Energy Recovery Ventilator Market size is projected to grow from USD 1.76 Billion in 2016 to USD 3.37 Billion by 2022, at a CAGR of 11.4% from 2017 to 2022. The growing need to reduce energy consumption in residential and commercial buildings, increasing number of green buildings across the globe, and growing importance of indoor air quality are the key factors driving the growth of the energy recovery ventilator market.
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Mitsubishi Electric Corporation (Japan), Daikin (Japan), Panasonic Corporation (Japan), LG Electronics (South Korea), Johnson Controls (US), Munters (Sweden), FUJITSU GENERAL (Japan), Carrier Corporation (US), Nortek Air Solutions (US), and Greenheck Fan (US) are some of the leading players operating in the energy recovery ventilator market.
Major Drivers:
• Growing Need to Reduce Energy Consumption in Residential and
• Commercial Buildings
• Growing Importance of Indoor Air Quality
Commercial application segment to lead the energy recovery ventilator market
Energy recovery ventilators introduce pre-tempered air into the main air conditioning units. These systems help in stabilizing the humidity levels of the indoor air in buildings. Thus, there is a high demand for these energy recovery ventilators in commercial applications.
North American region is expected to be the largest market
The growing demand for energy recovery ventilators from the residential and commercial sectors as well as formulation and implementation of various government regulations pertaining to the increased use of energy-efficient devices such as energy recovery ventilators are expected to fuel the growth of the North America energy recovery ventilator market between 2017 and 2022.
These leading market players have adopted the strategies of expansions, acquisitions & mergers, and new product launches to cater the increased demand for energy recovery ventilators from various end-use industries.
In August 2017, Greenheck Fan (US) launched new Model RV and RVE units, which offered 25% better performance than the previous generation model.
In December 2016, two wholly owned subsidiaries of Mitsubishi Electric Corporation (Japan), namely, Climaveneta S.p.A. (Italy) and RC Group S.p.A. (Italy) merged to operate as Mitsubishi Electric Hydronics & IT Cooling Systems S.p.A. (Italy) from January 1, 2017.
In August 2015, Greenheck Fan (US) expanded its product offerings for energy recovery ventilators with the addition of Model RV (E)-120, which is a pre-engineered system with increased performance capabilities for large dedicated outdoor air systems, multi-zone variable air volume (VAV) systems, and single-zone variable air volume (VAV) systems.
In January 2015, Carrier Corporation (US) launched the EnergyX energy recovery system for WeatherExpert rooftop units.
In June 2014, Johnson Controls (US) invested USD 35.0 Million to establish a new manufacturing and research & development center in Wuxi (China).
Related Report:
Energy Recovery Ventilator Market by Technology Type (Plate Heat Exchanger, Heat Pipe Heat Exchanger, Rotary Heat Exchanger, Run-Around Coil), Application (Commercial, Residential), and Region (NA, EU, APAC, MEA, SA) – Global Forecast to 2022
