The global water-cooled heat recovery VRF systems market size was US$ 251.4 million in 2021. The global water-cooled heat recovery VRF systems market size is forecast to reach US$ 494.2 million by 2030, growing at a compound annual growth rate (CAGR) of 7.8% during the forecast period from 2022 to 2030.

VRF or Variable refrigerant flow. The VRF systems contain one outdoor unit connected to multiple indoor units. VRF systems are of three types: heat pump, heat recovery, and cooling only. The heat recovery VRF is a way to deliver heating while cooling another space simultaneously by transferring exhaust heat from a cooled zone to a zone to be heated. There are three pipes: a suction gas pipe, a liquid pipe, and a discharge gas pipe. 

Factors Influencing Market Growth

• The factors driving the global water-cooled heat recovery VRF systems market include the rise in urbanization and industrialization, the growing advancement in VRF systems, and Heating, ventilation, and air conditioning (HAVC) technologies.
• Factors contributing to the global market growth include the growing construction activities and the rising expansion of energy-efficient products and technologies.

Impact Analysis of COVID-19

Governments worldwide imposed lockdowns and social distancing in order to combat the spread of the virus in 2020. As a result, it decreased the production and demand for water-cooled heat recovery VRF systems. The manufacturers of VRF systems faced a number of obstacles, ranging from sourcing components and raw materials to supplying finished products, releasing workers from quarantines, and delivering the final products to the customers. 

However, the VRF systems market is recovering and returning to former levels, following the slowly growing demand, especially from the industrial areas. In addition, post-COVID-19, the global market is forecast to witness substantial growth during the forecast period.

Regional Insights

The Asia Pacific region held dominant in the global water-cooled heat recovery VRF systems market share in 2021 and is forecast to maintain its dominance during the forecast period. As a result of the progressively increasing awareness about energy efficiency, the advances in the latest technology presented by key vendors existing in the region, and the government's growing focus on building green infrastructure. Thus, these factors are forecast to drive market growth in the region. 

Leading Competitors

The leading prominent companies profiled in the global water-cooled heat recovery VRF systems market are:

• Daikin Industries, Limited
• Toshiba Corporation
• Mitsubishi Electric
• Midea Group
• Johnson Controls
• LG Electronics
• Samsung Electronics Co. Limited
• Panasonic Corporation, Hitachi Limited
• United Technologies Corporation
• Emerson Electric Co.
• Schneider Electric SE
• Johnson Controls International PLC
• Fujitsu Limited 
• Other Prominent Players

Scope of the Report

The global water-cooled heat recovery VRF systems market segmentation focuses on Application and Region.

Segmentation based on Application

• Commercial
• Healthcare
• Corporate Offices
• Hotels
• Others
• Residential

Segmentation based on Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Brazil
• Argentina
• Rest of South America