December 20, 2022 05:30 ET | Source: The Insight Partners The Insight Partners
New York, Dec. 20, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Energy Recovery Ventilator Market Size, Share, Demand, Growth Strategy, Industry Trends and Forecast to 2027 – by Technology Type (Plate Heat Exchanger, Heat Pipe Heat Exchanger, Rotary Heat Exchanger, Run-Around Coil, and Other Types) and End User (Residential, Commercial, and Industrial)," the global energy recovery ventilator market value is expected to grow from USD 2.83 billion in 2019 to USD 5.06 billion by 2027 to grow at a CAGR of 7.8% during 2020 to 2027. Air Handling Unit
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Global Energy Recovery Ventilator Market Report Scope, Segmentations, Regional & Country Scope:
Global Energy Recovery Ventilator Market: Competitive Landscape and Key Developments
The top five companies in the energy recovery ventilator market include LG Electronics, Mitsubishi Electric Corporation, Johnson Controls International Plc., Daikin Industries, Ltd., and Panasonic Corporation. The above listing of key players is derived by considering multiple factors such as overall revenue, current energy recovery ventilator solution portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. There are various other notable players in the global energy recovery ventilator market ecosystem, such as Carrier Corporation, Fujitsu General, Greenheck Fan Corporation, Munters, Nortek Air Solutions, RenewAire, Trane Technologies, HOLTOP, Ruskin, Building Performance Equipment, and UltimateAir, Inc. Most of the market initiatives were observed in Asian market, which has a high potential for energy recovery ventilator market growth. Few of the important market initiatives and product developments from the industry are mentioned below:
In 2020: Daikin Industries, Ltd. and WASSHA Inc. established a new company, Baridi Baridi Inc., to conduct an air conditioner subscription business. The joint venture between Daikin Industries and WASSHA capitalizes on Daikin’s air conditioners, which are known for their excellent durability, high efficiency, and low environmental impact, and on the company’s capabilities for building service networks.
In 2020: LG Electronics (LG) is introduced an expanded lineup of PuriCare air care solutions to the global market. The full range offers much-needed relief from poor indoor air conditions caused by industrial pollution or local weather phenomena such as dust and sand storms. With portable battery-operated models, residential models for homes and solutions designed for larger, commercial spaces, LG’s comprehensive PuriCare series can help create a healthier atmosphere in any setting, any time.
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In 2020: Panasonic Corporation declared that Panasonic Ecology Systems Co., Ltd. (PESES), a Panasonic group company focusing on indoor air quality (IAQ) and environmental systems, had marked a cumulative global production of 200 million ventilating fans in December 2018 year. The company manufactures over 7 million units of ventilating fans, its flagship product, per year. Offering them in more than 40 countries and regions, PESES is contributing to IAQ improvement in the world using its experience and technologies acquired in Japan.
Rising levels of urbanization and industrialization in developing countries due to high population growth coupled with HVAC infrastructure upgrade and growing indoor air quality standards in developed regions are some of the key factors that are expected to boost the demand for energy recovery ventilators worldwide over the forecast period. Energy recovery ventilators (ERVs) are connected and used with a regular heating, ventilation, and air conditioning (HVAC) unit to draw clean and fresh air and remove stale air in residential as well as commercial buildings. Energy recovery ventilation systems also help in capturing contaminants, allergens, and pollutants, to ensure that the air in homes or offices is clean as well as healthy. Energy recovery ventilators are designed to offer energy and cost savings in standard mechanical ventilation systems as they precondition outside air which reduces the load on HVAC units and also decreases the required HVAC capacity. In addition to energy savings, increasing number of codes and standards developed by organizations, such as American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE), U.S. Green Building Council (USGBC), and Illuminating Engineering Society, is one of the major driving factor for rising adoption of energy recovery ventilators, especially in North America.
However, regular maintenance, such as cleaning filters, grilles, and ductwork, is needed to ensure the ventilation system operates as intended, which, in turn, leads to high cost expenditure. This ultimately impacts the direct and indirect cost of the product. Also, the total cost incurred for the implementation of energy recovery ventilator is high which may eventually affect the average selling price of the energy recovery ventilator. Thus, complexity in implementation and high maintenance cost of products is restricting the growth of energy recovery ventilator market.
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The energy recovery ventilator market is broadly segmented into five major regions—North America, Europe, APAC, MEA, and SAM. Currently, the global market is predominantly dominated by the developed regions such as North America and Europe region accounting for ~60% of the global market collectively. North America is the leading region in the energy recovery ventilator market and is anticipated to be the largest revenue contributor throughout the forecast period. In North America, the implementation of energy recovery ventilation system is backed by large-scale investments from the commercial sector. North America’s energy recovery ventilator market is primarily driven by increasing demand for energy recovery ventilators from the BFSI, retail, IT & telecom, healthcare, and educational institutes. With the leading manufacturers such as RenewAire; Carrier; Daikin North America LLC.; Mitsubishi Electric; CORE Energy Recovery Solutions; Nortek Air Solutions, LLC; and Greenheck Fan Corporation present in the US and their focus on energy recovery ventilator R&D and production. However, from a growth perspective, Asia-Pacific is anticipated to gain significant traction and expected to register the most attractive growth rate during the forecast period. Moreover, Middle East & Africa and South America are anticipated to witness a moderate CAGR during the forecast period. Significant investments in construction industry, increase in per capita income, rapid increase in commercialization, and growth in retail sector across MEA and SAM regions are the major factors that are expected to boost the adoption of energy recovery ventilators in the next few years.
Impact of COVID-19 Pandemic on Energy Recovery Ventilator Market:
The COVID-19 outbreak began in Wuhan, China, in December 2019, and since then, it has spread at a fast pace across the globe. The US, Brazil, India, Russia, South Africa, Spain, UK, Germany, and France, are some of the worst affected countries due to COVID-19 outbreak in terms of confirmed cases and reported deaths. COVID-19 is creating challenges for medical institutions, healthcare institutions, manufacturing units, commercial office premises, shopping complexes, and airports worldwide. The sharp decline in industrial and commercial activities is impacting the growth of the global energy recovery ventilator market as they are the prominent users of energy recovery ventilators in the market. The factory shutdowns and border lockdowns have also impacted manufacturing, supply, and sales of energy recovery ventilators.
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