Table of Content

TABLE OF CONTENTS

1 INTRODUCTION 16
1.1 STUDY OBJECTIVES 16
1.2 MARKET DEFINITION AND SCOPE 16
1.2.1 INCLUSIONS AND EXCLUSIONS 17
1.3 STUDY SCOPE 17
1.3.1 MARKETS COVERED 17
1.3.2 GEOGRAPHIC SCOPE 18
1.3.3 YEARS CONSIDERED 18
1.4 CURRENCY AND VOLUME UNIT 19
1.5 PACKAGE SIZE 19
1.6 LIMITATIONS 19
1.7 STAKEHOLDERS 19
2 RESEARCH METHODOLOGY 20
2.1 RESEARCH DATA 20
2.1.1 SECONDARY AND PRIMARY RESEARCH 22
2.1.2 SECONDARY DATA 22
2.1.2.1 Major secondary sources 23
2.1.2.2 Secondary sources 23
2.1.3 PRIMARY DATA 24
2.1.3.1 Primary interviews with experts 24
2.1.3.2 Key data from primary sources 24
2.1.3.3 Key industry insights 25
2.1.3.4 Breakdown of primaries 25
2.2 MARKET SIZE ESTIMATION 25
2.2.1 BOTTOM-UP APPROACH 26
2.2.1.1 Approach for arriving at market size by bottom-up approach (demand side) 26
2.2.2 TOP-DOWN APPROACH 27
2.2.2.1 Approach for capturing market size by top-down approach (supply side) 27
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION 28
2.4 RESEARCH ASSUMPTIONS 29
3 EXECUTIVE SUMMARY 30
4 PREMIUM INSIGHTS 34
4.1 ATTRACTIVE OPPORTUNITIES IN VRF SYSTEM MARKET 34
4.2 VRF SYSTEM MARKET, BY COMPONENT 34
4.3 VRF SYSTEM MARKET, BY SYSTEM TYPE 35
4.4 VRF SYSTEM MARKET, BY APPLICATION 35
4.5 VRF SYSTEM MARKET, BY REGION 36
5 MARKET OVERVIEW 37
5.1 INTRODUCTION 37
5.2 MARKET DYNAMICS 37
5.2.1 VRF SYSTEM MARKET DRIVERS AND THEIR IMPACT 37
5.2.1.1 Growing construction industry and easing of norms of FDI for construction and real estate sectors 38
5.2.1.2 High energy-saving potential as well as easy and minimum maintenance requirements of VRF systems 38
5.2.1.3 Focus of major players on providing technologically advanced refrigerants for air conditioning and heat pump solutions 38
5.2.1.4 Government incentives through tax credit programs 39
5.2.1.5 Regulations and policies of EU government pertaining to construction products 39
5.2.2 VRF SYSTEM MARKET RESTRAINTS AND THEIR IMPACT 39
5.2.2.1 High installation cost 40
5.2.3 VRF SYSTEM MARKET OPPORTUNITIES AND THEIR IMPACT 40
5.2.3.1 Significant opportunities in developing countries 40
5.2.3.2 Increasing penetration of VRF systems in residential and commercial applications 41
5.2.4 VRF SYSTEM MARKET CHALLENGES AND THEIR IMPACT 41
5.2.4.1 Harmful environmental impacts of refrigerant leaks 41
5.2.4.2 Lack of awareness regarding VRF systems in developing countries 42
5.3 IMPACT OF COVID-19 ON VRF SYSTEM MARKET 42
5.4 VALUE CHAIN ANALYSIS 42
6 VRF SYSTEM MARKET, BY COMPONENT 45
6.1 INTRODUCTION 46
6.2 OUTDOOR UNITS 47
6.2.1 INCREASING DEMAND FOR COMPRESSORS, INVERTERS, SUCTION ACCUMULATORS, AND LIQUID RECEIVERS IS DRIVING OUTDOOR UNITS SEGMENT 47
6.2.2 COMPRESSORS 47
6.2.3 INVERTERS 47
6.2.4 OTHERS 48
6.2.4.1 Suction accumulators 48
6.2.4.2 Liquid receivers 48
6.3 INDOOR UNITS 49
6.3.1 INDOOR EVAPORATOR UNITS EXCHANGE HEAT BETWEEN REFRIGERANT AND AMBIENT AIR BY BLOWING AIR OVER UNIT’S EVAPORATOR COIL 49
6.3.2 ELECTRONIC EXPANSION VALVES 49
6.3.3 SYNCHRONOUS ELECTRONIC MOTORS 49
6.3.4 OTHERS 49
6.3.4.1 Filters 49
6.3.4.2 Drain lines 50
