NEW YORK, March 15, 2022 /PRNewswire/ -- According to the market research report published by P&S Intelligence, Australian water-cooled heat recovery VRF market value is set to reach $31,739.6 thousand by 2030, at an 8.8% CAGR. Similarly, the New Zealand water-cooled heat recovery VRF market revenue, which was estimated at $2,590.8 thousand for 2021, will experience a CAGR of 6.8%, to reach $4,677.2 thousand by 2030. This presents lucrative opportunities for electrical appliance companies, such as Daikin Industries Ltd., LG Electronics Inc., Mitsubishi Electric Corporation, Samsung Electronics Co. Ltd., Toshiba Corporation, Panasonic Corporation, and Hitachi Ltd.
In the coming years, infrastructure development is expected to pick up rapidly in the urban areas of the country, perhaps with tight deadlines to complete projects that were delayed due to the COVID-19 pandemic. This also means that the key Australia and New Zealand water-cooled heat recovery VRF market players would promote their products even more aggressively, to make up for the massive loss of revenue due to the shutting down of industrial and commercial facilities in 2020 and during a significant portion of 2021.
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Key Findings of Australia and New Zealand Water-Cooled Heat Recovery VRF Market Report
- Another key reason driving the sale of such equipment in Australasia is the growing focus on green buildings. Since VRF systems act as a complete HVAC solution, they eliminate the need for different systems for heating, ventilation, and air conditioning, thus saving energy.
- In this regard, a key driver for the Australia and New Zealand water-cooled heat recovery VRF market is the New Zealand Building Council's target to construct only 100% green buildings from 2030 onwards.
- Similarly, the Green Building Council of Australia has set this target for 2050, which will ultimately push up the requirement for VRF systems, especially in its major urban centers, such as Melbourne, Sydney, Adelaide, Hobart, Darwin, Perth, and Brisbane.
- Hence, the rapid infrastructure development in these countries is the major driver for water-cooled heat recovery VRF system sales here. For instance, in 2021 Q2, the value of the construction done in Australia rose to $36,415.4 million (AUD 52,875.5 million).
- Among all the components of such systems, outdoor units witness the highest installation rate, due to the rising integration of inverter-controlled compressors as a means to save energy.
- In the coming years, the sale of indoor units is set to increase the fastest in both the countries, as multiple indoor units are connected to one outdoor unit in a building.
The healthcare category will become a major revenue contributor to the Australia and New Zealand water-cooled heat recovery VRF market in the coming years owing to the government measures to advance their healthcare infrastructure. For instance, the Government of New Zealand has announced an investment of $500.9 million (NZD 700 million) for healthcare infrastructure development and plans to renovate 24 local hospitals in the coming years.
Browse detailed report on Australia and New Zealand Water-Cooled Heat Recovery VRF Systems Market Growth Prospects, and Demand Forecast Through 2030
Similarly, many new hospitals are being constructed in Southern Australia and several older ones renovated. This will lead to a high sale of water-cooled heat recovery VRF systems for newer infrastructure as well as to replace the conventional HVAC systems installed in existing spaces. The preference for VRF systems is driven by their energy-saving feature, which is due to the capturing of the waste heat from the areas being cooled and its usage in areas that need to be heated.
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