China’s VRF Market Has Further Growth Potential

China’s variable refrigerant flow (VRF) system market has experienced more than 20 years of continuous development. In 2021, it exceeded 1.33 million units, accounting for more than 64% of the global VRF market, according to JARN’s estimates. Year-on-year market growth reached 20.7% in 2021, with 25.4% for mini-VRFs and 12.7% for VRFs.
Despite such continuous growth, the VRF market still has the potential to grow further. According to aircon.com, China’s market stock of VRFs has surpassed RMB 450 billion (about US$ 67 billion) at present, which far exceeds new installation and offers a new growth potential point – renewal demand.