NEW YORK, Aug. 28, 2019 (GLOBE NEWSWIRE) -- Australia and New Zealand HVAC market size 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. Moreover, rising average global temperature is providing growth opportunities to the cooling HVAC category, thereby assisting overall Australia and New Zealand HVAC market, according to P&S Intelligence.

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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. As cooling or air conditioning is increasingly becoming a necessity, air conditioner (AC) manufacturing companies are continuously working on providing cheaper and efficient systems which, in turn, is providing steady growth to the market.

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 replacement of aging equipment in existing structures and increasing installation rate for central ACs in new buildings would continue to drive the overall sales.

Browse report overview with 68 tables and 54 figures spread through 122 pages and detailed TOC on "Australia and New Zealand HVAC Market Research Report: By Type (Heating, Ventilation, Cooling), End-User (Commercial, Industrial, Residential, Regional Insight (Australia, New Zealand) – Industry Outlook, and Growth Forecast to 2024"at:https://www.psmarketresearch.com/market-analysis/australia-and-new-zealand-hvac-market

Commercial segment was the largest end-user of HVAC systems in New Zealand. Construction spending on accommodation buildings including hotels, motels, and boarding houses, in Auckland was increased by $212 million in 2018, a 78.0% year-over-year (YoY) growth as compared to 2017. Since HVAC systems are the integral part of buildings, the market for these systems in the commercial segment is further expected to register high growth rate during the forecast period.

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. For instance, in the country, Commercial Bay in Auckland, consisting of office tower with space of 39,000 square meters and 120 retail shops with space of 18,000 square meters is under-construction; the project is expected to be completed by April 2020 and would cost around $690 million.

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. Solar powered HVAC system is an effective and efficient way for heating and cooling solutions in a building. Hence, with the implementation of various solar energy driven systems in the country, the demand for solar powered HVAC systems is expected to create opportunities for players operating in the Australia and New Zealand HVAC market during the forecast period.

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The Australia and New Zealand HVAC market is fragmented and competitive in nature, owing to the presence of established HVAC players and rising number of regional players. 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.

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