Energy Recovery Ventilator Market Competitive Dynamics & Outlook 2024
Global Energy Recovery Ventilator Market: Overview
Energy recovery ventilator (ERV) is installed in places where high concentrations of people are present and there is a need for sufficient fresh air. It helps in lowering the utility expenses and recover energy in the building. Energy recovery ventilator allows fresh air into the building, lowers the CO2 levels, and keeps the residents healthy and alert. It also assists in controlling odors, where the stale air is exhausted out and fresh air is permitted inside the building. It equalizes the pressure by allowing fresh air into the building and the conditioned air is exhausted out. Energy recovery ventilator maintains cool energy in the summer and warm energy in the winter. It reduces the total HVAC equipment capacity and improves indoor air quality. Energy recovery ventilator offers benefits such as meeting the energy standards and ASHRAE ventilation.
Global Energy Recovery Ventilator Market: Growth Factors
Growing awareness among people regarding indoor environmental quality is driving the global energy recovery ventilator market growth. Energy recovery ventilator offers benefits such as it enhances internal air quality without consuming much energy. Increasing government investments on the research and development activities and the product differentiation in energy recovery ventilator opens up new growth opportunities. It is used in various applications such as residential, commercial, and industrial sectors. Conversely, the high cost that is associated with these ventilators may restrain the global energy recovery ventilator market growth to some extent.
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Global Energy Recovery Ventilator Market: Segmentation
The application segment of the energy recovery ventilator market is classified into residential, commercial, industrial, and others. The industrial sector is the largest among others in the energy recovery ventilator market. The changing inclination in the industrial sector towards employee welfare and working conditions has resulted in the dominance of the segment. Based on technology, the global market is fragmented into a run-around coil, rotary heat exchanger, heat pipe heat exchanger, plate heat exchanger, and others. The geographical segmentation includes North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Global Energy Recovery Ventilator Market: Regional Analysis
North America dominates the market owing to the presence of a pool of energy recovery ventilator manufacturers and the high adoption rate is expected to drive the global energy recovery ventilator market. Imposition of the various norms and policies regarding air quality management anticipates boosting the global market growth in this region. Growing concerns regarding the greenhouse gas emissions, favorable economic growth in the US, and the increasing government support through federal tax credit projects to propel the market in various applications across several sectors such as commercial and residential. Europe is emerging as a potential market for energy recovery ventilator. Rising demand, increasing population, and the increase in the disposable income in the Asia Pacific region motives the growth of the market in the coming years.
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Global Energy Recovery Ventilator Market: Competitive Players
The major participant’s that are operating in the global energy recovery ventilator market includes Airxchange Inc., United Technologies Corp., Blue Star Ltd., Nortek Inc., LG Electronics., Johnson Controls International Plc., Fujitsu Ltd., Mitsubishi Electric Corp. Ltd., Munters Corp., and Daikin Industries Ltd.
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