In terms of revenue, the global 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. Growing need to minimize HVAC energy consumption and maximize energy savings in commercial and residential establishments is driving the demand for energy recovery ventilators worldwide. In addition to this, the increasing demand for efficient solutions to improve the indoor air quality is further complementing the adoption of these systems. However, the lack of awareness about potential benefits of energy recovery ventilators and associated installation & maintenance costs may act as hindering factors for the growth of the market. Despite some limitations, rising trend of green buildings and continuous advancements in the energy recovery ventilators’ performance are some of the key factors that are anticipated to drive the growth of the energy recovery ventilator market in the near future. The companies operating in energy recovery ventilator market makes significant investment to take initiatives with an aim to strengthen their market position. For instance, in 2020, Daikin Industries, Ltd. and WASSHA Inc. established a new company, Baridi Inc., to conduct an air conditioner subscription business. The joint venture between Daikin Industries and WASSHA capitalizes on Daikin’s air conditioners, which are known for their excellent durability, high efficiency, and low environmental impact.
The energy recovery ventilator market has been segmented on the basis of technology type, end user, and geography. Based on technology type, the energy recovery ventilator market is segmented into plate heat exchanger, heat pipe heat exchanger, rotary heat exchanger, run-around coil, and other types. Based on end user, the energy recovery ventilator market is segmented into residential, commercial, and industrial. In terms of geography, the energy recovery ventilator market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The well-established energy recovery ventilator market players 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.
Impact of COVID-19 Pandemic on Energy Recovery Ventilator Market
The COVID-19 outbreak began in Wuhan, China, in December 2019, and since then, it has spread at a fast pace across the globe. The US, Brazil, India, Russia, South Africa, Spain, UK, Germany, and France, are some of the worst affected countries due to COVID-19 outbreak in terms of confirmed cases and reported deaths. 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 prominent users of energy recovery ventilators in the market. The factory shutdowns and border lockdowns have also impacted manufacturing, supply, and sales of energy recovery ventilators.
The global energy recovery ventilator market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the energy recovery ventilator market with respect to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East & Africa, and South America. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the energy recovery ventilator market.