PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606446
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606446
The Energy Recovery Ventilator Market was estimated at USD 3,521.5 million in 2023, growing at a CAGR of 8.50% between 2024 and 2032.
Energy Recovery Ventilators are extensively used in residential and commercial buildings to improve indoor air quality. Energy Recovery Ventilator also helps to reduce the amount of outdoor pollutants and allergens that enter a building. The necessity to eradicate external pollutants and allergens that can harm the individuals who live within the building or premises.
Energy Recovery Ventilator Market- Market Dynamics
Increasing Awareness of Indoor Air Quality
Air quality is an important issue that is actively being addressed. Poor indoor air quality has a negative influence on occupiers' health, cognitive function, productivity, and well-being. As a result, the market is expected to be driven by demand for ERVs, which can constantly replace stale indoor air with fresh outdoor air. It may also eliminate other pollutants such as excess moisture, household chemicals, increased energy efficiency, a lower carbon footprint, and other impurities. For instance, Mitsubishi Electric Corporation announced a revised product line in August 2022, with the purpose of improving residential air conditioning. The company introduced new products using ducted and split system technology, showcasing their extensive expertise of energy recovery ventilators and air treatment.
Energy Recovery Ventilator Market- Key Insights
Our research analyst predicts that the global market will grow at a CAGR of roughly 8.50% between 2024 and 2032
According to Technology Types segmentation, in 2023, the plate heat exchanger segment became the dominating player in the worldwide Textile binder market.
According to application segmentation, the commercial segment of the energy recovery ventilator market is predicted to expand the most.
On the basis of region, North America was the leading revenue generator in 2023
The Global Energy Recovery Ventilator Market is divided into three segments: Technology Type, application, and region.
The market is divided into five divisions based on Technology Types: rotary heat exchanger, run-around coil, heat pipe heat exchanger, plate heat exchanger, and others. The plate heat exchanger will have the most market share due to its heat-transferring properties between two fluids of different temperatures.
The market is segmented into three segments according to application: Commercial, Residential, and Others. The commercial segment of the energy recovery ventilator market is expected to grow the most. The section reports considerable demand for energy recovery ventilators. It is expected that the market for energy recovery ventilators in commercial buildings would increase in response to the growing desire for better air quality.
Energy Recovery Ventilator Market- Geographical Insights
Geographically, this market is distributed over Latin America, Asia Pacific, North America, Europe, the Middle East, and Africa. These regions are further segmented according to the countries bringing commerce. North America leads the energy recovery ventilator industry. In North America, severe weather, such as hailstorms, hurricanes, and heavy snowfall, degrade indoor air quality, which has a direct impact on people's health. Residential fixed investment in North America was USD 785 billion, representing 3.3% of GDP. It is expected that rising residential investment will need the installation of energy recovery ventilators to ensure a safe and healthy indoor environment throughout the sector.
Asia Pacific is expected to have the greatest CAGR during the predicted period. The rising standard of living in countries such as China, India, Malaysia, South Korea, Thailand, and others is to blame. These nations want to update their commercial and residential building stock. According to the International Finance Corporation, East and Pacific Asia account for the highest share of the real estate market. Furthermore, it is expected that the commercial and residential building sectors will generate USD 16 trillion in investment potential. These market prospects will boost regional demand for ERVs.
The ERV market competitive landscape has several notable players in it as they strive toward innovation and market capture. Major market players include Trane Technologies, Johnson Controls, and Daikin Industries, with a dominant position in the market through the provision of advanced ERV solutions that serve to enhance energy efficiency and indoor air quality. This keen awareness about energy saving and the implementation of sustainable building solutions in residential and commercial spaces continues to feed in the competition. Also, strategic tie-ups and collaborations between the manufacturers and technology players are beginning to focus on integrating smart technologies and IoT capabilities within ERV systems. It, therefore, sustains a dynamic environment which encourages continuous product development and diversification within changing consumer and regulatory needs globally.
In March 2022, Greenheck Fan Corporation has introduced a new home energy recovery ventilator for multifamily residential structures. The company introduced four versions with a wide range of options and accessories. All of the newly introduced models are now Home Ventilating Institute (HVI) certified.