HVAC sector tipped to reach $3 billion20 October 2016
By 2022 the Australian HVAC market is expected to reach $3 billion. According to a new report by Research and Markets, the sector will grow at a CAGR (compound annual growth rate) of 9% from 2016 - 2022. The predicted increase means a rise in jobs for HVAC specialists and ongoing development within the sector.
HVAC career opportunities are expected to rise across commercial, residential, industrial and institutional segments, as high product demand continues in Australia and New Zealand.
This growth is due to recent government initiatives as well as emerging green and smart building consumer trends. In turn, the growing consumer demand for energy efficient technology is driving HVAC specialists to build and provide energy efficient and technologically advanced HVAC units.
“The Australian HVAC product market by volume is witnessing a gradual emergence of new cost-effective and energy efficient technologies that meet the required standards and regulations, as well as attempts to fulfill growing customer concerns,” according to the report.
“Major products that have widespread usages across different end-use applications include window, portable, and split units for residential purposes.
Chillers are growing at a very high growth rate followed by VRFs (variable refrigerant flow),” the report states.
As building and development continues to move towards smarter systems and energy efficient technology, the future is looking increasingly bright for the Australian HVAC industry.