Research Nester has released a report titled “North America Energy Recovery Ventilators (ERV) Market – Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the North America energy recovery ventilators market in terms of market segmentation by product, installation, airflow output and by end use.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The North America ERV market is segmented by product into plate heat exchangers, heat pipe heat exchangers, rotary heat exchangers and run-around coil, out of which, the plate heat exchanger segment registered the largest market share of 42.77% along with a value of USD 392.9 million in the year 2019. The segment is further expected to grow by the largest CAGR of 11.15% during the forecast period, i.e. 2020-2028, and further gain an absolute $ opportunity of USD 576.6 million by growing at 2.3x during the forecast period.
The North America ERV market is anticipated to gain a CAGR of 10.28% throughout the forecast period on account of the growing trends of developing energy efficient green building, growing concerns for the degrading indoor air quality and growing research and development in the field of energy recovery ventilation systems. The market is expected to garner a value of USD 2198.9 million by the end of 2028 from a value of USD 918.7 million in the year 2019 and further attain an absolute $ opportunity of USD 1193.4 million by growing at 2.2x during the forecast period. The North America ERV market is additionally anticipated to gain an incremental $ opportunity of USD 86.8 million in the year 2020 as compared to the previous year.
Rising Focus To Reduce Carbon Dioxide Footprints and Increase Building Energy Efficiency
Growing concern for the environment along with the increasing stringent norms of the government has raised the necessity to reduce CO2 emissions. The task is an expensive challenge for the industries, especially in the United States, where several initiatives by different government bodies have been taken to reduce the dependence on non-renewable source of energy. On the other hand, implementation of building energy codes, ENERGY STAR labelling and state & federal efficiency standards has significantly reduced the energy intensity in commercial and residential buildings. Such factors are raising the adoption of ERV systems, which is anticipated to drive the growth of the North America ERV market.
However, concerns regarding the complex installation process of ERV systems and lack of awareness for indoor air quality and its ill effects on health and the high maintenance costs are anticipated to hamper the growth of the North America ERV market.
This report also provides the existing competitive scenario of some of the key players of the North America ERV market, which includes company profiling of Carrier Global Corporation (NYSE: CARR), Mitsubishi Electric Corporation (TYO: 6503), Daikin Industries, Ltd. (TYO: 6367), Panasonic Corporation (TYO: 6752), Johnson Controls International plc (NYSE: JCI), Building Performance Equipment, Inc., Zehnder Group AG (SWX: ZEHN), S&P USA Ventilation Systems, LLC and Loren Cook Company. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the North America ERV market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.