Australia and New Zealand HVAC Market Growth, Demand & Opportunities

Posted by Devanshu Shrivastava on May 26th, 2021

The Australia and New Zealand heating, ventilation, and air conditioning (HVAC) market attained a valuation of .3 billion in 2018 and is predicted to generate a revenue of .2 billion by 2024. Furthermore, the market will exhibit a CAGR of 5.7% between 2019 and 2024, as per the market research company, P&S Intelligence. The burgeoning requirement for HVAC systemqs in various residential applications and the expansion of the construction industry are the main factors fueling the market advancement. 

The Australian government also aims to reduce greenhouse gas emissions by as much as 26–28% by 2030. The building of net zero energy buildings (NZEB), that consume as much energy as they generate onsite through various renewable resources, is one of the important factors responsible for the surging requirement for HVAC systems in Australia. Depending on HVAC type, the Australia and New Zealand HVAC market is divided into heating, ventilation, and cooling categories. 

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When heating equipment is taken into consideration, the market is classified into heat pumps, unitary heaters, boilers, and furnaces. Out of these, the heat pumps category registered the highest growth in the market in the past years. The high compatibility of these systems with several sources, their high operational efficiency, and their ability to produce low thermal loss are the main factors driving the advancement of this category in the market. 

Hence, it can be safely said that the market will demonstrate rapid advancement in the forthcoming years, primarily because of the rising urbanization, the growing requirement for HVAC equipment in commercial and residential applications, the implementation of favorable government policies, and the expansion of the real estate industry.