Pune, India, July 20, 2021 (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 Ventilator Market, 2021-2028.”, Fortune Business Insights mentions that the market stood at USD 2.95 billion in 2020.
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 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.
Request a Sample Copy of Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/energy-recovery-ventilator-market-101139
List of Key Market Players Profiled in this Market Report
- Carrier (United Technologies) (United States)
- Johnson Controls (Ireland)
- Daikin Industries, Ltd. (Japan)
- Mitsubishi Electric Corporation (Japan)
- Trane (Ireland)
- LG Electronics (South Korea)
- Nortek Air Solutions, LLC (United States)
- Lennox International Inc. (United States)
- Greenheck (United States)
- Fujitsu Limited (Japan)
- Zehnder (Switzerland)
- HIMPEL (South Korea)
- Renewaire (United States)
- Dae Ryun Ind. Co. Ltd. (Korea)
- Ostberg (Sweden)
- Ruskin (United States)
- S&P USA Ventilation Systems, LLC (United States)
- UltimateAir, Inc. (United States)
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.
Please visit: https://www.fortunebusinessinsights.com/industry-reports/energy-recovery-ventilator-market-101139
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 8.4% |
| 2028 Value Projection | USD 5.61 Billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 3.18 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 120 |
| Segments covered | Size,Type, Application, Regional Forecast |
| Growth Drivers | Rising Awareness for Indoor Air Quality (IAQ) to Fuel Product Demand |
| Existing Ducting over Walls to Propel Ceiling-Mount Type Segment Growth | |
| Rising Per Capita Spending to boost Residential Segment | |
| Pitfalls & Challenges | Complex Installation Process and High Maintenance Cost of Product to Hamper Market Growth |
Market Segmentation:
By type, the market for energy recovery ventilators 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 the 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% to their total GDP.
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America
What does the Report Provide?
The market report for energy recovery ventilator 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.
Driving Factor
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.
Quick Buy Energy Recovery Ventilator Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/101139
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 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. The region 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 that will favor the market's growth in the upcoming years.
Industry Development
- April 2020: - Mitsubishi Electric Europe B.V., the European subsidiary of Mitsubishi Electric Corporation’s acquired AQS PRODUKTER AB. This acquisition will help in strengthening sales of heating products in Sweden.
Speak To Our Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/energy-recovery-ventilator-market-101139
Have a Look at Related Research Insights:
Cooling Towers Market Size, Share & COVID-19 Impact Analysis, By Type (Wet, Dry and Hybrid), By Application (Chemicals & Petrochemicals, Pharmaceutical, Power Generation, HVAC, Food & Beverages and Others), and Regional Forecast, 2021-2028
Metal Cleaning Equipment Market Size, Share & COVID-19 Impact Analysis, By Chemical Type (Solvent & Aqueous), By Operation Mode (Fully-Automatic, Semi-Automatic, & Manual), By Application (Automotive & Aerospace, General Manufacturing & Others) and Regional Forecast, 2021-2028
Air Duct Market Size, Share & COVID-19 Impact Analysis, By Type (Galvanized Steel, Aluminum, Flexible, Fabric and Others), By Shape (Round, Half Round, Square/Rectangular, Triangular and Others), By Application (Public Facilities, Commercial Facilities, Industrial Facilities and Others), and Regional Forecast, 2021-2028
Industrial Vending Machines Market Size, Share & COVID-19 Impact Analysis, By Type (Carousel Vending Machine, Coil Vending Machine, and Others), By Product (Maintenance, Repair and Operations (MRO), Personal Protective Equipment (PPE), and Others), By End-User (Manufacturing, Oil & Gas, and Others) and Regional Forecast, 2021-2028
Electrodynamic Shaker Systems Market Size, Share & COVID-19 Impact Analysis, By Product Type (Air Cooled System and Water Cooled System), By Application (Automotive, Aerospace, Military & Defense, Consumer Electronics, Education & Research and Others), and Regional Forecast, 2021-2028
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. We aim to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com
LinkedIn: https://www.linkedin.com/company/fortune-business-insights
Facebook: https://www.facebook.com/FortuneBusinessInsightsPvtLtd
Twitter: https://twitter.com/FBInsightPvtLtd
Read Press Release: https://www.fortunebusinessinsights.com/press-release/energy-recovery-ventilator-erv-market-9974