Energy Recovery Ventilator Market Size & Share, by Technology Type (Plate Heat Exchanger, Heat Pipe Heat Exchanger, Rotary Heat Exchanger);Type (Ceiling-Mount, Wall-Mount, Cabinet); Application (Commercial, Residential) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3598
  • Published Date: Apr 27, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Energy recovery ventilator market size is estimated to cross USD 10 billion by the end of 2035, growing at a CAGR of 8% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of energy recovery ventilators was over USD 4 billion. The growth of this market can be attributed to the rising trend of green building construction globally. The trend of constructing green buildings is rising owing to environmental conditions, strict government regulations, standards of energy consumption, and a rise in hazardous emissions. The building manufacturers now are focusing on constructing green buildings in order to get more profit from the income generated from the property business. Therefore, with the rise in the deployment of ventilators the market of energy ventilators is expected to grow more in the upcoming years. Anyhow, the key suppliers align their products in line with green building certifications, Thus, the rise in the construction of the green building is expected to drive the industry growth. The green building consumes 40-50% less energy and 10-20% less water.

On the other hand, the maintenance of air quality has become a major concern nowadays. Deficient indoor air quality poses an adverse impact on the health, productivity, cognitive function, and well-being of people. The ability of energy recovery ventilator to replace stale indoor air with fresh outdoor air, its ability to remove all the pollutant particles from the environment, optimize energy efficiently, minimizes carbon footprints and others are factors driving the growth of this market in the forecast period. In 2020, globally around 3.2 million people died out of bad indoor air quality.


Energy Recovery Ventilator Market
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Energy Recovery Ventilator Market: Key Insights

 

Base Year

2022

Forecast Year

2023 – 2035

CAGR

~8%

Base Year Market Size (2022)

~USD 4 billion

Forecast Year Market Size(2035)

~USD 10 billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

 

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Energy Recovery Ventilator Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Increasing Construction of Green Buildings Around the World – The growing construction of green buildings all over the world is boosting the market growth in the upcoming times. This can be attributed owing to rising hazardous emissions, growing awareness about green buildings among the people, and standards of energy consumption. As per the U.S. Green Building Council, green and healthier buildings streamlined with promotive ventilation can grow to return on investment by 19% and building asset value by 10%.
  • Growing Consciousness for Indoor Air Quality – Nowadays, maintenance of indoor air quality has become one of the most significant concerns. An energy recovery ventilator has the ability to replace bad indoor air with fresh outdoor air. Additionally, it also removes all pollutant particles such as viruses, bacteria, and household chemicals from the environment, minimizes carbon footprints, optimizes energy efficiency, and others. Globally around 4.1% of death takes place owing to bad indoor air quality.
  • Government Regulations - Several governments around the world have introduced regulations and standards to improve the energy efficiency of buildings and reduce greenhouse gas emissions. For instance, the European Union's Building Energy Performance Directive requires all new buildings to be near-zero energy buildings by 2020. Energy recovery fans help buildings comply with these regulations and standards.
  • Growing Demand in New Commercial and Residential Projects – Rising demand for new commercial and residential projects in turn is giving rise to the energy recovery ventilator market owing to indoor air quality purposes. The U.S. Environmental Protection Agency (EPA) has identified indoor air pollution as a major environmental problem because indoor air can be up to five times more polluted than outdoor air. To address this issue, the EPA recommends using ventilation systems to improve indoor air quality in commercial and residential projects.

Challenges

  • Complex Installation Mechanism – The demand for energy recovery ventilators seems to have risen with the concern of indoor air quality. However, its complex installation procedure might hamper the market growth in the forecast period. Also, the task becomes a bit challenging to install energy recovery ventilators in the old design houses.
  • Noise and Discomfort
  • High Maintenance Cost of Energy Recovery Ventilator


Energy Recovery Ventilator Segmentation

Application (Commercial, Residential) 

The global energy recovery ventilator market is segmented and analyzed for demand and supply by application into commercial, residential, and others. Out of these, the commercial segment is anticipated to hold the largest market share in the forecast period. Energy recovery ventilators are widely used in commercial buildings such as hospitals, schools, offices, restaurants, commercial kitchens, and other commercial areas. Also, there are more and more "green" buildings, and various government laws to reduce energy use in buildings are being created and strictly enforced. Moreover, the market for energy recovery ventilators for commercial utilization is expanding owing to the increased demand for these devices globally. For instance, 17.2% of green building in the United States belongs to the commercial department.

