VRV is a system developed and designed by Daikin Industries and means “variable refrigerant volume”. Daikin protected the term VRV so other manufacturers use the term VRF “variable refrigerant flow”. In principle they both work the same and are extremely efficient, reliable, energy saving ways to heat and cool all types of buildings with minimum installation time or disruption.
The volume or flow rate of refrigerant is accurately matched to the required heating or cooling loads thereby saving energy and providing more accurate control.
In short, they are probably the best systems currently available for mid to large applications.