Energy Recovery Ventilator Market Size to Reach US$ 10.73 Billion by 2032, Driven by Increasing Awareness of Indoor Air Quality & The Need for Energy-Efficient Ventilation Solutions | Research by S&S Insider
Rising urbanization and stricter building codes are pushing commercial and residential sectors to adopt ERVs, as these systems effectively balance indoor temperature and humidity while reducing the load on heating, ventilation, and air conditioning (HVAC) systems, Says S&S Insider.
Austin, Nov. 13, 2024 (GLOBE NEWSWIRE) — Energy Recovery Ventilator Market Analysis:
“According to S&S Insider Research, The Energy Recovery Ventilator Market size was estimated at USD 4.44 Billion in 2023 and is expected to reach USD 10.73 Billion by 2032 at a CAGR of 10.30% during the forecast period of 2024-2032.”
Driving Growth in the Energy Recovery Ventilator (ERV) Market: Energy Efficiency, Sustainability, and Indoor Air Quality at the Forefront
The increasing need for energy-efficient solutions to reduce heating and cooling costs in residential and commercial buildings is the primary driving factor for the rapid expansion of the Energy Recovery Ventilator market. ERVs effectively recover energy from exhaust air and transfer it to incoming fresh air, creating a balanced, energy-efficient environment. With growing environmental concerns, regulations, and the shift toward green building standards, ERVs are increasingly being adopted to ensure reduced energy consumption and improved indoor air quality.
The Energy Recovery Ventilator market has witnessed significant demand due to the increasing focus on improving indoor air quality (IAQ) and energy efficiency in buildings. These systems work by transferring energy from the exhaust air to the incoming fresh air, which helps reduce heating and cooling requirements, contributing to significant energy savings. ERVs are especially beneficial in regions with extreme temperatures, where maintaining indoor comfort without compromising energy efficiency is essential. As sustainability initiatives gain traction, both new and existing buildings are integrating these systems as part of their HVAC infrastructure.
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Major Players Analysis Listed in this Report are:
- Carrier (United Technologies)
- Johnson Controls
- Daikin Industries, Ltd.
- Mitsubishi Electric Corporation
- Trane
- LG Electronics
- Nortek Air Solutions, LLC
- Lennox International Inc.
- Greenheck
- Fujitsu Limited
- Zehnder Group
- Vent-Axia
- Renewaire
- Broan-NuTone LLC
- Airxchange, Inc.
- Panasonic Corporation
- Swegon
- Koch Industries, Inc.
- Daikin Applied
- Robur S.p.A. & Other Players
Energy Recovery Ventilator Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 4.44 Billion |
| Market Size by 2032 | USD 10.73 Billion |
| CAGR | CAGR of 10.30% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • Increasing health awareness and the rise in respiratory issues are boosting demand for energy recovery ventilators, as these systems enhance indoor air quality by filtering pollutants, regulating humidity, and ensuring a steady supply of fresh air. |
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Market Segmentation: Ceiling-Mount Segment and Commercial Application Lead Market Growth in 2023
By Type: the ceiling-mount segment of the Energy Recovery Ventilator market dominated with over 42% of the market share in 2023. Ceiling-mounted ERVs are highly preferred for their easy installation and cost-efficiency. These units utilize existing ductwork, lowering installation expenses and minimizing disruption, which makes them ideal for both residential and commercial buildings. Additionally, they seamlessly integrate into building designs, providing a space-saving option in structures where wall space is limited.
By Application: the Commercial segment led the Energy Recovery Ventilator market, capturing over 52% of the market share in 2023. Commercial buildings, including offices, hospitals, and retail spaces, are increasingly incorporating ERVs to comply with energy efficiency standards and enhance indoor air quality. As regulatory pressures for energy-efficient solutions and healthier indoor environments rise, ERVs are becoming a crucial element in commercial building design. They help organizations lower operational costs while supporting green building certifications.
Energy Recovery Ventilator Market Key Segmentation:
By Type
- Wall-mount
- Ceiling-mount
- Cabinet
By Application
- Residential
- Commercial
- Others (Industrial)
Key Regional Development: North America Leads Energy Recovery Ventilator (ERV) Adoption, While Asia Pacific Shows Fastest Growth
North America: North America dominated the Energy Recovery Ventilator market with over 48% of the market share in 2023. The demand for ERVs in the region is fueled by a strong emphasis on energy efficiency and enhancing indoor air quality in both residential and commercial buildings. Severe weather conditions, such as snowstorms and hurricanes, have heightened concerns about indoor air quality, making ERVs an ideal solution for ensuring proper ventilation while minimizing energy consumption. Furthermore, green building regulations and incentives are driving additional market growth.
Asia Pacific: The Energy Recovery Ventilator (ERV) market in the Asia Pacific region is projected to see the fastest growth during the forecast period. The rapid urbanization, modernization, and growing emphasis on energy efficiency in countries such as China, India, and South Korea are accelerating the adoption of ERVs. As these nations expand their infrastructure and construction projects, energy-efficient solutions like ERVs are increasingly being incorporated into both residential and commercial buildings to comply with environmental and air quality standards.
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Future Growth of the Market
| Aspect | Details |
| Market Growth | The Energy Recovery Ventilator (ERV) market is expected to experience significant growth due to advancements in technology and design. |
| Demand Drivers | Growing demand for energy-efficient systems globally. |
| Technology Innovations | – Enhanced heat recovery capabilities |
| – Advanced filtration systems | |
| Impact of Technological Innovations | Increased efficiency and performance of ERVs, improving cost-effectiveness and energy consumption reduction. |
| Sustainability and Green Initiatives | Global shift towards green building initiatives and sustainability trends will boost ERV adoption in both residential and commercial sectors. |
| Government Regulations | Stricter regulations on energy consumption and air quality standards will encourage adoption of ERVs. |
| New Commercial Projects | Increased adoption of energy-efficient HVAC solutions in new commercial projects. |
| Retrofit Market | Retrofit installations in older buildings upgrading to energy-saving technologies will drive market growth. |
| Market Impact | ERVs will be integral in reducing energy consumption while maintaining indoor air quality, supporting sustainability goals and regulatory compliance. |
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Recent Development
In 23rd April 2024: Soracom, Inc., a global provider of advanced Internet of Things (IoT) connectivity, today announced that Mitsubishi Electric Europe B.V. has chosen Soracom to add cellular connectivity to MELCloud a next-generation, cloud-based remote management system for Mitsubishi Electric air conditioning, heating, and heat recovery/ventilation products.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Energy Recovery Ventilator Market Segmentation, By Type
8. Energy Recovery Ventilator Market Segmentation, By Application
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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