News

Apr 02, 2023

Energy Recovery Ventilator Market Size Worth USD 5.61 Billion, Globally by 2028 at 8.4% CAGR

As per the report published by Fortune Business Insights, the global Energy

As per the report published by Fortune Business Insights, the global Energy Recovery Ventilator Market size is projected to reach USD 5.61 billion by 2028, at a CAGR of 8.4% during the forecast period, 2021-2028

Pune, India , Feb. 15, 2023 (GLOBE NEWSWIRE) -- The global energy recovery ventilator market size is expected to gain momentum by reaching USD 5.61 billion by 2028 while exhibiting a CAGR of 8.4% between 2021 to 2028. In its report titled "Energy Recovery Market, 2021-2028," Fortune Business Insight mentions that the market stood at USD 2.95 billion in 2020.

The demand for air exchangers is increasing due to growing awareness of the benefits of pure air and air quality index (AQI). According to researchers, indoor air quality is at least five times more contaminated than outdoor air. Energy recovery ventilators (ERVs) are centralized ventilation systems installed indoors to provide fresh air and maintain indoor air quality by capturing pollutants like pollen and other contaminants. If you're looking to improve your indoor air quality, consider installing an ERV in your home.

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Key Industry Development:

Mitsubishi Electric Corporation's European subsidiary named ‘Mitsubishi Electric Europe B.V.’ acquired AQS PRODUKTER AB to strengthen commercial cooling and heating products in Sweden and total solution capabilities Mitsubishi Electric Europe B.V.

Report Highlights:

Report Coverage

Details

Forecast Period

2021-2028

Forecast Period 2021 to 2028 CAGR

8.4%

2028 Value Projection

USD 5.61 Billion

Base Year

2020

Market Size in 2020

USD 2.95 Billion

Historical Data for

2017-2019

No. of Pages

120

Segments covered

By Type, By Application and By Region

Growth Drivers

Rising Awareness for Indoor Air Quality (IAQ) to Fuel Product Demand

Complex Installation Process and High Maintenance Cost of Product to Hamper Market Growth

Key Takeaways:

Increasing Construction of Green Buildings to Accelerate Market Growth

Existing Ducting over Walls to Propel Ceiling-Mount Type Segment Growth

Rising Per Capita Spending to boost Residential Segment

India to Witness Highest CAGR attributed to fast-paced Infrastructural Activities across Applications

Key players Focus on Expanding Their Business across the Globe

Zehnder Group AG is Focusing on Acquisition Activities to Expand Product Reach

COVID-19 Impact

The world is adversely affected by the COVID 19 pandemic. The global economy slowed down due to lockdown and stringent rules against cross border transportation to curb the virus spread. This impacted air exchanger markets revenue negatively. A report stated that in the U.S., around 45% of the HVAC companies witnessed low seasonal sales. This was due to the unavailability of labor. However, HVAC was not severely affected owing to the need for ventilation across various sectors. Therefore, it is anticipated that the market will recover soon during the forecast period.

Click here to get the short-term and long-term impact of COVID-19 on this Market: https://www.fortunebusinessinsights.com/industry-reports/energy-recovery-ventilator-market-101139

Drivers & Restraints:

Rising Trend of Green Building to Propel Market Growth

The increasing trend of green buildings is fueling the energy recovery market growth.

As per the U.S. Green Building Council (USGBC), reports that green and healthier buildings with ventilation systems give a return on investment (ROI) of 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 is offering air exchangers which meet the stringent energy-efficiency requirements for green building certifications.

Therefore, growing construction activities across the globe for green buildings are forecasted to drive the energy recovery ventilator market.

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 the introduction of 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.

Companies Operating in Energy Recovery Ventilator Market Analysis Report:

Carrier (United Technologies)

Johnson Controls

Daikin Industries, Ltd.

Mitsubishi Electric Corporation

Trane

LG Electronics

Nortek Air Solutions, LLC

Lennox International Inc.

Greenheck

Fujitsu Limited

Zehnder

HIMPEL

Renewaire

Dae Ryun Ind. Co. Ltd.

Ostberg

Ruskin

S&P USA Ventilation Systems, LLC

UltimateAir, Inc.

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Market Segmentation:

By type, the market is divided into wall mount, ceiling mount, and cabinet. On the basis of application, the market is segmented into residential, commercial, and others.

Based on application, the residential segment held a market share of 34.7% in 2020. This is attributable to rising disposable income and rising per capita spending worldwide. Developed as well as developing countries are investing in residential housing construction. The report by Congressional Research Service (CRS), as of 2018, suggests that spending on housing services was around USD 2.6 trillion in the United States, thereby contributing 11.6% in their total GDP.

Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America

Regional Insights

North America to Remain at Forefront; Harsh Climatic Conditions in the Region to Spur Demand

North America is expected to remain at the forefront and hold the highest position market during the forecast period owing to the harsh climatic conditions in the region. Increased hailstorms and jungle fires have worsened the indoor air quality, therefore affecting the health of the people. Additionally, rising residential is promoting the market. The market stood at USD 1.01 billion in 2020.

Asia Pacific is expected to showcase a significant 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 to favor the market's growth in the upcoming years.

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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 on Energy Recovery Ventilator Market

Short-term Impact

Long-term Impact

Competition Landscape

Business Strategies Adopted by Key Players

Consolidated SWOT Analysis of Key Players

Porter's Five Forces Analysis

Global Energy Recovery Ventilator Market Share Analysis, 2020

Key Market Insights and Strategic Recommendations

Profiles of Key Players (Would be provided for 10 players only)

Overview

Key Management

Headquarters etc.

Offerings/Business Segments

Key Details (Key details are subjected to data availability in public domain and/or on paid databases)

Employee Size

Past and Current Revenue

Geographical Share

Business Segment Share

Recent Developments

Primary Interview Responses

Annexure / Appendix

Global Energy Recovery Ventilator Market Analysis, Insights and Forecast (Quantitative Data), By Segments, 2017-2028

By Type (Value)

Wall - Mount

Ceiling – Mount

Cabinet - Mount

By Application (Value)

Residential

Commercial

Others (Industrial)

By Region (Value)

North America

Europe

Asia Pacific

Middle East and Africa

Latin America

North America Energy Recovery Ventilator Market Analysis, Insights and Forecast (Quantitative Data), By Segments, 2017-2028

By Type (Value)

Wall - Mount

Ceiling – Mount

Cabinet - Mount

By Application (Value)

Residential

Commercial

Others (Industrial)

By Country (Value)

U.S.

By Application

Residential

Commercial

Others (Industrial)

Canada

By Application

Residential

Commercial

Others (Industrial)

TOC Continued…!

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FAQ's

How much will the energy recovery ventilator market be worth in the future?

In 2028, the market is expected to reach USD 5.61 billion.

At what compound annual growth rate (CAGR) will the global energy recovery ventilator market grow?

The market is estimated to grow at a CAGR of 8.4% during the forecast period (2021-2028).

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