International.
The market size of VRF systems is expected to grow at a CAGR (Compound Annual Growth Rate) of 11.4% between 2016 and 2022, starting from the market size of US$11.08 billion in 2015 to US$24.09 billion in 2022.
The growth of the systems is driven by factors such as the increasing demand for improved energy efficiency devices and a lower environmental impact due to the use of VRF systems, increasing construction activities, and increasing legislation and energy management initiatives to increase the adoption of VRF systems.
Factors such as the high level of efficiency of advanced compressor and inverter controls, as well as government tax reduction are also supporting the growth of this type of market.
Geographically, Asia-Pacific accounted for the largest market share in 2015 and is expected to grow at a significant CAGR between 2016 and 2022. The growth of construction activities coupled with the increased demand for smart devices to handle VRF systems, as well as increasing population and urbanization has resulted in the increasing demand for the application of VRF systems in that region.
