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IN THE NEWSApril 2020- Mitsubishi Electric Corporation’s European subsidiary announced the acquisition of AQS PRODUKTER AB for strengthening commercial cooling and heating products in Sweden.
March 2019- LG Electronics acquired Qinggonglian Electrical Installation Engineering Co., Ltd. for capturing the competitive market of air conditioners in China.
The global energy recovery ventilator market is estimated to garner a hefty amount of revenue by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed primarily to the increasing construction of green buildings around the world as a result of rising awareness associated with hazardous emissions. Along with these, growing consciousness for indoor air quality and rise in technological advancements for developing innovative products are also crucial factors expected to raise the sales of these ventilators in the forthcoming years. Furthermore, government interventions regarding construction of energy consumption buildings, growing use of renewables for energy and electricity generation, and implementation stringent policies about carbon emissions from residential complexes are projected to offer significant opportunities for market growth in the near future. A report by the International Energy Agency depicts that 421,131 GWh of electricity was generated from primary solid biofuels in the year 2018, which raised up from 390,848 GWh and 366,375 GWh of electricity produced from the same source in the years 2017 and 2016 respectively.
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The market is segmented by technology type into plate heat exchanger, heat pipe heat exchanger, rotary heat exchanger, and run-around coil, out of which, the plate heat exchanger segment is anticipated to hold the largest share in the global energy recovery ventilator market. This can be accounted to the growing innovations in energy recovery ventilations to meet user-specific requirements, and rising demand for these ventilators from commercial and residential sectors. Additionally, on the basis of application, the commercial segment is predicted to gather the largest share over the forecast period, which can be credited to the surge in the number of energy-efficient buildings worldwide, and escalating demand for efficient energy recovery ventilators across the globe. Apart from these, formulation of stringent regulatory framework for the reduction of energy consumption in buildings is also assessed to drive the market segment’s growth in the future.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global energy recovery ventilator market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the escalating living standards in countries namely China, India and South Korea, and 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 in real estate industry as of now. Additionally, the market in North America is assessed to grab the largest share during the forecast period ascribing 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.
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The global energy recovery ventilator market is further classified on the basis of region as follows:
Our in-depth analysis of the global energy recovery ventilator market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing construction of green buildings around the world and growing consciousness for indoor air quality.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.
High maintenance cost of energy recovery ventilator is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the escalating living standards in countries namely China, India and South Korea.
The major players in the market are Dae Ryun Ind. Co. Ltd., UltinateAir, Inc., Carrier Corporation, General Electric Company, FUJITSU GENERAL, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology type, type, application, and by region.
The commercial segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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