6.4 CONTROL SYSTEMS AND ACCESSORIES 50
6.4.1 TECHNOLOGICAL INNOVATIONS SUCH AS TOUCH CONTROLLERS AND IOT-ENABLED CONTROLLERS ARE PLAYING KEY ROLE IN DRIVING CONTROL SYSTEMS AND ACCESSORIES SEGMENT 50
7 VRF SYSTEM MARKET, BY CAPACITY 52
7.1 INTRODUCTION 53
7.2 SMALL CAPACITY 54
7.2.1 GROWTH IN CONSTRUCTION ACTIVITIES 54
7.3 LARGE CAPACITY 54
7.3.1 STRINGENT GOVERNMENT REGULATIONS ON EMISSIONS AND ENERGY EFFICIENCY 54
8 VRF SYSTEM MARKET, BY SYSTEM TYPE 55
8.1 INTRODUCTION 56
8.2 HEAT PUMP SYSTEMS 57
8.2.1 GROWING AWARENESS REGARDING ENERGY-SAVING POTENTIAL OF VRF SYSTEMS DRIVES DEMAND FOR HEAT PUMP SYSTEMS 57
8.2.1.1 Air-source heat pump systems 57
8.2.1.2 Ground-source heat pump systems 57
8.2.2 ABSORPTION HEAT PUMP SYSTEMS 58
8.3 HEAT RECOVERY SYSTEMS 59
8.3.1 VFR HEAT RECOVERY MIXED-MODE OPERATION LEADS TO ENERGY SAVINGS 59
9 VRF SYSTEM MARKET, BY IMPLEMENTATION 61
9.1 INTRODUCTION 61
9.2 NEW CONSTRUCTIONS 61
9.2.1 GROWING TREND OF SMART HOMES WILL DRIVE DEMAND FOR VRF SYSTEMS IN NEW CONSTRUCTIONS 61
9.3 RETROFITS 61
9.3.1 GROWING TREND TO UPGRADE OR REFURBISH AIR CONDITIONING SYSTEM WILL DRIVE RETROFIT VRF SYSTEM MARKET 61
10 VRF SYSTEM MARKET, BY APPLICATION 62
10.1 INTRODUCTION 63
10.2 COMMERCIAL 64
10.2.1 OFFICE BUILDINGS, RETAIL STORES, AND HEALTHCARE FACILITIES ARE THE MAJOR COMMERCIAL APPLICATIONS OF VRF SYSTEM 64
10.2.2 OFFICE BUILDINGS 64
10.2.3 RETAIL STORES 64
10.2.4 HEALTHCARE FACILITIES 65
10.2.5 HOSPITALITY BUILDINGS 65
10.2.6 EDUCATIONAL BUILDINGS 65
10.2.7 HISTORICAL BUILDINGS 65
10.2.8 GOVERNMENT BUILDINGS 65
10.3 RESIDENTIAL 68
10.3.1 GROWING AWARENESS REGARDING IMPORTANCE OF INDOOR AIR QUALITY AND ENERGY CONSERVATION DRIVE ADOPTION OF VRF SYSTEMS IN RESIDENTIAL APPLICATION 68
10.4 OTHERS 70
10.4.1 METRO STATIONS AND AIRPORTS ARE KEY USERS OF VRF SYSTEMS AMONG OTHER APPLICATIONS 70
11 GEOGRAPHIC ANALYSIS 73
11.1 INTRODUCTION 74
11.2 NORTH AMERICA 76
11.2.1 US 78
11.2.1.1 US to continue to hold largest share of VRF system market globally during forecast period 78
11.2.2 CANADA 79
11.2.2.1 Growing residential and commercial building construction activities will drive VRF system market in Canada 79
11.2.3 MEXICO 79
11.2.3.1 Proposal to construct new commercial buildings will drive VRF system market in Mexico 79
11.3 EUROPE 80
11.3.1 TURKEY 83
11.3.1.1 Turkey to continue to hold largest share of European VRF system market during forecast period 83
11.3.2 UK 84
11.3.2.1 Increasing adoption of VRF systems in commercial and residential buildings will drive VRF system market in UK 84
11.3.3 GERMANY 84
11.3.3.1 Rising demand for heat pump and heat recovery systems will drive German VRF system market 84
11.3.4 SPAIN 84
11.3.4.1 Rising demand from residential, commercial, and industrial applications will drive VRF system market in Spain 84
11.3.5 ITALY 84
11.3.5.1 Increasing residential construction activities in country will drive Italian VRF system market 84
11.3.6 FRANCE 85
11.3.6.1 Recent developments pertaining to low global warming potential refrigerants and inverter-based VRF systems are VRF system market in France 85
