The Energy Recovery Ventilator Market size is projected to reach US$ 5.67 billion by 2031 from US$ 3.95 billion in 2023. The market is expected to register a CAGR of 4.6% in 2023–2031. The energy recovery ventilators are primarily designed as energy efficient & cost effective in standard mechanical ventilation systems as they filter outside air that lowers the pressure on HVAC units and reduces the conventional HVAC capacity.
Energy Recovery Ventilator Market Analysis
The booming concern and urge to minimize HVAC energy consumption and increase energy efficiency in residential and commercial buildings is propelling the demand for energy recovery ventilators at the global level. Additionally, the rising demand for competent solutions to improve indoor air quality is fostering the adoption of these systems. However, a lack of consumer awareness about the potential benefits of energy recovery ventilators and supplementary installation & maintenance expenditures may act as impeding factors for the growth of the market. Despite some challenges, the rising trend of green and sustainable buildings and continuous developments in the energy recovery ventilators’ performance are a few of the prime factors that are projected to drive the development of the energy recovery ventilator market over the forecast period.
Energy Recovery Ventilator Market Overview
The market for energy recovery ventilators is classified into technology type, end user, and geography. Based on technology type, the energy recovery ventilator market is bifurcated into plate heat exchangers, rotary heat exchangers, heat pipe heat exchangers, run-around coils, and others. Plate heat exchanger is anticipated to be the largest segment over the forecast period from 2024 to 2031. Based on end users, the market is categorized into commercial, residential, and industrial. The commercial segment contributed a significant share in 2023. The increasing adoption of energy recovery ventilators in the commercial sector is anticipated to propel the demand for the energy recovery ventilator market over the forecast period.
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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
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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 |
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Energy Recovery Ventilator Market Drivers and Opportunities
Growing Demand for Energy-efficient Solutions is Expected to be the Prime Driver for Energy Recovery Ventilator Market
Consumer preference for energy-efficient appliances has been growing in recent times. Energy efficiency can provide long-term benefits by reducing overall electricity demand by lowering the need to invest in new infrastructure. To attain energy efficiency, many manufacturing industries and commercial manufacturing companies are procuring high-efficiency energy recovery ventilator systems. An efficient energy recovery ventilator system utilizes less energy and operates more effectively than conventional systems, lowering the carbon footprint. High-end energy recovery ventilator systems can be used in residential, commercial, and industrial setups to decrease energy costs and greenhouse gas emissions. Thus, the growing demand for energy-efficient solutions drives the evolution of the energy recovery ventilator market.
Growing Green Infrastructure Development
Mounting investment in sustainable infrastructure paves the way for green infrastructure opportunities, encouraging the application of eco-friendly alternatives energy efficient systems, promoting economic growth, and improving livelihoods. It also offers a pathway for countries to incorporate their infrastructure development and climate goals together by participating in projects that decrease carbon presence, including sustainable and green construction and manufacturing ecosystems. The construction and infrastructure industry is focusing on reducing its carbon footprint, as it is the key contributor to the growing demand for energy recovery ventilators globally. Rising focus on green infrastructure and growing focus on more sustainable products are acting as one of the major opportunities for the energy recovery ventilator market.
Energy Recovery Ventilator Market Report Segmentation Analysis
Key segments that contributed to the derivation of the energy recovery ventilator market analysis are technology type and end user.
- Based on technology type, the energy recovery ventilator market has been divided into plate heat exchanger, heat pipe heat exchanger, rotary heat exchanger, run-around coil, and others. The plate heat exchanger segment held a larger market share in 2023.
- In terms of end user, the market has been segmented into residential, commercial, and industrial. The commercial segment dominated the market in 2023.
Energy Recovery Ventilator Market Share Analysis by Geography
The geographic scope of the Energy Recovery Ventilator Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America dominated the Energy Recovery Ventilator Market in 2023. The North America region includes the US, Canada, and Mexico. The Energy Recovery Ventilator Market growth in North America is attributed to developing and growing large-scale investments by the commercial sector. Additionally, the rising demand for energy recovery ventilator systems from the retail, BFSI, IT and telecom, healthcare, and education institutes are also contributing to the evolution of the market in North America. The US holds the major share in the energy recovery ventilator market in North America.
Energy Recovery Ventilator Market News and Recent Developments
The Energy Recovery Ventilator Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Energy Recovery Ventilator Market and strategies:
- On February 2024, Panasonic Corporation launched the WhisperComfort 60 Energy Recovery Ventilator (ERV). (Source: Panasonic Corporation, Press Release/Company Website/Newsletter)
- On April 2022, Mitsubishi Electric Trane HVAC US launched Lossnay RVX2, the next generation of Lossnay Energy Recovery Ventilator units. (Source: Mitsubishi, Press Release/Company Website/Newsletter)
Energy Recovery Ventilator Market Report Scope
Energy Recovery Ventilator Market Report Coverage and Deliverables
The “Energy Recovery Ventilator Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
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
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.
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