Press release
Australia and New Zealand HVAC Market Trends, Analysis, Opportunities, Share and Forecast - 2024
This increase in population is creating the need for more housing as well as commercial projects in these countries. Therefore, the construction market in Australia is expected to register an 8.0% increase in 2019 from $112.0 billion in 2018. Similarly, the construction market in New Zealand is expected to value more than $41.0 billion by 2023 compared to $34.0 billion in 2016.
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Construction projects require heating, ventilation, and air conditioning (HVAC) systems to maintain ambient temperatures, thereby leading to their high demand. They remove internal airborne contaminants from the room, such as odors from cleaning chemicals, volatile organic compounds, and interior furnishings, and replace the indoor air with fresh outside air.
As per a P&S Intelligence study, the Australia and New Zealand HVAC Market is expected to witness a 5.7% CAGR in the coming years and reach $3.2 billion from $2.3 billion in 2018. Based on function, HVAC systems can be classified into three types -- heating, ventilation, and cooling systems.
Owing to the sub-tropical climate in most of the region, global warming, and increasing per capita income due to the improving economic conditions, cooling systems witnessed the highest demand in the past.
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The use of synthetic refrigerants, such as chlorofluorocarbons (CFCs) and hydrofluorocarbons (HFCs) in HVAC systems is a major environmental concern, as these refrigerants behave as greenhouse gases in the atmosphere.
Further, nowadays, rising temperatures have made cooling systems more of a necessity than a luxury; therefore, AC manufacturers are increasingly focusing on developing efficient and affordable systems, which would continue to keep cooling systems in the highest demand in the region in the near future.
These refrigerants accumulate in the atmosphere and lead to ozone depletion, which results in an increase in temperatures, which is termed as global warming. Even though the Montreal Protocol mandated the phaseout of CFCs as refrigerants in industrialized countries, they are still being used in a few developing countries.
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Further, HFCs are placed along other gases by the Kyoto Protocol on greenhouse gases. Therefore, HVAC manufacturers are again turning to the older refrigerants, such as ammonia, carbon dioxide, and hydrocarbons.
Compared to CFCs and HFCs, they have a zero Ozone Depletion Potential and a minimal Global Warming Potential. These refrigerants can be a way for manufacturers to produce highly efficient, environment-friendly HVAC systems.
Read More Related Reports :
HVAC Market : www.psmarketresearch.com/market-analysis/hvac-market
U.A.E. HVAC Market : www.psmarketresearch.com/market-analysis/uae-hvac-market
India HVAC Market : www.psmarketresearch.com/market-analysis/india-hvac-market
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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