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.
Besides the aforementioned factors, the burgeoning use of solar-powered HVAC systems is also creating lucrative growth opportunities for the players operating in the New Zealand HVAC market. Owing to the existence of high solar radiation and surging power requirements in New Zealand, the country is increasingly focusing on the large-scale adoption of renewable energy sources. Auckland receives nearly 2,050 hours of sunshine and around 75,000 kWh of potential solar energy every year. Thus, solar powered HVAC systems are quickly becoming highly sought after for cooling and heating buildings.
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 the 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.
A home is a large purchase.
It costs a lot of money and it can take a lot of time to get your home when it is being developed for you.
When you are searching for construction companies to help you with your new home construction in Australia, you have many alternative options to choose from.
You owe it to yourself to take the time to consider several companies and what they have to offer so that you can find the best builder possible.
When you are going through home construction, there are many points to consider.
When buying new home construction, it is necessary to think about the type of home you desire.