11.3.7 REST OF EUROPE 85
11.3.7.1 Energy-saving potential and use of environment-friendly refrigerants are driving VRF system market in Rest of Europe 85
11.4 APAC 86
11.4.1 JAPAN 89
11.4.1.1 Japan’s VRF system market is at maturity stage 89
11.4.2 CHINA 89
11.4.2.1 China to continue to hold largest share of VRF system market globally during forecast period 89
11.4.3 SOUTH KOREA 89
11.4.3.1 Development in the infrastructure and industrialization activities in South Korea will drive growth of VRF system market 89
11.4.4 INDIA 90
11.4.4.1 Rapid urbanization and government initiatives to build more than 100 smart cities will drive VRF system market in India 90
11.4.5 AUSTRALIA 90
11.4.5.1 Cold summer weather influences demand for VRF systems in Australia 90
11.4.6 VIETNAM 90
11.4.6.1 Expansion of major cities and increasing construction activities in tourism and hospitality industry will drive growth of VRF system market in Vietnam 90
11.4.7 TAIWAN 90
11.4.7.1 Initiatives to promote construction of green buildings are driving VRF system market in Taiwan 90
11.4.8 REST OF APAC 91
11.4.8.1 Residential air-conditioning system market in Southeast Asia is witnessing robust growth 91
11.5 ROW 92
11.5.1 BRAZIL 93
11.5.1.1 Brazil to continue to hold largest share of VRF system market in South America during forecast period 93
11.5.2 MIDDLE EAST 94
11.5.2.1 Hot climatic conditions and growing disposable income are key drivers for Middle Eastern VRF system market 94
11.5.3 REST OF SOUTH AMERICA 94
11.5.3.1 Legislation for energy efficiency and a potential switch to eco- friendly refrigerants will drive VRF system market in Rest of South America 94
11.5.4 AFRICA 95
11.5.4.1 Increased adoption of advanced refrigerants with low global warming potential will lead to growth of VRF system market in Africa 95
12 COMPETITIVE LANDSCAPE 97
12.1 OVERVIEW 97
12.2 MARKET RANKING ANALYSIS: VRF SYSTEM MARKET 99
12.3 COMPETITIVE LEADERSHIP MAPPING, 2019 100
12.3.1 VISIONARIES 100
12.3.2 INNOVATORS 100
12.3.3 DYNAMIC DIFFERENTIATORS 100
12.3.4 EMERGING COMPANIES 100
12.4 STRENGTH OF PRODUCT PORTFOLIO (FOR 25 COMPANIES) 102
12.5 BUSINESS STRATEGY EXCELLENCE (FOR 25 COMPANIES) 103
12.6 COMPETITIVE SITUATIONS AND TRENDS 104
12.6.1 COLLABORATIONS, AGREEMENTS, AND PARTNERSHIPS 104
12.6.2 EXPANSIONS, PRODUCT LAUNCHES, AND DEVELOPMENTS 105
12.6.3 ACQUISITIONS 107
13 COMPANY PROFILES 109
(Business overview, Products offered, Recent Developments, SWOT Analysis, MNM view)*
13.1 KEY PLAYERS 109
13.1.1 DAIKIN 109
13.1.2 TOSHIBA 112
13.1.3 MITSUBISHI ELECTRIC 115
13.1.4 MIDEA GROUP 118
13.1.5 JOHNSON CONTROLS 121
13.1.6 LG ELECTRONICS 124
13.1.7 FUJITSU 126
13.1.8 UNITED TECHNOLOGIES 128
13.1.9 INGERSOLL RAND 130
13.1.10 LENNOX 133
13.1.11 PANASONIC 135
13.1.12 SAMSUNG ELECTRONICS 137
13.2 RIGHT TO WIN 139
13.3 OTHER KEY PLAYERS 140
13.3.1 NORTEK 140
13.3.2 GREE 140
13.3.3 EMERSON 141
13.3.4 ELECTROLUX 141
13.3.5 WHIRLPOOL 142
*Details on Business overview, Products offered, Recent Developments, SWOT Analysis, MNM view might not be captured in case of unlisted companies.
