[Research Report] In terms of revenue, the energy recovery ventilator 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.
Increase in need forindoor air quality and load reduction, positive impact of codes and standards, rise in construction of green buildings, and continuous advancements in energy recovery ventilator (ERV) solutions are some of the factors accountable for boosting the market growth. Various companies operating in energy recovery ventilator market are significantly investing on initiatives to strengthen their market position. For instance, in 2019, Greenheck unveiled its plan to expand its manufacturing facilities in Shelby, North Carolina. Greenheck invested nearly US$60 million to expand production of its Dedicated Outdoor Air Systems (DOAS), Tempered Air Products (TAP), and Architectural Products. The expansion plans include the purchase of an existing manufacturing facility that would support increased demand for Greenheck DOAS and TAP products. In 2018, Nortek Air Solutions, LLC, introduced R7DA, a combination dedication outdoor air system and conventional space conditioning rooftop unit (RTU), to the Mammoth branded R7 Platform product lines for optimum indoor air quality (IAQ) and space comfort in commercial applications. These strategic initiatives are expected to boost the demand for energy recovery ventilator systems in the coming years.
North America dominated the energy recovery ventilator market in 2019, followed by Europe. In North America, the implementation of an energy recovery ventilation system is backed by large-scale investments from the commercial sector. North America’s energy recovery ventilator market is primarily driven by increasing demand for ERV from BFSI, retail, IT &telecom, healthcare, and educational institutes. Increasing need for enhanced indoor air quality is a critical factor influencing the adoption of energy recovery ventilation in Europe. Flourishing tourism industry in Europe is propelling the construction of commercial complexes and hotels across the region. This factor would play a prime role in boosting the installation of energy recovery ventilator systems to ensure improved energy performance of commercial buildings in the region. All the factors mentioned above are likely to boost the growth of the 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. The 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 sector is impacting the growth of the global energy recovery ventilator market as mentioned sectors are prominent users of energy recovery ventilators. Factory shutdowns and border lockdowns have also impacted manufacturing, supply, and sales of energy recovery ventilators.
Lucrative Regional Energy Recovery Ventilator Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights
Favorable Impact of Codes and Standards on Market
The positive impact of codes and standards is one of the major drivers behind increased adoption of energy recovery ventilation technology. For instance,the Atlanta-based American Society of Heating, Refrigerating and Air-Conditioning Engineers’ (ASHRAE’s) Standard 62.1, “Ventilation for Acceptable Indoor Air Quality,” is a major pillar of the International Mechanical Code from the U.S. Green Building Council’s LEED rating system and the International Code Council as well as several local ventilation codes.This standard defines how much air ventilation should be brought into a building. Further, ASHRAE’s Standard 90.1 recommends the usage of energy recovery ventilation systems with a minimum 50% recovery effectiveness for the individual fan systems designed and developed with fan capacities of 5,000 cfm or more and an outdoor air supply of minimum 70%. The presence of regulatory bodies will play a major role in boosting the use of energy recovery ventilator among the buildings.
Global Energy Recovery Ventilator Market, by End User– 2019and 2027
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
End User-Based Insights
In terms of enduser, the commercial segment captured the largest share of the energy recovery ventilator market in 2019.Energy recovery ventilators are used widely in commercial buildings, such as schools, healthcare facilities, offices, restaurants, commercial kitchens, shopping complexes, and malls. HVAC systems offer appropriate temperatures and ventilation conditions in these buildings, which enhances working conditions, employee productivity, and reduces health concerns arising from improper humidity levels.
Technology Type-Based Insights
In terms of technology type, the plate heat exchanger segment captured a dominating share of the global energy recovery ventilator market in 2019. The major advantage of plate heat exchanger is that it doesn't have movable parts, and the energy transfer from one air stream to the next is completely passive and driven by the thermal gradient. Plate heat exchangers are commonly beneficial only for sensible heat transfer.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Energy Recovery Ventilator Market: Strategic Insights
Market Size Value in US$ 2.83 Billion in 2019 Market Size Value by US$ 5.06 Billion by 2027 Growth rate CAGR of 7.8% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Energy Recovery Ventilator Market: Strategic Insights
| Market Size Value in | US$ 2.83 Billion in 2019 |
| Market Size Value by | US$ 5.06 Billion by 2027 |
| Growth rate | CAGR of 7.8% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
In the energy recovery ventilator market, companies mainly adopt the market initiatives strategy to expand their footprint worldwide to meet growing demand for their offerings. This strategy is mostly observed to be implemented in the markets in Asia. A few of the recent initiatives in the energy recovery ventilator market are listed below:
2020:Mitsubishi Electric Corporation acquired buildings and land from Sharp Fukuyama Semiconductor Co., Ltd. The new production facilities are scheduled to start in November 2021 and will enable Mitsubishi Electric to expand its power device business.The acquired properties would serve as a new site where Mitsubishi Electric's Power Device Works will process wafers to manufacture power semiconductors.
