VRF systems for residential application expected to witness the fastest growth rate during the forecast period. VRF systems provide individual controls for each housing unit; hence, these systems are highly energy-efficient and have a low cost of operation. Therefore, an increasing number of property owners and managers are installing VRF air-conditioning systems.

As of 2019, Daikin (Japan), Toshiba (Japan), Mitsubishi Electric (Japan), Midea Group (China), and Johnson Controls (US) dominated the global VRF system market.

High energy-saving potential and easy and minimum maintenance requirements of VRF systems are the key growth drivers for the market. The commercial applications are providing manufacturers a high growth opportunity as large infrastructures are built for offices and other buildings.

Rising Construction Activities, High energy-saving potential and minimum and easy maintenance requirements of VRF systems are some of the trends which can be seen in VRF system space.

The VRF heat pump system market for the residential application will be driven by factors such as increasing disposable income, growing awareness regarding energy efficiency, and rising energy costs. These factors have given rise to the need for energy-efficient devices that can help reduce energy consumption and cost. VRF systems provide a solution for all these issues by using various control systems, thermostats, and sensors.