Global Energy Recovery Ventilator Market Size, Share, Growth Analysis, By Type(residential, industrial), By Application(heat pipe heat exchanger, run-around coil) - Industry Forecast 2024-2031

Global Energy Recovery Ventilator Market size was valued at USD 3.45 billion in 2022 and is poised to grow from USD 3.74 billion in 2023 to USD 7.13 billion by 2031, at a CAGR of 8.40% during the forecast period (2024-2031).

An energy recovery ventilator, a type of central ventilation system, functions by regulating the humidity levels within a space and expelling contaminated air. It is sometimes referred to as an ERV air exchanger or an ERV ventilation system. It allows only clean air to enter the space by filtering out hazardous substances, pollen, and other impurities. Indoor air quality is two to five times worse than outside air quality, according to the Environmental Protection Agency. The poor quality of air in a confined building can be attributed to inadequate ventilation. One of the several health issues that can arise from breathing in contaminated air is sick building syndrome. ERVs are becoming more and more common because they eliminate moisture and unclean air, improving indoor air quality and preventing issues. As the need for ventilation grows, the energy recovery ventilation systems market is anticipated to grow globally in the upcoming years.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Energy Recovery Ventilator Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Energy Recovery Ventilator Market Segmental Analysis

The Energy Recovery Ventilator Market is segmented on the basis of type, Application, Technology and region. Whereas, By type it is segmented into the Wall Mount, Ceiling Mount, and Cabinet-Mount. By Application Energy Recovery Ventilator Market is segmented into the residential, industrial, commercial and others. By Technology Energy Recovery Ventilator Market is segmented into the heat pipe heat exchanger, run-around coil, plate heat exchanger, rotary heat exchanger and others. By region it is classified into North America, Europe, Asia Pacific, Latin America, and MEA.

Drivers of the Global Energy Recovery Ventilator Market

One important issue that is currently garnering attention is the quality of the air. The inhabitants' well-being, productivity, and health are all negatively impacted by the poor quality of the air inside. ERV demand is therefore anticipated to boost the market. Due to its ability to continuously replace contaminated indoor air with pure outdoor air. It can also minimize carbon footprint, maximize energy efficiency, and eliminate contaminants like chemicals, dust, and excess moisture.

Restraints in the Global Energy Recovery Ventilator Market

The demand for ERVs is being driven by rising awareness of air quality, but the market boom is being stifled by challenging installation methods. Integrating an energy recovery ventilator becomes challenging in older construction projects when there is not enough room for ventilator installation. Such a system may be installed in a manner that minimizes outside air intake and airflow, perhaps resulting in the inhalation of polluted air. Additionally, depending on how these systems are installed and designed, a sizable amount of extra air ducting may be needed. The expense of product maintenance goes up even further because these ducts need to be sealed and shielded from outside dust and debris.

Market Trends of the Global Energy Recovery Ventilator Market

The increased trend of developing green buildings is helping the market for energy recovery ventilators. This is a result of people's increased concern for their health due to the increased risks. According to the US Green Building Council, environmentally friendly and healthier structures with supported ventilation can yield a 10% increase in building asset value and a 19% return on investment. Consequently, it is projected that the energy ventilator market would grow rapidly in the upcoming years.