14 APPENDIX 143
14.1 INSIGHTS OF INDUSTRY EXPERTS 143
14.2 DISCUSSION GUIDE – VRF SYSTEM MARKET 144
14.4 AVAILABLE CUSTOMIZATIONS 149
14.5 RELATED REPORTS 149
14.6 AUTHOR DETAILS 150

LIST OF TABLES

TABLE 1 VRF SYSTEM MARKET, BY COMPONENT, 2018–2025 (USD BILLION) 47
TABLE 2 VRF SYSTEM MARKET FOR OUTDOOR UNITS, BY REGION, 
2018–2025 (USD MILLION) 48
TABLE 3 VRF SYSTEM MARKET FOR INDOOR UNITS, BY REGION, 
2018–2025 (USD MILLION) 50
TABLE 4 VRF SYSTEM MARKET FOR CONTROL SYSTEMS AND ACCESSORIES, 
BY REGION,  2018–2025 (USD MILLION) 51
TABLE 5 VRF SYSTEM MARKET FOR OUTDOOR UNITS, BY CAPACITY, 
2018–2025 (USD MILLION) 53
TABLE 6 VRF SYSTEM MARKET FOR OUTDOOR UNITS, BY CAPACITY,  
2018–2025 (THOUSAND UNITS) 54
TABLE 7 VRF SYSTEM MARKET, BY SYSTEM TYPE, 2018–2025 (USD MILLION) 56
TABLE 8 VRF SYSTEM MARKET, BY SYSTEM TYPE, 2018–2025 (THOUSAND UNITS) 57
TABLE 9 VRF HEAT PUMP SYSTEMS MARKET, BY REGION, 2018–2025 (USD MILLION) 58
TABLE 10 VRF HEAT PUMP SYSTEMS MARKET, BY APPLICATION, 2018–2025 (USD MILLION) 58
TABLE 11 VRF HEAT RECOVERY SYSTEMS MARKET, BY REGION, 2018–2025 (USD MILLION) 59
TABLE 12 VRF HEAT RECOVERY SYSTEMS MARKET, BY APPLICATION, 
2018–2025 (USD MILLION) 60
TABLE 13 VRF SYSTEM MARKET, BY APPLICATION, 2018–2025 (USD MILLION) 63
TABLE 14 VRF SYSTEM MARKET, BY APPLICATION, 2018–2025 (THOUSAND UNITS) 64
TABLE 15 VRF SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY REGION,  
2018–2025 (USD MILLION) 66
TABLE 16 VRF SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY REGION,  
2018–2025 (THOUSAND UNITS) 66
TABLE 17 VRF SYSTEM MARKET FOR COMMERCIAL APPLICATION, BY SYSTEM TYPE,  
2018–2025 (USD MILLION) 66
TABLE 18 VRF SYSTEM MARKET FOR COMMERCIAL APPLICATION IN NORTH AMERICA,  
BY SYSTEM TYPE, 2018–2025 (USD MILLION) 67
TABLE 19 VRF SYSTEM MARKET FOR COMMERCIAL APPLICATION IN EUROPE, 
BY SYSTEM TYPE, 2018–2025 (USD MILLION) 67
TABLE 20 VRF SYSTEM MARKET FOR COMMERCIAL APPLICATION IN APAC, BY SYSTEM TYPE,  2018–2025 (USD MILLION) 67
TABLE 21 VRF SYSTEM MARKET FOR COMMERCIAL APPLICATION IN ROW, BY SYSTEM TYPE,  2018–2025 (USD MILLION) 67
TABLE 22 VRF SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY REGION,  
2018–2025 (USD MILLION) 68
TABLE 23 VRF SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY REGION,  
2018–2025 (THOUSAND UNITS) 69
TABLE 24 VRF SYSTEM MARKET FOR RESIDENTIAL APPLICATION, BY SYSTEM TYPE,  
