The rising number of residential and commercial projects is the key factor that positively impacts the growth of the water-cooled heat pump VRF systems market in Australia and New Zealand. Due to the aforementioned factor, the market is projected to generate $46,335.2 thousand revenue by 2030, advancing at a CAGR of 8.6% during 2021–2030, in Australia; and $6,637.3 thousand revenue by 2030, advancing at a CAGR of 6.5% during 2021–2030, in New Zealand.
The COVID-19 pandemic had a moderate effect on the market, since new installations were postponed, thus resulting in a large revenue loss for OEMs and dealers. These systems' manufacturers faced a number of obstacles, including in obtaining raw materials and components as well as delivering finished goods to end consumers. As a result of the disturbances in the logistical network, delays in the delivery of these systems were observed. Moreover, due to the closure of commercial spaces and industrial units, the market was affected for a brief time, but it is likely to resurge in the coming years, as commercial spaces and industries reopen at full capacity.
0 to 50 kW Category Is Fastest Growing in Market
The 0 to 50 kW category is projected to be the fastest-growing category, with a CAGR of more than 10%, during the forecast period (2022–2030). This will be owing to an increase in the development of commercial structures, as well as single-family and multi-family homes, for which these variants are ideal.
Water-Cooled Heat Pumps Widely Used in Commercial Spaces
These systems are generally used in business settings in order to provide energy-efficient solutions, as well as driven by a growing awareness of climate change and greenhouse gas emissions. Since the energy consumption of commercial spaces is much higher than homes, the former have a stronger need for appliances that consume less electricity. In Australia and New Zealand, the demand for energy-efficient systems has been propelled by the government programs to facilitate emission reduction and attain sustainable operations.
Offices Are Largest Application Area for Water-Cooled Heat Pump VRF Systems
During the forecast period, there will be an increase in the demand for these systems in offices. The demand for them in commercial spaces has been greatly driven by the growth in infrastructure development activities, to accommodate the burgeoning population, which now demands higher standards of living. The preference for these systems is credited to their efficiency in meeting changing temperature requirements in space heating and cooling applications, while also facilitating hassle-free operations, thereby leading to low operational costs.
Key Players in Australia and New Zealand Water-Cooled Heat Pump VRF Systems Market
The market in Australia and New Zealand is contested by numerous established players, such as Daikin Industries Ltd., Mitsubishi Electric Corporation, LG Electronics Inc., Johnson Controls International plc, Kirby HVAC&R Pty. Ltd., Carrier Global Corporation Inc., Clivet Spa, and Adelaide Geoexchange Pty. Ltd.