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Economic Impact of Coronavirus on Australia and New Zealand HVAC Market to Reap Excessive Revenue

The surging number of commercial and residential projects, on account of the mushrooming population and increasing industrialization, is driving the demand for heating, ventilation, and air conditioning (HVAC) systems in Australia and New Zealand. According to various estimates, the value of the construction industry in New Zealand is predicted to rise from $34 billion in 2016 to more than $41 billion by 2023.

For example, in New Zealand, the Commercial Bay in Auckland, which consists of office tower with 39,000 square meters and 120 retail shops covering a space of 18,000 square meters is currently under construction and the project is predicted to be completed by April 2020. Moreover, the project would cost nearly $690 million. Apart from this factor, the increasing implementation of government standards and regulations aimed at reducing greenhouse gas emissions and developing HVAC systems are also driving the expansion of the Australia and New Zealand HVAC market.
 

The Government of Australia is actively focusing on reducing greenhouse gas emissions in the country and aims to achieve a reduction of 26–28% in these emissions by 2030. Additionally, the government is also encouraging the development of net-zero energy buildings (NZEB), which is further boosting the demand for HVAC systems in the country. Due to the above-mentioned factors, the revenue of the market is expected to rise from $2.3 billion in 2018 to $3.2 billion by 2024.

According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 5.7% from 2019 to 2024 (forecast period). Depending on HVAC type, the market is divided into heating, ventilation, and cooling categories. Out of these, the cooling category held the largest share in the Australia HVAC market in 2018. This was because of the sub-tropical climate in several areas in the country.

Hence, it can be said without any hesitation that the demand for HVAC systems will soar in Australia and New Zealand in the coming years, mainly because of the increasing construction activities in the countries.
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