2018–2025 (USD MILLION) 69
TABLE 25 VRF SYSTEM MARKET FOR RESIDENTIAL APPLICATION IN NORTH AMERICA, 
BY SYSTEM TYPE, 2018–2025 (USD MILLION) 69
TABLE 26 VRF SYSTEM MARKET FOR RESIDENTIAL APPLICATION IN EUROPE, 
BY SYSTEM TYPE, 2018–2025 (USD MILLION) 69
TABLE 27 VRF SYSTEM MARKET FOR RESIDENTIAL APPLICATION IN APAC, BY SYSTEM TYPE,  2018–2025 (USD MILLION) 70
TABLE 28 VRF SYSTEM MARKET FOR RESIDENTIAL APPLICATION IN ROW, 
BY SYSTEM TYPE,  2018–2025 (USD MILLION) 70
TABLE 29 VRF SYSTEM MARKET FOR OTHER APPLICATIONS, BY REGION,  
2018–2025 (USD MILLION) 71
TABLE 30 VRF SYSTEM MARKET FOR OTHER APPLICATIONS, BY REGION,  
2018–2025 (THOUSAND UNITS) 71
TABLE 31 VRF SYSTEM MARKET FOR OTHER APPLICATIONS, BY SYSTEM TYPE,  
2018–2025 (USD MILLION) 71
TABLE 32 VRF SYSTEM MARKET FOR OTHER APPLICATIONS IN NORTH AMERICA, BY SYSTEM TYPE, 2018–2025 (USD MILLION) 72
TABLE 33 VRF SYSTEM MARKET FOR OTHER APPLICATIONS IN EUROPE, BY SYSTEM TYPE,  2018–2025 (USD MILLION) 72
TABLE 34 VRF SYSTEM MARKET FOR OTHER APPLICATIONS IN APAC, BY SYSTEM TYPE,  2018–2025 (USD MILLION) 72
TABLE 35 VRF SYSTEM MARKET FOR OTHER APPLICATIONS IN ROW, BY SYSTEM TYPE,  2018–2025 (USD MILLION) 72
TABLE 36 VRF SYSTEM MARKET, BY REGION, 2018–2025 (USD MILLION) 75
TABLE 37 VRF SYSTEM MARKET, BY REGION, 2018–2025 (THOUSAND UNITS) 75
TABLE 38 VRF SYSTEM MARKET IN NORTH AMERICA, BY COUNTRY, 
2018–2025 (USD MILLION) 78
TABLE 39 VRF SYSTEM MARKET IN NORTH AMERICA, BY COUNTRY, 
2018–2025 (THOUSAND UNITS) 78
TABLE 40 VRF SYSTEM MARKET IN NORTH AMERICA, BY APPLICATION, 
2018–2025 (USD MILLION) 79
TABLE 41 VRF SYSTEM MARKET IN NORTH AMERICA, BY APPLICATION,  
2018–2025 (THOUSAND UNITS) 79
TABLE 42 VRF SYSTEM MARKET IN NORTH AMERICA, BY SYSTEM TYPE, 
2018–2025 (USD MILLION) 80
TABLE 43 VRF SYSTEM MARKET IN NORTH AMERICA, BY SYSTEM TYPE,  
2018–2025 (THOUSAND UNITS) 80
TABLE 44 VRF SYSTEM MARKET IN EUROPE, BY COUNTRY, 2018–2025 (USD MILLION) 82
TABLE 45 VRF SYSTEM MARKET IN EUROPE, BY COUNTRY, 2018–2025 (THOUSAND UNITS) 83
TABLE 46 VRF SYSTEM MARKET IN EUROPE, BY APPLICATION, 2018–2025 (USD MILLION) 85
TABLE 47 VRF SYSTEM MARKET IN EUROPE, BY APPLICATION, 
2018–2025 (THOUSAND UNITS) 86
TABLE 48 VRF SYSTEM MARKET IN EUROPE, BY SYSTEM TYPE, 2018–2025 (USD MILLION) 86
TABLE 49 VRF SYSTEM MARKET IN EUROPE, BY SYSTEM TYPE, 
