Report : Energy Recovery Ventilator Market Forecast to 2027 - COVID-19 Impact and Global Analysis 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) and Geography
According to our latest market study on "Energy Recovery Ventilator Market Forecast to 2027 – COVID-19 Impact and Global Analysis – 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 market was valued at US$ 2.83 billion in 2019 and is expected to grow at a CAGR of 7.8% during the forecast period of 2020 to 2027 to reach US$ 5.06 billion by 2027.
With the developing economy, innovative building technologies have begun to transform the urban landscape. The advent of low-wattage fluorescent lighting, reflective glass, air conditioning, and structural steel made possible enclosed glass-and-steel building/facilities, which can be cooled and heated through massive heating, ventilating, and air conditioning (HVAC) systems. The Green Building movement has been pushing the HVAC market to develop innovative solutions to reduce energy costs and improve indoor air quality. The air conditioning and ventilation system, a major component in green building design, is on the edge of a paradigm shift. This shift is offering ventilation system manufacturers opportunities for exploring energy efficient designs. Increase in construction of green buildings due to growing awareness of environmental sustainability is expected to drive the growth of the energy recovery ventilator market. Stringent government norms with respect to environmental protection are also supporting the implementation of green infrastructure, which is projected to promote the market.
For instance, Standard 189.1, “Design of High-Performance Green Buildings,” is imposed on the green-building movement, which is a joint standard between the U.S. Green Building Council (USGBC), American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE), and the New York-based Illuminating Engineering Society of North America. According to the USGBC, green and healthier buildings constructed through supportive ventilation can raise lease rate by 20%, building asset value by 10%, and return on investment (ROI) by 19%. The surge in construction work across several industries is anticipated to create sales opportunities for the market positively. Thus, growing demand to control the energy consumption in commercial and residential buildings and increasing support by government toward the construction of greenhouse buildings are some of the significant factors that are anticipated to propel the growth of the energy recovery ventilator market in the near future.
Geographically, North America region held the largest share of the energy recovery ventilator market in 2019, followed by the Europe and Asia Pacific. Further, Asia Pacific is projected to witness the highest growth rate over the forecast period of 2020 to 2027. The energy recovery ventilator market has been segmented based on technology type, end user, and geography. In terms of technology type, the market is categorized into plate heat exchanger, heat pipe heat exchanger, rotary heat exchanger, run-around coil, and other types. The plate heat exchanger segment represented the largest share of the overall market during the forecast period. Based on end user, the energy recovery ventilator market is segmented into residential, commercial, and industrial. In 2019, commercial segment accounted for a substantial share in the global energy recovery ventilator market.
Impact of COVID-19 Pandemic on Energy Recovery Ventilator Market
The COVID-19 outbreak, which began in Wuhan, China, in December 2019, has spread at a fast pace worldwide. The global factory shutdowns, travel bans, and border lockdowns, to combat and contain the outbreak, have impacted every industry and economy worldwide. 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 major supply and demand sources for energy recovery ventilators. Factory shutdowns and border lockdowns have impacted manufacturing, supply, and sales of energy recovery ventilators. European countries represent a major market for energy recovery ventilator owing to stringent industry/government regulations in various countries for developing green buildings in residential as well as commercial sectors. The lockdown has affected new construction projects and investments in various European countries, thus impacting the growth of the energy recovery ventilator market in this region.
Major companies operating in energy recovery ventilator market include Carrier Corporation; Daikin Industries, Ltd.; Fujitsu General; Greenheck Fan Corporation; Johnson Controls International Plc.; LG Electronics; Mitsubishi Electric Corporation; Munters; Nortek Air Solutions; and Panasonic Corporation. Several other companies are also offering these energy recovery ventilators, which is boosting the growth of the market.
The report segments the global energy recovery ventilator market as follows:
Energy Recovery Ventilator Market – By Technology Type
Energy Recovery Ventilator Market – By End User
Energy Recovery Ventilator Market – By Region