World VRF Market –2024 Update–1 OVERVIEW–1.1 Global Situation

Data from JARN’s database indicate that the global variable refrigerant flow (VRF) system market in 2023 saw a 5.5% increase in annual sales, reaching 2.08 million units, as measured by outdoor unit sales.
This uptick in the market is mainly due to the robust performance of the Indian market and a resurgence in China, which propelled the VRF sector towards consistent growth in 2023. This positive trend has unfolded in the face of various obstacles, including geopolitical strife and supply chain interruptions. Nonetheless, the market’s upward trajectory is being dampened by the worldwide surge in inflation and rising costs of raw materials.