Wilmington, Delaware, United States, April 27, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The energy recovery ventilators market was valued at US$ 2.9 Bn in 2022 and is projected to expand at a CAGR of 14.3% from 2023 to 2031.
Surge in adoption of energy recovery ventilators (ERVs) in commercial and residential buildings to maintain indoor air quality and improve occupant comfort is expected to propel the market. Rapid rate of installation of home energy recovery ventilation systems in many countries is estimated to generate lucrative business opportunities for companies in the energy recovery ventilators industry.
Rise in awareness about indoor air pollution among consumers in developed countries is likely to offer significant revenues to companies in the energy recovery ventilators market. Key benefits of energy recovery ventilators is reduction of heating and cooling costs, and prevention of spread of contaminants indoors.
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Key Findings of Study
- Surge in Utilization of ERVs to Maintain Indoor Air Quality in Commercial Buildings: Rise in focus on minimizing energy loss in commercial buildings is expected to offer significant business opportunities to companies. Surge in rate of adoption of energy recovery ventilators in the commercial sector is estimated to augment the market value in the near future.
- Rise in Implementation of Regulations on Energy Efficiency of Buildings Driving R&D in ERVs: Strict implementation of standards for ventilation system design and acceptable indoor air quality (IAQ) is likely to propel the demand for ERVs. Notable standards include ANSI/ASHRAE Standards 62.1 and 62.2 and green building rating system LEED (Leadership in Energy and Environmental Design). Recent market trends indicate a rise in adoption of sustainable building practices. This is anticipated to boost the global energy recovery ventilators market.
- Rapid Increase in Adoption of Plate Heat Exchangers: In terms of technology type, the plate heat exchanger segment accounted for major share in 2022. High rate of adoption of plate heat exchangers in ERV systems is estimated to propel the segment from 2023 to 2031. Popularity of plate heat exchangers can be ascribed to their compact/portable nature and significant heat transfer efficiency. Furthermore, rise in demand for modular ERVs is anticipated to fuel the market growth.
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Key Drivers
- Stringent implementation of government regulations pertaining to energy-efficient buildings in residential and commercial sectors is likely to boost the usage of ventilation systems to reduce the consumption of cooling and heating energy. Rise in adoption of cost-effective ventilation systems in commercial buildings to enhance energy efficiency is a key trend that is estimated to bolster the energy recovery ventilators market.
- Growth in sustainable building practices is promoting the usage of ventilators to boost energy efficiency and promote comfort. This is expected to boost the market.
- Surge in spending on home remodeling activities in developing countries is likely to boost the demand for energy recovery ventilators. Occupants are deploying ERVs in order to maintain adequate indoor air quality (IAQ) and ensure safe and comfortable living spaces.
Regional Growth Dynamics
North America accounted for major share of the global energy recovery ventilators market in 2022. The region is anticipated to retain its dominance from 2023 to 2031. Rise in installation of energy recovery ventilators in homes and commercial buildings is expected to drive the market in the region.
Need to maintain healthy indoor environment in all seasons is also likely to bolster the demand for energy recovery ventilators. This is likely to augment the market size in North America. Focus on reducing utility bills is anticipated to encourage the adoption of recovery ventilators for the removal of contaminants with air filters. Thus, rise in focus of building occupants on reducing respiratory issues due to the contaminated indoor air is likely to augment the usage of energy recovery ventilators. Furthermore, ventilator systems such as ERVs play a crucial role in lowering the utility bills for occupants.
Competition Landscape
Large-sized companies constitute majority stake in the energy recovery ventilators market. Leading players jointly accounted for 60% to 65% market share in 2022.
Key players are focusing on capacity expansion, R&D activities, and technological innovations to consolidate their market position. They are also focusing on business expansion strategies.
Prominent companies in the energy recovery ventilators industry are Daikin, Panasonic Corporation, LG Electronics, Johnson Controls, Munters, Nortek Air Solutions, Carrier Corporation, and Mitsubishi Electric Corporation.
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Energy Recovery Ventilators Market
Technology Type
- Rotary Heat Exchanger
- Plate Heat Exchanger
- Heat Pipe Exchanger
- Run-around Coil
- Others
Application
- Residential
- Commercial
- Industrial
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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