Australian Water-Cooled Heat Recovery VRF Systems Market To Generate Revenue Worth $31,739.6 Thousand by 2030, and the Market in New Zealand To Generate Revenue Worth $4,677.2 Thousand by 2030
- Published: March 2022
The Water-Cooled Heat Recovery VRF Systems Market size is projected to generate $31,739.6 thousand revenue by 2030, advancing at a CAGR of 8.8% during 2021–2030, in Australia; and $4,677.2 thousand revenue by 2030, advancing at a CAGR of 6.8% during the forecast period, in New Zealand. The surging demand for energy-efficient variable refrigerant flow (VRF) systems for commercial applications is the key factor that positively impacts the growth of the water-cooled heat recovery VRF systems market in Australia and New Zealand.
The implementation of strict measures, such as lockdowns and social distancing, by governments in 2020, to tackle the COVID-19 pandemic, resulted in lower manufacturing of water-cooled heat recovery VRF systems. Manufacturing operations of various companies were scaled down due to labor shortages and disruptions in the supply of raw materials. However, the water-cooled heat recovery VRF systems market in Australia and New Zealand is expected to recover with the expected increase in demand for these systems, as people’s disposable income is gradually growing.
Corporate Offices Are Largest Application Area for Water-Cooled Heat Recovery VRF Systems
On the basis of application, the corporate offices category held the largest market share in 2021, and it is expected to retain its dominance during the forecast period. This is because the growth in construction and infrastructure industry, attributed to the surging population in cities of these countries.
For instance, the Australian Industry and Skills Committee, in 2022, has highlighted that the construction industry generates over $360 billion revenue, producing around 9% of its Gross Domestic Product (GDP), and has projected an annual growth rate of 2.4% in the next five years. Moreover, the Australian government has budgeted $377.8 million for infrastructure, with the aim to scale up the aid for trade portfolio. The portfolio covers transport, energy, large-scale water and sanitation, and urban and ICT infrastructure investments. The investment by the government and the scaling of the construction industry will boost the demand for VRF systems in the coming years.
Healthcare Category To Witness Fastest-Growing Demand for Water-Cooled Heat Recovery VRF Equipment
The healthcare category is expected to witness the fastest growth in the water-cooled heat recovery VRF systems market in Australia and New Zealand during 2022–2030. This can be attributed to the large footfall in hospitals, and the government funding to facilitate new hospitals in these countries.
For instance, the Australian government, in 2021, invested $9.8 billion in its healthcare system. Moreover, in Western Australia, the government has added a new 30-bed modular ward facility at each hospital site, which will further increase the capacity of beds by 120. To provide hospital facilities to the growing population, the government planned to add four new medical facilities in the country. Since VRF systems are an integral part of hospitals, the market in this category is expected to register the highest growth rate during the forecast period.
Key Players in Australia and New Zealand Water-Cooled Heat Recovery VRF Market
The water-cooled heat recovery VRF industry in Australia and New Zealand has the presence of established players such as Daikin Industries Ltd., Mitsubishi Electric Corporation, LG Electronics Inc., Samsung Electronics Co. Ltd., Panasonic Corporation, Toshiba Corporation, and Hitachi Ltd.