2018–2025 (THOUSAND UNITS) 86
TABLE 50 VRF SYSTEM MARKET IN APAC, BY COUNTRY, 2018–2025 (USD MILLION) 88
TABLE 51 VRF SYSTEM MARKET IN APAC, BY COUNTRY, 2018–2025 (THOUSAND UNITS) 89
TABLE 52 VRF SYSTEM MARKET IN APAC, BY APPLICATION, 2018–2025 (USD MILLION) 91
TABLE 53 VRF SYSTEM MARKET IN APAC, BY APPLICATION, 2018–2025 (THOUSAND UNITS) 91
TABLE 54 VRF SYSTEM MARKET IN APAC, BY SYSTEM TYPE, 2018–2025 (USD MILLION) 92
TABLE 55 VRF SYSTEM MARKET IN APAC, BY SYSTEM TYPE, 2018–2025 (THOUSAND UNITS) 92
TABLE 56 VRF SYSTEM MARKET IN ROW, BY REGION, 2018–2025 (USD MILLION) 93
TABLE 57 VRF SYSTEM MARKET IN ROW, BY REGION, 2018–2025 (THOUSAND UNITS) 93
TABLE 58 VRF SYSTEM MARKET IN ROW, BY APPLICATION, 2018–2025 (USD MILLION) 95
TABLE 59 VRF SYSTEM MARKET IN ROW, BY APPLICATION, 2018–2025 (THOUSAND UNITS) 95

TABLE 60 VRF SYSTEM MARKET IN ROW, BY SYSTEM TYPE, 2018–2025 (USD MILLION) 96
TABLE 61 VRF SYSTEM MARKET IN ROW, BY SYSTEM TYPE, 2018–2025 (THOUSAND UNITS) 96
TABLE 62 COLLABORATIONS, AGREEMENTS, AND PARTNERSHIPS, 2017–2019 104
TABLE 63 EXPANSIONS, PRODUCT LAUNCHES AND DEVELOPMENTS, 2017–2019 105
TABLE 64 ACQUISITIONS, 2017–2019 107

LIST OF FIGURES

FIGURE 1 VRF SYSTEM MARKET SEGMENTATION 17
FIGURE 2 VRF SYSTEM MARKET: RESEARCH DESIGN 21
FIGURE 3 VRF SYSTEM MARKET: BOTTOM-UP APPROACH 26
FIGURE 4 VRF SYSTEM MARKET: TOP-DOWN APPROACH 27
FIGURE 5 DATA TRIANGULATION 28
FIGURE 6 CONTROL SYSTEMS AND ACCESSORIES TO WITNESS HIGHEST CAGR IN VRF SYSTEM MARKET DURING FORECAST PERIOD 31
FIGURE 7 HEAT RECOVERY SYSTEMS TO WITNESS HIGHER CAGR IN VRF SYSTEM MARKET DURING FORECAST PERIOD 31
FIGURE 8 RESIDENTIAL APPLICATION TO REGISTER HIGHEST CAGR IN VRF SYSTEM MARKET DURING FORECAST PERIOD 32
FIGURE 9 ASIA PACIFIC TO LEAD VRF SYSTEM MARKET FROM 2020 TO 2025 33
FIGURE 10 GROWING CONSTRUCTION INDUSTRY AND HIGH ENERGY-SAVING POTENTIAL  
OF VRF SYSTEMS TO BOOST MARKET GROWTH 34
FIGURE 11 OUTDOOR UNITS TO HOLD MAJOR SHARE OF VRF SYSTEM MARKET DURING FORECAST PERIOD 34
FIGURE 12 HEAT PUMP SYSTEMS TO ACCOUNT FOR LARGER SIZE OF VRF SYSTEM  
MARKET IN 2020 35
FIGURE 13 COMMERCIAL APPLICATION TO HOLD LARGEST SIZE OF VRF SYSTEM  
MARKET IN 2025 35
FIGURE 14 ASIA PACIFIC TO HOLD LARGEST SIZE OF VRF SYSTEM MARKET 
DURING FORECAST PERIOD 36
FIGURE 15 MAJOR VALUE IS ADDED BY MANUFACTURERS, SYSTEM INTEGRATORS,  
