The major drivers in Australia and New Zealand water-cooled heat recovery VRF systems market are heat pumps in commercial applications, coupled with a dire need for effective VRF systems. In 2021, product sales in Australia valued at $14,881.0 thousand and at $2,590.8 thousand. Additionally, revenue growth in Australia will be an 8.8% CAGR, and in New Zealand, at 6.8% CAGR in the coming years respectively. At these rates, market players could make a combined $31,739.6 thousand and $4,677.2 thousand by 2030 in Australia and New Zealand, respectively.
The surging population levels will spur the Australia and
New Zealand water-cooled heat recovery VRF systems market growth.
Thus, this will pave the way for the real estate industry's expansion.
Moreover, this will go hand in hand with the increasing number of construction
activities in these two countries. Furthermore, there was a 6.2% and 0.4%
escalation in the count of dwellings approved in New Zealand and Australia,
respectively, during 2017–2021. Also, these magnificent figures show the
enormous growth in the construction and real estate sectors of these two
countries.
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The extensive government support will create lucrative
opportunities for the Australia and New Zealand water-cooled heat recovery VRF systems market players
assisting them to adapt to the existing dynamics of the circular economy. This
is accompanied by a rising inclination toward green buildings. Furthermore,
this will result in skyrocketing demand for VRF systems in these countries
because it is an all-in-one device: providing complete air conditioning,
ventilation, and heating solutions for the building. New Zealand aims for
completely carbon-free newly constructed buildings by 2030.
The outbreak of COVID-19 had ruptured the entire
circular economy, and the Australia and New Zealand water-cooled heat recovery VRF
systems market was not an exception. It reduced the
manufacturing activities, lowering the water-cooled heat recovery VRF systems
requirement. In 2020, there was a 1.4% and 2.2% decline in the manufacturing
industries of New Zealand and Australia respectively. Moreover, the pandemic
significantly increased the unemployment rates, lowering the disposable income,
and consequently reducing the purchasing power of consumers. Resultingly, corporations
witnessed huge losses due to declining sales and piling up the inventory.
Furthermore, lockdowns were imposed in several
economies to curb the spread of the virus. This led to the temporary shutdown
of commercial offices and buildings. Additionally, there was a rising
inclination toward the work-from-home culture by numerous corporations, which
gradually ruptured the requirement for office spaces. Nonetheless, the Australia and
New Zealand water-cooled heat recovery VRF systems market is
recovering significantly, increasing the office occupancy rates because of the
transmission risk aversion and reducing social restrictions.
Within the application segment, the healthcare
category will exhibit the swiftest growth in the coming years. This can be credited to
the growing geriatric population, rising incidence of chronic illnesses,
surging disposable income, and enhancing healthcare infrastructure in these
countries. Therefore, the robust growth in the market is due to the development
of clinics and hospitals to meet the demands of the skyrocketing population
levels. A key aspect of medical care is making patients comfortable, which
pushes the requirement for appropriate HVAC systems.
Hence, the snowballing demand for VRF systems will
drive this market.
