The Australia and New Zealand HVAC market attained a $2.3 billion value in 2018 and is predicted to witness a 5.7% CAGR during the forecast period (2019–2024). The market is experiencing growth due to the stringent government regulations and rising number of commercial and residential projects.
HVAC systems are deployed for heating or cooling commercial, industrial, and residential buildings and removing internal airborne contaminants, such as volatile organic compounds, odors emitted from interior furnishings, and various cleaning chemicals, from rooms by delivering fresh outside air.
On the basis of HVAC type, the Australia and New Zealand HVAC market is categorized into ventilation, heating, and cooling systems. Cooling systems accounted for the largest share of the market during the historical period (2014–2018), in terms of value and volume.
The reason for this is Australia’s sub-tropical climate, improving economic situation, and rising per capita income and global warming. This category is also expected to grow at the highest value CAGR during the forecast period. Further classifications of cooling systems are split units, chillers, room ACs, ducted split/packaged units, and variable refrigerant flow systems.
One of the key drivers for the growth of Australia and New Zealand HVAC market is the growing number of commercial and residential projects. Due to the increasing population and need for housing, the construction market in New Zealand is predicted to attain a size of $41.0 billion by 2023 compared to $34 billion in 2016.
The Australian construction market is expected to grow at a rate of 8.0% in 2019. Owing to the growing number of construction projects, the requirement for HVAC systems in these countries is also projected to rise considerably.