to recover due to lifting off the lockdown in many countries.
Asia-Pacific Dominates The Water-Cooled Heat Recovery VRF Systems Market While North America To Witness The Highest Growth During The Forecast Period.
Based on the regional analysis, the global Water-Cooled Heat Recovery VRF Systems market can be segmented into North America, Europe, the Asia-Pacific, Latin America, the Middle East, and Africa. Amidst the segmentation, Asia-Pacific dominated the global Water-Cooled Heat Recovery VRF Systems market with the largest 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. The players' key marketing strategies are introducing new and advanced products, collaborations, partnerships, and acquisitions to expand their customer reach.
Table of Contents
1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
2. Research Methodology
- 2.1. Qualitative Research
- 2.1.1. Primary & Secondary Research
- 2.2. Quantitative Research
- 2.3. Market Breakdown & Data Triangulation
- 2.3.1. Secondary Research
- 2.3.2. Primary Research
- 2.4. Breakdown of Primary Research Respondents, By Region
- 2.5. Assumption & Limitation
3. Executive Summary
4. Global Water-Cooled Heat Recovery VRF Systems Market Insights
- 4.1. Industry Value Chain Analysis
- 4.2. DROC Analysis
- 4.2.1. Growth Drivers
- 4.2.2. Restraints
- 4.2.3. Opportunities
- 4.2.4. Challenges
- 4.3. Technological Advancement/Recent Development
- 4.4. Regulatory Framework
- 4.5. Porter's Five Forces Analysis
- 4.5.1. Bargaining Power of Suppliers
- 4.5.2. Bargaining Power of Buyers
- 4.5.3. Threat of New Entrants
- 4.5.4. Threat of Substitutes
- 4.5.5. Intensity of Rivalry
5. Global Water-Cooled Heat Recovery VRF Systems Market Overview
- 5.1. Market Size & Forecast by Value, 2018-2028
- 5.1.1. By Value (USD Million)
- 5.2. Market Share & Forecast
- 5.2.1. By Application
- 5.2.1.1. Commercial
- 5.2.1.1.1. Healthcare
- 5.2.1.1.2. Corporate Offices
- 5.2.1.1.3. Hotels
- 5.2.1.1.4. Others
- 5.2.1.2. Residential
- 5.2.1.3. Others
- 5.2.2. By Region
- 5.2.2.1. North America
- 5.2.2.2. Europe
- 5.2.2.3. The Asia Pacific
- 5.2.2.4. Latin America
- 5.2.2.5. The Middle East and Africa
6. North America Water-Cooled Heat Recovery VRF Systems Market
- 6.1. Market Size & Forecast by Value, 2018-2028
- 6.1.1. By Value (USD Million)
- 6.2. Market Share & Forecast
- 6.2.1. By Application
- 6.2.2. By Country
- 6.2.2.1. United States
- 6.2.2.2. Canada
7. Europe Water-Cooled Heat Recovery VRF Systems Market
- 7.1. Market Size & Forecast by Value, 2018-2028
- 7.1.1. By Value (USD Million)
- 7.2. Market Share & Forecast
- 7.2.1. By Application
- 7.2.2. By Country
- 7.2.2.1. Germany
- 7.2.2.2. United Kingdom
- 7.2.2.3. Italy
- 7.2.2.4. France
- 7.2.2.5. Spain
- 7.2.2.6. Rest of Europe
8. The Asia Pacific Water-Cooled Heat Recovery VRF Systems Market
- 8.1. Market Size & Forecast by Value, 2018-2028
- 8.1.1. By Value (USD Million)
- 8.2. Market Share & Forecast
- 8.2.1. By Application
- 8.2.2. By Country
- 8.2.2.1. China
- 8.2.2.2. India
- 8.2.2.3. Japan
- 8.2.2.4. South Korea
- 8.2.2.5. Rest of Asia Pacific
9. Latin America Water-Cooled Heat Recovery VRF Systems Market
- 9.1. Market Size & Forecast by Value, 2018-2028
- 9.1.1. By Value (USD Million)
- 9.2. Market Share & Forecast
- 9.2.1. By Application
- 9.2.2. By Country
- 9.2.2.1. Brazil
- 9.2.2.2. Mexico
- 9.2.2.3. Rest of Latin America
10. The Middle East & Africa Water-Cooled Heat Recovery VRF Systems Market
- 10.1. Market Size & Forecast by Value, 2018-2028
- 10.1.1. By Value (USD Million)
- 10.2. Market Share & Forecast
- 10.2.1. By Application
- 10.2.2. By Country
- 10.2.2.1. Saudi Arabia
- 10.2.2.2. UAE
- 10.2.2.3. South Africa
- 10.2.2.4. Rest of Middle East & Africa
11. Competitive Landscape
- 11.1. List of Key Players and Their Offerings
- 11.2. Market Share Analysis, 2021
- 11.3. Competitive Benchmarking, By Operating Parameters
- 11.4. 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) **
- 13.1. Daikin
- 13.2. Toshiba
- 13.3. Mitsubishi Electric
- 13.4. Midea Group
- 13.5. Johnson Controls
- 13.6. LG Electronics
- 13.7. Samsung Electronics Co. Ltd.
- 13.8. Panasonic Corporation
- 13.9. Hitachi Ltd.
- 13.10. United Technologies Corporation
- 13.11. Emerson Electric Co.
- 13.12. Schneider Electric SE
- 13.13. Johnson Controls International PLC
- 13.14. Fujitsu Limited
- 13.15. 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