2020:Daikin Industries, Ltd. added new and innovative content entitled “Expert Ventilation Methods for Offices and several Stores” on its company website that summarizes useful information in English on ventilation of offices and stores in Japan.
2019:Panasonic Corporation declared that Panasonic Ecology Systems Co., Ltd. (PESES), a Panasonic group company focusing on indoor air quality (IAQ) and environmental systems, had marked a cumulative global production of 200 million ventilating fans in December 2018.The company manufactures over 7 million units of ventilating fans, its flagship product, per year. By offering these fans in more than 40 countries and regions, PESES is contributing to IAQ improvement in the world using its experience and technologies acquired in Japan.
The global energy recovery ventilator market has been segmented as follows:
Energy Recovery Ventilator Market – By Technology Type
- Plate Heat Exchanger
- Heat Pipe Heat Exchanger
- Rotary Heat Exchanger
- Run-Around Coil
- Other Types
Energy Recovery Ventilator Market – By End User
- Residential
- Commercial
- Industrial
Energy Recovery Ventilator Market- By Region
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
Asia Pacific
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
Middle East &Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America
- Brazil
- Argentina
- Rest of SAM
Companies profiled in energy recovery ventilator market are as follows:
- Carrier Corporation
- Daikin Industries, Ltd.
- Fujitsu General
- Greenheck Fan Corporation
- Johnson Controls International Plc.
- LG Electronics
- Mitsubishi Electric Corporation
- Munters
- Nortek Air Solutions
- Panasonic Corporation
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Technology Type and End User and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
In 2019, North America is the leading region in the energy recovery ventilator market and is anticipated to be the largest revenue contributor throughout the forecast period. In North America, the implementation of an energy recovery ventilation system is backed by large-scale investments from the commercial sector. North America’s energy recovery ventilator market is primarily driven by the increasing demand for energy recovery ventilators from the BFSI, retail, IT & Telecom, healthcare, and education institutes.
The rising importance of indoor air quality and load reduction is the key driving factor for the growth of global energy recovery ventilator market. Balanced and increased ventilation optimizes indoor air quality. As a result, demand for energy recovery ventilators is rising significantly in various sectors, from residential to commercial and industrial.
Based on end user, the energy recovery ventilator market is segmented into residential, commercial, and industrial. The commercial segment led the market in 2019 with highest share and is expected to continue its dominance during the forecast period.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Trends and growth analysis reports related to Energy Recovery Ventilator Market
Aug 2020
Type-C Tanks Market
Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Tank Type (Cylindrical, Bi-lobe, and Tri-lobe), Application (Cargo Tanks and Fuel Tanks), End User (LNG, LPG, LH2, and Ethanol), and Geography
Aug 2020
Water Treatment Industry Valves Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Valve Type (Ball Valves, Butterfly Valves, Diaphragm Valves, Safety Valves, Check Valves, Gate Valves, and Others) and Material Type (Steel Alloys, Stainless Steel, Cast Iron, and Others)
Aug 2020
Construction Scaffolding Market
Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Offering [Scaffolding Products (Sale) and Rental Solutions], Type (Frame Scaffolding, Tube and Clamp Scaffolding, Ringlock Scaffolding, Cuplock Scaffolding, and Others), and End User (Residential Building, Commercial Building, Industrial, Oil and Gas Industry, Events, and Others)
Aug 2020
Conventional Lathe Machine Market
Forecast to 2028 - Global Analysis by Spindle Orientation (Horizontal and Vertical), Number of Axis (2 and 3), End-User (Automotive, General Machinery, Aerospace, Electronics, Oil & Gas, Others), and Lathe Type (Universal Lathe and Oil Country Lathe)