Rising Disposable Income Drives Australia and New Zealand Water-Cooled Heat Pump VRF Systems Market

In 2021, the Australia water-cooled heat pump VRF systems market stood at $22,137.0 thousand which is expected to hit $46,335.2 thousand revenue by 2030, advancing at an 8.6% CAGR between 2021 and 2030. Moreover, the $3,782.8 thousand produced by the New Zealand water-cooled heat pump VRF systems market in 2021 is expected to grow at a 6.5% CAGR, to reach $6,637.3 thousand by 2030. The surge in the adoption of energy-efficient VRF systems, air conditioners, heat pumps and other HVAC appliances propel the market growth.

Water-cooled heat pump VRF systems are used as they are cost-effective and heat-efficient including their increased lifespan for both commercial and residential usage drive the Australia and New Zealand Water-Cooled Heat Pump VRF Systems Market. It is planned to construct 2,088 dwellings under the West Edge-New Lynn project by 2027, costing around $3 billion: which will result in market expansion.

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The increased pollution levels due to rising carbon emissions has led to increased requirement of sustainable and healthy environment and green buildings in Australasia. Green buildings facilitate energy efficiency, waste recycling and reuse, water conservative and recycling, reduction of natural consumption and environment protection practices.

According to Green Building Council of Australia (GBCA), Australia is planning to construct certified green buildings by the year 2050, resulting in expansion of the Australia water-cooled heat pump VRF systems market. Real estate businesses are focusing on catering the rising demand for green buildings. The Australian Government has pledged to reduce GHG emissions by 26% to 28% by 2030. This is why the Australian government is planning to construct NZEBs, these buildings utilize only limited amount of energy that can be produced by the renewable resources on the site.

Commercial applications have captured 70% of the New Zealand water-cooled heat pump VRF systems market and the market in Australia combined. The increased attention on green buildings is fuelling the demand of water-cooled heat pump VRF systems. Water-cooled heat pump systems are favoured in offices, healthcare spaces, educational institutions and other commercial spaces. The rising electricity bills and environmental concerns has resulted in increased requirement for cooling and heating systems that utilize less electricity.

The need for water-cooled pumps is predicted to rise in offices, attributed to their efficiency in maintaining the temperature resulting in rising product sales in New Zealand. A surge has been witnessed in the construction of commercial buildings in the metropolitan cities due to consistent rise in population over the years. Numerous huge office construction projects are in progress in IT, BFSI, retail and other industries, signifying the rising demand of heat pumps. Government is making efforts to reduce the air pollution via utilizing the conventional fuels to generate power in offices.

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The increase in disposable income of the inhabitants is resulted in booming of the Australia and New Zealand water-cooled heat pump VRF system market. It has created opportunities for the market players to grow by investing in their manufacturing plants to cater large consumer base in both the above-mentioned countries. The flexibility and low-utility-cost features of water-cooled heat pump systems has resulted in providing lucrative opportunities to market players in the near future.

Therefore, the less energy consumption supporting the sustainable development goals and growing environment concerns resulting in increased demand of reducing greenhouse gas emissions drive the market growth.

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This release was published on openPR.