Energy Recovery Ventilator Market Analysis | 2024-2030

Market Insights

"The energy recovery ventilator market was estimated at USD 3.7 billion in 2023 and is likely to grow at a CAGR of 7.67% during 2024-2030 to reach USD 6.21 billion in 2030".

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Market Dynamics

Introduction

An Energy Recovery Ventilator (ERV) is a mechanical ventilation system used in buildings to improve indoor air quality while simultaneously conserving energy. It achieves this by transferring heat and humidity from the outgoing exhaust air to the incoming fresh outdoor air. This process helps to maintain a comfortable and healthy indoor environment by ensuring proper ventilation while minimizing the loss of heating or cooling energy.

Market Drivers

The market growth rate is being driven by the increasing need to decrease energy usage in homes and businesses, as well as the rising prevalence of environmentally friendly buildings. Moreover, the market will be positively influenced by the increasing emphasis on maintaining indoor air quality and a greater awareness among individuals about the quality of indoor environments. Nevertheless, the growth of the energy recovery ventilator market is hindered by the significant expenses associated with installation and maintenance.

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COVID-19 Impact

The global community is grappling with the negative consequences of the COVID-19 pandemic, which has also had a significant impact on the production of energy recovery ventilators (ERVs) at manufacturing facilities due to sudden lockdown measures. According to various secondary sources, it has been reported that in the United States, around 45% of HVAC companies experienced a decline in their seasonal sales due to reduced installations of energy recovery ventilators and a shortage of workforce. Numerous industries have faced disruptions as a result of the coronavirus and have seen substantial declines in performance until the latter part of 2020. Notably, the HVAC sector has been among the less affected industries due to the crucial need for effective ventilation across various fields. As a result, it is anticipated that the ERV market witnessed a moderate impact during the pandemic and is expected to gradually recover in the upcoming forecast period.

Segments Analysis

By Technology Type

Based on the technology type, the market is segmented into plate heat exchangers, heat pipe heat exchangers, rotary heat exchangers, run-around coils, and others. Plate heat exchanger is expected to remain the dominant technology type in the market during the forecast period. The adoption of plate heat exchangers in ERVs offers several advantages. Their compact size, high heat transfer efficiency, and ability to handle varying airflows make them well-suited for ERV applications. Additionally, these exchangers enable efficient heat and moisture recovery, improving overall system performance and reducing energy consumption.

By Application Type

Based on the application type, the market is segmented into commercial, residential, and others. Commercial is expected to remain the dominant application type in the market during the forecast period. commercial buildings encompass a wide range of establishments, including offices, retail spaces, hotels, and healthcare facilities, all of which require efficient ventilation systems to ensure indoor air quality and occupant comfort. As regulations and awareness regarding indoor environmental quality continue to intensify, the demand for energy recovery ventilators (ERVs) within the commercial sector is set to increase.

Regional Insights

In terms of regions, North America is expected to remain the largest market for energy recovery ventilators during the forecast period owing to the increasing demand for stationary Energy Recovery Ventilators in the region. North America has a substantial and diverse building stock, including both residential and commercial structures. The region's stringent building codes and regulations related to energy efficiency and indoor air quality create a strong demand for advanced ventilation solutions like ERVs.

Asia Pacific is also likely to create sizeable opportunities in the coming five years. The region's rapid urbanization and industrialization have led to significant growth in construction activities, both in residential and commercial sectors. This surge in building projects creates a substantial demand for efficient ventilation systems like ERVs to ensure optimal indoor air quality and energy management.

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Key Players

The following are the key players in the Energy Recovery Ventilator Market:

• Mitsubishi Electric Corporation
• Daikin
• Panasonic Corporation
• LG Electronics
• Johnson Controls
• Fujitsu General
• Carrier Corporation
• Nortek Air Solution
• Munters
• Greenheck Fan Corporation
• Heatex AB

Note: The above list does not necessarily include all the top players in the market.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s Energy Recovery Ventilator market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights. 

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

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