AND CONSULTANTS OF VRF SYSTEM 43
FIGURE 16 VRF SYSTEM MARKET, BY COMPONENT 46
FIGURE 17 CONTROL SYSTEMS AND ACCESSORIES TO WITNESS HIGHEST CAGR 
IN VRF SYSTEM MARKET DURING FORECAST PERIOD 46
FIGURE 18 VRF SYSTEM MARKET, BY CAPACITY 53
FIGURE 19 VRF OUTDOOR UNITS WITH A CAPACITY OF MORE THAN 26 TONS TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD 53
FIGURE 20 VRF SYSTEM MARKET, BY SYSTEM TYPE 56
FIGURE 21 HEAT RECOVERY SYSTEMS TO REGISTER HIGHER CAGR IN VRF SYSTEM MARKET DURING FORECAST PERIOD 56
FIGURE 22 VRF SYSTEM MARKET, BY APPLICATION 63
FIGURE 23 RESIDENTIAL APPLICATION TO WITNESS HIGHEST CAGR IN VRF SYSTEM MARKET DURING FORECAST PERIOD 63
FIGURE 24 GEOGRAPHIC SNAPSHOT: MEXICO TO REGISTER HIGHEST CAGR IN VRF SYSTEM MARKET FROM 2020 TO 2025 74
FIGURE 25 VRF SYSTEM MARKET IN NORTH AMERICA TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 75
FIGURE 26 SNAPSHOT: VRF SYSTEM MARKET IN NORTH AMERICA 77
FIGURE 27 MEXICO TO RECORD HIGHEST CAGR IN VRF SYSTEM MARKET IN NORTH AMERICA DURING FORECAST PERIOD 77
FIGURE 28 SNAPSHOT: VRF SYSTEM MARKET IN EUROPE 81
FIGURE 29 VRF SYSTEM MARKET IN REST OF EUROPE TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD 82
FIGURE 30 SNAPSHOT: VRF SYSTEM MARKET IN APAC 87
FIGURE 31 VIETNAM TO RECORD HIGHEST CAGR IN VRF SYSTEM MARKET IN 
APAC DURING FORECAST PERIOD 88
FIGURE 32 REST OF SOUTH AMERICA TO RECORD HIGHEST CAGR IN VRF SYSTEM MARKET 
IN ROW DURING FORECAST PERIOD 92
FIGURE 33 KEY DEVELOPMENTS IN VRF SYSTEM MARKET (2017 TO 2019) 98
FIGURE 34 RANKING OF KEY PLAYERS IN VRF SYSTEM MARKET, 2019 99
FIGURE 35 VRF SYSTEM MARKET (GLOBAL) COMPETITIVE LEADERSHIP MAPPING, 2019 101
FIGURE 36 PRODUCT PORTFOLIO ANALYSIS OF TOP PLAYERS IN VRF SYSTEM MARKET 102
FIGURE 37 BUSINESS STRATEGY EXCELLENCE OF TOP PLAYERS IN VRF SYSTEM MARKET 103
FIGURE 38 DAIKIN: COMPANY SNAPSHOT 109
FIGURE 39 TOSHIBA: COMPANY SNAPSHOT 112
FIGURE 40 MITSUBISHI ELECTRIC: COMPANY SNAPSHOT 115
FIGURE 41 MIDEA GROUP: COMPANY SNAPSHOT 118
FIGURE 42 JOHNSON CONTROLS: COMPANY SNAPSHOT 121
FIGURE 43 LG ELECTRONICS: COMPANY SNAPSHOT 124
FIGURE 44 FUJITSU: COMPANY SNAPSHOT 126
FIGURE 45 UNITED TECHNOLOGIES: COMPANY SNAPSHOT 128
FIGURE 46 INGERSOLL RAND: COMPANY SNAPSHOT 130
FIGURE 47 LENNOX: COMPANY SNAPSHOT 133
FIGURE 48 PANASONIC: COMPANY SNAPSHOT 135
FIGURE 49 SAMSUNG ELECTRONICS: COMPANY SNAPSHOT 137