What are the Main Factors Powering the Surge in Australia and New Zealand HVAC Market?

The burgeoning number of commercial and residential projects, on account of the thriving construction industry and soaring population level, is one of the biggest factors fuelling the surge in the demand for heating, ventilation, and air-conditioning (HVAC) equipment in Australia and New Zealand.

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The construction market is expected to increase its valuation from $34.0 billion in 2016 to $41.0 billion by 2023, in New Zealand. Furthermore, the commercial bay construction project in Auckland, which created a sprawling retail, hospitality, and commercial district, was completed in April, 2020 and required an investment of $690 million.

The surging number of government regulations and standards aimed at encouraging energy conservation are another major factor pushing the demand for HVAC systems in Australia and New Zealand. The Australian government aims to achieve 5% and 26—28% reduction in gas emission by 2020 and 2030 respectively, which will significantly boost the adoption of HVAC systems in the country.

In addition to this, the rising development of net zero energy buildings (NZEB) that consume only as much energy as can be generated onsite through renewable resources, will further push the demand for energy-efficient HVAC systems in the country.

Due to the above-mentioned factors, the Australia and New Zealand HVAC market is expected to increase its revenue from $2.3 billion in 2018 to $3.2 billion by 2024, exhibiting a 5.7% CAGR during 2019–2024 (forecast period). The HVAC terminology includes heating, cooling, and ventilation equipment.

Amongst these, the cooling systems recorded the highest usage in 2018, mainly due to the temperate climate of these countries, owing to their proximity to ocean currents. Global warming and high pollution levels were the other factors responsible for the huge demand for energy-efficient cooling equipment in these countries.