2.11 JAPAN

Japanese shipment of VRF systems in FY 2023 ending March 2024 are estimated to have reached 147,000 units, almost the same number as in FY 2022, according to the Japan Refrigeration and Air Conditioning Industry Association (JRAIA). There was no significant recovery from shipments in FY 2022, which were affected by the pandemic. There were issues regarding compliance with next-generation refrigerants and energy-saving regulations, as well as shortages of key parts such as semiconductors, even though capital investments showed a recovery trend to some extent.