Pune, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that the Energy Recovery Ventilator Market was valued at USD 3.45 Billion in 2022, with a projected growth to USD 6.62 Billion by 2030 at a compound annual growth rate (CAGR) of 8.5% over the forecast period from 2023 to 2030.
Market Overview
The Energy Recovery Ventilator (ERV) has emerged as a pivotal technology. This innovative system plays a crucial role in maintaining indoor air quality while simultaneously minimizing energy consumption. This article delves into the intricate details of energy recovery ventilators, shedding light on their functionality and exploring the key drivers fueling the growth of the ERV market. An Energy Recovery Ventilator is a sophisticated mechanical system designed to enhance indoor air quality by exchanging stale indoor air with fresh outdoor air. What sets ERVs apart is their ability to recover and transfer energy between the incoming and outgoing air streams.
Market Analysis
Governments worldwide are implementing stringent regulations to curb energy wastage and promote sustainable practices. The integration of ERVs helps building owners and operators comply with these regulations while contributing to environmental conservation. The growing awareness of the impact of indoor air quality on health has led to an increased demand for ventilation systems that can ensure a constant supply of fresh and clean air. ERVs, with their ability to filter and exchange air efficiently, address this concern and are becoming integral to HVAC systems. Ongoing advancements in ERV technology, including the development of more efficient heat exchangers and smart control systems, are driving market growth. These innovations enhance the overall performance and adaptability of ERVs to diverse environmental conditions. All these factors to foster energy recovery ventilator market growth.
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Major Players Listed in this Report are:
- Carrier (United Technologies)
- Johnson Controls
- Daikin Industries, Ltd.
- Mitsubishi Electric Corporation
- LG Electronics
- Nortek Air Solutions, LLC
- Lennox International Inc.
- Greenheck
- Fujitsu Limited and other players
Energy Recovery Ventilator Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 3.45 Bn |
| Market Size by 2030 | US$ 6.62 Bn |
| CAGR | CAGR of 8.5% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Key Drivers | • Energy Efficiency standards: Since ERVs help reduce building energy usage, the adoption of these devices is being driven by increasing energy efficiency standards as well as environmental concerns. |
| Key Regions/Country | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Market Dynamics Analysis
The energy recovery ventilator market is currently experiencing dynamic growth, driven by a confluence of factors that underscore the increasing importance of energy-efficient ventilation systems. One of the primary drivers is the growing emphasis on sustainable and green building practices, with a surge in demand for solutions that optimize energy consumption while maintaining indoor air quality. The push towards energy efficiency in HVAC (Heating, Ventilation, and Air Conditioning) systems is propelling the adoption of ERVs, as they facilitate the exchange of stale indoor air with fresh outdoor air without compromising temperature control. Additionally, stringent government regulations and building codes mandating the implementation of energy recovery ventilation systems in commercial and residential structures are contributing to market expansion. However, the ERV market is not without its challenges and restraints. Initial high installation costs and the complexity of integrating ERV systems into existing HVAC infrastructure can act as barriers to widespread adoption. Moreover, the lack of awareness among end-users about the benefits of ERVs may hinder market growth.
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Energy Recovery Ventilator Market Segmentation
By Type
- Wall-Mount
- Celling-Mount
- Cabinet
By Application
- Residential
- Commercial
- Others (Industrial)
Key Regional Developments of Energy Recovery Ventilator Industry
In North America, the energy recovery ventilator market is experiencing robust growth, primarily due to stringent energy efficiency regulations and the growing awareness of indoor air quality. The United States and Canada are at the forefront of adopting energy-efficient HVAC systems, boosting the demand for energy recovery ventilators. Europe stands as a key player in the global market, driven by a strong emphasis on sustainable building practices and increasing awareness of environmental conservation. The Asia-Pacific region is emerging as a lucrative market for energy recovery ventilators, fueled by rapid urbanization, a growing population, and the need for energy-efficient solutions. Countries like China and India are witnessing a rise in construction activities, promoting the incorporation of advanced HVAC systems, including energy recovery ventilators.
Impact of Recession
The global supply chain has faced disruptions during the ongoing recession, impacting the production and distribution of ERV components. Manufacturers may encounter challenges in sourcing raw materials and components, potentially leading to delays and increased costs. Despite economic challenges, the growing emphasis on sustainability and energy efficiency provides an opportunity for the energy recovery ventilator market. Governments and businesses may prioritize investments in technologies that contribute to energy conservation, thereby driving the adoption of energy recovery ventilators. The heightened awareness of indoor air quality, particularly in the wake of health concerns such as the COVID-19 pandemic, could propel the demand for ERVs. These systems contribute to maintaining a healthy indoor environment by continuously exchanging and filtering air.
Key Takeaway from Energy Recovery Ventilator Market Study
- The Wall-Mount segment of energy recovery ventilators has witnessed a surge in popularity due to its compact design and ease of installation. As urban spaces become more constrained, building owners and homeowners alike are turning to Wall-Mount ERVs as an efficient and space-saving solution.
- The Industrial segment of energy recovery ventilators caters to the unique ventilation needs of large-scale facilities, manufacturing plants, and industrial complexes. Industrial ERVs are characterized by their robust construction, high capacity, and ability to handle complex air exchange requirements.
Recent Developments
- Panasonic has recently introduced the ZY Series, a groundbreaking addition to its Advanced Energy Recovery Ventilation (ERV) Range. Panasonic's relentless pursuit of technological excellence is evident in the ZY Series, as it incorporates state-of-the-art features aimed at enhancing both energy conservation and air purification.
- Delta Electronics India, in collaboration with the Indian Society of Heating, Refrigerating and Air Conditioning Engineers (ISHRAE), recently hosted a seminar dedicated to launching innovative indoor air quality solutions. This event served as a platform for industry leaders, experts, and enthusiasts to come together and explore the latest advancements in indoor air quality technologies.
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Table of Contents – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 Impact of the Ukraine- Russia War
4.2 Impact of Ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Energy Recovery Ventilator Market Segmentation, By Type
9. Energy Recovery Ventilator Market Segmentation, By Application
10. Regional Analysis
11. Company Profile
12. Competitive Landscape
13. USE Cases and Best Practices
14. Conclusion
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