Energy Recovery Ventilator Market is Expected to Dominate by North America Until 2028
Increasing demand for reducing energy consumption of
buildings and rising importance of indoor air quality are expected to
drive the global energy recovery ventilator market during the forecast period
of 2024-2028.
According to TechSci Research report, “Energy
Recovery Ventilator Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast. 2018–2028”, the global energy recovery
ventilator market is anticipated to register a robust growth due to increasing
demand for energy recovery ventilators from end use industry segments of
commercial and residential sectors. Ventilation is an important part of the
HVAC systems. Incorrect ventilation systems attract pollutants such as viruses,
chemicals, ducts, and allow molds to grow rapidly. The use of advanced heating
and energy recovery ventilation technology has allowed these systems to provide
various benefits and help end-users in choosing from a wide range of high
efficiency of energy recovery ventilators (ERVs).
The rising demand for fresh air and the need to reduce
pollutants are driving factors for the global energy recovery ventilator market
growth. Additionally, increasing demand for energy housing projects and
increase in construction activities is expected to drive the growth of the
global energy recovery ventilator market.
On the other hand, the maintenance of air quality has
become a major concern nowadays. Deficient indoor air quality poses an adverse
impact on the health, productivity, cognitive function, and well-being of
people. The ability of energy recovery ventilator to replace stale indoor air
with fresh outdoor air, its ability to remove all the pollutant particles from
the environment, optimize energy efficiently, minimize carbon footprints, and
others are factors driving the growth of this market in the forecast period.
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Global energy recovery ventilator market is segmented
based on type, technology, application, and region. Based on type, the market
is segmented into ceiling-mount, wall-mount, and cabinet. Based on technology,
the market is segmented into plate heat exchanger, heat pipe heat exchanger,
rotary heat exchanger, run around coil, and others. Based on application, the
market is segmented into commercial, residential, and others. Based
on region, the market is segmented into North America, Asia-Pacific, Europe,
South America, and Middle East & Africa.
Based on type, ceiling-mount dominates in the
global energy recovery ventilator market in 2022,
because ceiling-mounted ERVs have exponential demand in the market as the
existing wiring and ducting over the walls minimizes the installation cost and
the invasiveness.
The wall-mount is fastest growing segment in the
global energy recovery ventilation market during the forecast period, owing to
its feasibility of installing in the buildings without the mechanical
ventilation systems. Buildings that possess smaller duct spaces and are built
without mechanical ventilation systems prefer installing smaller and unitized
wall mounted ERV’s that vent directly outside through the exterior wall.
Based on technology, plat heat exchanger
dominates in the global energy recovery ventilator market in 2022, because
plate heat exchanger maintains the temperature of building and provides
well-organized instrument for heat transfer, which further reduces energy
consumption and CO2 emission.
Based on region, Asia-Pacific is expected to grow
during the forecast period in the global energy recovery ventilator market.
This can be ascribed due to escalating living standards in countries namely
China, India, and South Korea, and the increasing modernization of residential
and commercial building stocks in the region. In addition, robust growth of the
real estate sector is projected to boost the region’s market growth in the
coming years. According to the International Finance Corporation, East and
Pacific Asia account for the most significant share of the real estate industry
as of now. The rising demand for energy recovery ventilators, growing
population, and rising disposable income are some of the major factors fueling
the market's expansion. Also, the growth in the area would have an even greater
impact on people's rising living standards. The upgrading of homes and
businesses in developing nations will support the region's substantial market
expansion.
Major market players operating in the global energy
recovery ventilator market are:
- Mitsubishi Electric Corporation
- Daikin Industries Ltd.
- Carrier Corporation
- Johnson Controls International
- LG Corporation
- Trane Technologies Plc
- Nortek Air Solutions, LLC
- Lennox International, Inc.
- Greenheck Fan Corporation
- Fujitsu Limited.
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“The growth of this market can be attributed to the
growing trend of green construction worldwide. Due to environmental conditions,
strict government regulations, energy consumption standards, increasing harmful
emissions, the trend towards green construction is increasing. The energy
recovery ventilators market is expected to grow further in the coming years due
to the increasing usage of ventilators. Therefore, the increase in the
construction of green buildings is expected to contribute to the growth of the
industry.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Energy Recovery Ventilator Market - Global Industry
Size, Share, Trends, Opportunities, and Forecast 2018-2028, Segmented By Type
(Ceiling-Mount, Wall-Mount, Cabinet), By Technology (Plate Heat Exchanger, Heat
Pipe Heat Exchanger, Rotary Heat Exchanger, Run Around Coil, Others), By
Application (Commercial, Residential, Others), By Region and Competition,” has
evaluated the future growth potential of global energy recovery ventilator
market and provides statistics & information on market size, structure, and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Energy Recovery
Ventilator Market.
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