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. Increasing innovations in energy recovery ventilators to meet the customized ventilation requirements of various end users act as an opportunity for the growth of the market across the globe. 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 the key players operating in the market.
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Among technology types, the plate heat exchanger segment is expected to lead the market for energy recovery ventilator during the forecast period. The increasing demand for plate heat exchangers from the commercial and residential sectors to manage, control, and monitor energy consumption in buildings is expected to drive the growth of the plate heat exchanger technology type segment of the market from 2017 to 2022.
The commercial application segment is expected to lead the market for energy recovery ventilator from 2017 to 2022. This segment of the market is also projected to grow at the highest CAGR during the forecast period. The growth of the commercial application segment of the market can be attributed to the increasing use of these ventilators in commercial and residential applications. Moreover, rise in the number of green buildings, formulation and stringent implementation of various government regulations to reduce energy consumption in buildings, and increased demand for highly efficient energy recovery ventilators across the globe are also contributing to the growth of the commercial application segment of the market.
Energy Recovery Ventilator Market, by Technology Type:
- Plate Heat Exchanger
- Heat Pipe Heat Exchanger
- Rotary Heat Exchanger
- Run-Around Coil
- Others (Thermosiphon and Twin Tower)
Energy Recovery Ventilator Market, by Application:
- Others (Warehouses, Distribution Centers, and Industrial Space (Factories and Production Facilities)
Energy Recovery Ventilator Market, by Region:
- Asia Pacific
- North America
- Middle East & Africa
- South America
North American region is expected to be the largest market for energy recovery ventilators
The North American region is estimated to account for the largest share of the market in 2017. 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 market between 2017 and 2022.
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