Australia and New Zealand HVAC Market to Witness the Highest Growth Globally in Coming Years

Australia and New Zealand HVAC market is expected to reach $3.2 billion by 2024, registering a CAGR of 5.7% during the forecast period. The market is driven by various factors such as growth in the construction sector as well as stringent government regulations to promote energy efficiency throughout the region.

Based on HVAC type, cooling category accounted for larger market share of 59.3% in 2018 in Australia. Australia’s sub-tropical climate in most of its areas is the primary factor behind the dominance of the cooling category. Some of the other factors that boost the growth of the cooling market includes improving economic conditions, rising per capita income, and global warming.

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Room AC was the most widely used type of cooling equipment in the Australia and New Zealand HVAC market. Australian room ACs market is expected to advance at a CAGR of 6.0% during 2019–2024. This is based on the versatility of room ACs with applications in both residential and light commercial buildings.

The rising number of residential and commercial projects is a major factor propelling the growth of the Australia and New Zealand HVAC market. This can be attributed to the growing population and increasing construction industry in Australia and New Zealand. The construction market in New Zealand is expected to reach over $41 billion by 2023, as compared to $34 billion in 2016.

Due to the presence of high solar radiation and increasing electricity consumption in New Zealand, the country is focusing on the extensive utilization of renewable sources of energy. In New Zealand, Auckland receives maximum solar energy of about 2,050 hours of sunshine, and 75,000 kWh of potential solar energy each year.

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It includes established players such as Daikin Industries Ltd., Johnson Controls International plc, United Technologies Corporation, Mitsubishi Electric Corporation, and Fujitsu Limited. Apart from this, the market comprises regional players, including Fonko Air Conditioning, Kirby HVAC&R Pty Ltd., Actron Engineering Pty Ltd., Sanden International (Australia) Pty Ltd., and Temperzone Ltd.

Australia and New Zealand HVAC Market

Market Segmentation by HVAC Type

• Heating
  • Heat Pumps
  • Boilers
  • Furnaces
  • Unitary Heaters
• Ventilation
  • Ventilation Fans
  • Air Handling Units and Fan Coil Units
  • Humidifiers/Dehumidifiers
  • Air Cleaners
• Cooling
  • Ducted Split/Packaged Unit
  • Split Units
  • Room ACs
  • Chillers
  • Variable Refrigerant Flow