The New Zealand water-cooled heat recovery VRF systems market will reach $4,677.2 thousand by 2030 from $2,590.8 thousand in 2021, at a 6.8% CAGR during 2021–2030. Similarly, the Australian water-cooled heat recovery VRF systems market is expected to generate $31,739.6 thousand revenue in 2030, growing from $14,881.0 thousand in 2021 at an 8.8% compound annual growth rate. VRF is a technology where an outdoor unit is connected to many indoor units, and the flow of the refrigerant is regulated to transfer heat from the spaces requiring cooling and cooling into spaces requiring heating.

There are two types of VRF systems: water-cooled and air-cooled. For using an air-cooled system, there has to be enough space for placing the condenser unit. Furthermore, the installation location must be able to sustain the weight of the systems, be free of windows, and be easily accessible for maintenance. Water-cooled systems are a good option if there is limited area, building heat capture and efficiency are sought, and a water loop is available. They can be designed to utilize the geothermal energy of lakes and rivers, or heat released during the cooling of computer servers and several other operations.

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In the Australia and New Zealand water-cooled heat recovery VRF systems market, the category of healthcare is projected to grow at a significant rate in the near future. This is credited to the rising population and the increasing requirement for improving the healthcare facilities in New Zealand and Australia. As per the ABS, Australia's population increased by 46,000 persons (0.2%) in June 2021 in comparison to June 2020. The requirement for medical and caregiving services is snowballing with the growing population, enabling an increase in the need for HVAC systems using the VRF technology in newly commissioned healthcare centers and as replacements at those that have existed for a while.

There are many benefits to choosing VRF systems, such as energy efficiency, compact size, flexibility, and silent operation. The system also can trap the heat as part of the cooling process and channel it to other areas of the building that might need heating. Moreover, with the use of these systems, energy savings of up to 55% are predicted over the traditional heating and cooling equipment, as it uses waste heat, rather than using electricity to generate the required amount.

The corporate offices category had the largest share in Australia and New Zealand water-cooled heat recovery VRF systems market in 2021, and it is predicted to dominate the market in the near future. This is credited to the expansion of the construction and infrastructure industries, itself on account of the increasing population of these countries. For example, in 2022, the Australian Industry and Skills Committee stated that the construction sector generated over $360 billion in sales, accounting for roughly 9% of the country's GDP, which is expected to grow at a 2.4% rate in the coming years.

Hence, the sale of water-cooled heat recovery VRF systems is increasing due to the growing need for energy-efficiency systems.