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