Type (Plate Heat Exchanger, Heat Pipe Heat Exchanger, Rotary Heat Exchanger)

The market is segmented and analyzed for demand and supply by type into ceiling mount, wall mount, and cabinet. Amongst these, the ceiling mount segment is anticipated to account for the highest market share in the forecast period. Ceiling mount energy recovery ventilators are still high in demand owing to their wiring and ducting over the walls and to reduce the installation cost and invasiveness. The ceiling mount type energy recovery ventilator is high in demand for commercial and residential areas as it lowers the consumption of central spaces and creates afresh indoor air quality.

Our in-depth analysis of the global market includes the following segments:

         By Technology Type

 

  • Plate Heat Exchanger
  •  Heat Pipe Heat Exchanger
  • Rotary Heat Exchanger
  • Run Around Coil

        By Application

  • Commercial
  • Residential
  • Others

        By Type

  • Ceiling-Mount
  • Wall-Mount
  • Cabinet

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Energy Recovery Ventilator Industry - Regional Synopsis

APAC Market Statistics

The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period. This can be ascribed on the back of the escalating living standards in countries namely China, India, and South Korea, and the increasing modernization of residential and commercial building stocks in the region. In addition, robust growth of the real estate sector is also projected to boost the region’s market growth in the coming years. According to the International Finance Corporation, East and Pacific Asia accounts for the most significant share of the real estate industry as of now. The rising demand for energy recovery ventilators, the growing population, and the rising disposable income are some of the major factors fueling the market's expansion. Also, the growth in the area would have an even greater impact on people's rising living standards. The upgrading of homes and businesses in developing nations will support the region's substantial market expansion.

North American Market Forecast

On the other hand, the market in North America is assessed to grab the largest share during the forecast period. This can be ascribed to the rise in residential fixed investments and intensifying need for installing energy recovery ventilators resulting from the presence of harsh climatic conditions in the region. Residential and commercial buildings in North American regions consume large amounts of energy for heating and cooling purposes. The United States and Canada have cooler climates as compared to other parts of the world. Thus, there is a need for equipment that can heat and humidify the climate in this region.  Also, there are significant government investments to boost the economy through federal tax credit initiatives, growing concerns about greenhouse gas emissions, and extremely positive economic development in the United States.

Europe Market Forecast

The market in the Europe region is anticipated to account for a significant market share by the end of 2035. The market is driven by factors such as increasing awareness of the importance of indoor air quality and energy efficiency, and government efforts to promote sustainable building practices. Increased demand for energy-efficient HVAC systems in residential and commercial buildings is expected to drive further market growth in the coming years. Moreover, technological advancements and the development of intelligent ventilation systems are expected to further drive the growth of the energy recovery ventilator market in the coming years. 

Research Nester
Energy Recovery Ventilator Market Size
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Companies Dominating the Energy Recovery Ventilator Landscape

top-features-companies
    • Panasonic Corporation
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Mitsubishi Electric Corporation
    • Daikin Industries, Ltd.
    • Lennox International, LLC
    • Nortek Air Solutions, LLC
    • Dae Ryun Ind. Co. Ltd.
    • UltinateAir, Inc.
    • Carrier Corporation
    • General Electric Company
    • LG Electronics

In-the-news

In The News

  • The Intelli-Balance 100 Mirror Energy Recovery Ventilator from Panasonic Corporation will be unveiled at the 2023 International Builders' Exhibition. The new design is the business's most recent addition to its line of ERVs, which balances air pressure at homes, buildings and enhances indoor air quality. The Mirror ERV is the best option for confined spaces where duplicate floorplans call for ventilation on each side of a structure and is ideal for large, multi-family projects.
  • Mitsubishi Electric Trane HVAC US introduces  Lossnay RVX2, the next generation of Lossnay Energy Recovery Ventilator (ERV) units helping building owners, engineers, and architects meet ventilation requirements and improve indoor air quality.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 3598
  • Published Date: Apr 27, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The increasing construction of green buildings around the world and growing consciousness for indoor air quality are few of the important factors responsible for the growth of this market.

The market size of energy recovery ventilator is anticipated to attain a CAGR of 8% over the forecast period, i.e., 2023-2035.

High maintenance cost of energy recovery ventilator is estimated to act as a barrier to market growth.

North America is estimated to create notable growth opportunities for market growth over the forecast period.

The major players in the market are Mitsubishi Electric Corporation, Daikin Industries, Ltd., Lennox International, LLC, Nortek Air Solutions, LLC, Dae Ryun Ind. Co. Ltd., and Others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, technology type, application, and by region.

The commercial segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Energy Recovery Ventilator Market Report Scope
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