Pune, India, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The global energy recovery ventilator market size is expected to gain momentum by reaching USD 6.67 billion by 2030 while exhibiting a CAGR of 8.7% from 2023 to 2030. The rising awareness about the benefits of pure air and air quality index (AQI) propels the demand for air exchangers. Researchers suggest that air quality indoors is at least five times more contaminated than the outside air. An energy recovery ventilator (ERV) is a centralized ventilation system installed indoors to ventilate homes with fresh air. ERVs capture air pollutants such as pollen and other air contaminants to maintain the air quality indoors. Fortune Business Insights™ mentioned this in a report titled “Energy Recovery Ventilator Market, 2023-2030.”
KEY INDUSTRY DEVELOPMENTS:
Mitsubishi Electric Europe B.V., the European subsidiary of Mitsubishi Electric Corporation acquired AQS PRODUKTER AB. This acquisition will help in strengthening sales of heating products in Sweden.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 8.7 % |
| 2030 Value Projection | USD 6.67 billion |
| Base Year | 2022 |
| Energy Recovery Ventilator Market Share in 2022 | USD 3.44 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 120 |
| Segments covered | By Type, By Application, and By Region |
| Energy Recovery Ventilator Market Growth Drivers | Increasing Construction of Green Buildings to Accelerate Market Growth |
| Rising Awareness of Indoor Air Quality (IAQ) to Fuel Product Demand |
Report Coverage:
The market for energy recovery ventilator report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. The different market segments and their regional analysis are discussed in the report. Further, it talks about the dominant strategies adopted by key players, such as introducing new products, partnerships, and collaboration that will further contribute to the market growth. Lastly, it provides information on the impact of COVID-19 on market growth.
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Drivers and Restraints:
Rising Trend of Green Building to Propel Market Growth
The increasing trend of green buildings is fueling the energy recovery market growth. The U.S. Green Building Council (USGBC) reports that green and healthier buildings with ventilation systems provide a return on investment (ROI) of about 19%. Moreover, the building asset is also increased by 10%. Additionally, major suppliers are thus coming up with green building certifications to allure their customers. For instance, RenewAire Company offers air exchangers that meet the stringent energy-efficiency requirements for green building certifications. Therefore, the growing construction activities across the globe for green buildings is expected to drive the energy recovery ventilator market growth.
However, complicated process of installation and high cost of maintenance of the product is set to hamper the market growth.
Market Segmentation:
High Demand for Ceiling-Mount Type to Drive Segment Growth
On the basis of type, the market is divided into cabinet-mount, wall-mount, and ceiling mount.
Amongst the type, the ceiling-mount segment is predicted to hold a significant market share, presenting the highest growth rate. Ceiling-mounted ERVs have huge demand in the market as the existing wiring and ducting over the walls ultimately minimizes the installation cost and the invasiveness.
Preference to Enhance Work Efficiency to Boost Commercial Segment
According to application, the energy recovery ventilators market is segmented into commercial, residential, industrial and others.
Commercial sector dominates the market share. In the commercial sector, airports, educational institutions, private workplace, and others have been integrating ERVs in order to enhance the work efficiency.
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Regional Analysis:
North America to Remain at Forefront Due to Harsh Climatic Conditions in the Region
North America is expected to remain at the forefront with the highest market position during the forecast period due to the region's harsh climatic conditions. Increased hailstorms and jungle fires have worsened the indoor air quality, therefore affecting people's health. Additionally, rising residential prices are promoting the market growth.
Asia Pacific is expected to showcase a significant CAGR in energy recovery ventilator market share. It is attributable to the enhanced living standard in countries such as China, India, Malaysia, South Korea, Thailand, and others.
Competitive Landscape:
Key Players Focusing on Acquisitions to Intensify Market Growth
The market is consolidated by major companies striving to maintain their position by focusing on mergers and acquisitions. For instance, in March 2019, Qinggonglian Electrical Installation Engineering Co., Ltd. was acquired by LG Electronics. LG aims to capture the competitive market of air conditioners in China. It also focuses on widening its product portfolio in large cities with a demand for air conditioner solutions across China. Additionally, other key players are adopting proactive strategies such as new partnerships, mergers, and collaborations that will favor the market's growth in the upcoming years.
List of the Companies Operating in the Market:
- Carrier (United Technologies) (U.S.)
- Johnson Controls (Ireland)
- Daikin Industries, Ltd. (Japan)
- Mitsubishi Electric Corporation (Japan)
- LG Electronics (South Korea)
- Nortek Air Solutions, LLC (U.S.)
- Lennox International Inc. (U.S.)
- Greenheck Fan Corporation (U.S.)
- Fujitsu Limited (Japan)
- Zehnder Group AG (Switzerland)
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Energy Recovery Ventilator Market Key Players Market Share/Ranking, 2022
- Global Energy Recovery Ventilator Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Type (USD)
- Wall-Mount
- Ceiling-Mount
- Cabinet
- By Application (USD)
- Residential
- Commercial
- Others (Industrial)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Energy Recovery Ventilator Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Type (USD)
- Wall-Mount
- Ceiling-Mount
- Cabinet
- By Application (USD)
- Residential
- Commercial
- Others (Industrial)
- By Country (USD)
- United States
- By Application
- Residential
- Commercial
- Others (Industrial)
- By Application
- Canada
- By Application
- Residential
- Commercial
- Others (Industrial)
- By Application
- United States
TOC Continued…!
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