Energy Recovery Ventilator Market Report: Size, Share and Outlook by 2031

The global energy recovery ventilator market was valued at approximately US$ 2.83 billion in 2019 and is projected to experience a compound annual growth rate (CAGR) of 7.8% from 2020 to 2027, ultimately reaching around US$ 5.06 billion by 2027.

The increasing necessity to reduce energy consumption in HVAC systems while enhancing energy efficiency in both commercial and residential sectors is propelling the demand for energy recovery ventilators globally. Furthermore, the rising need for effective solutions to enhance indoor air quality is also contributing to the growing adoption of these systems. Nevertheless, a lack of awareness regarding the advantages of energy recovery ventilators, along with the associated costs of installation and maintenance, may pose challenges to market growth. Despite these obstacles, the ongoing trend towards sustainable building practices and continuous improvements in the performance of energy recovery ventilators are expected to be significant drivers of market expansion in the coming years. Companies within the energy recovery ventilator sector are making substantial investments to bolster their market presence. For example, in 2020, Daikin Industries, Ltd. and WASSHA Inc. formed a new entity, Baridi Inc., aimed at launching an air conditioning subscription service. This collaboration leverages Daikin's reputation for producing air conditioners that are durable, efficient, and environmentally friendly.

The energy recovery ventilator market is categorized based on technology type, end user, and geographical region. In terms of technology, the market is divided into several types, including plate heat exchangers, heat pipe heat exchangers, rotary heat exchangers, run-around coils, and other variants. Regarding end users, the market is segmented into residential, commercial, and industrial categories. Geographically, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Key players in the energy recovery ventilator market include well-established companies such as 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 the COVID-19 Pandemic on the Energy Recovery Ventilator Market
The COVID-19 pandemic, which originated in Wuhan, China, in December 2019, has rapidly spread worldwide. Countries such as the United States, Brazil, India, Russia, South Africa, Spain, the United Kingdom, Germany, and France have been significantly affected, experiencing high numbers of confirmed cases and fatalities. The pandemic has posed challenges for various sectors, including healthcare facilities, manufacturing plants, commercial offices, shopping centers, and airports globally. The substantial decline in industrial and commercial activities has adversely affected the growth of the global energy recovery ventilator market, as these sectors are major consumers of such systems. Additionally, factory closures and border restrictions have disrupted the manufacturing, supply, and sales processes for energy recovery ventilators.

The size of the global energy recovery ventilator market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach also aims to provide an overview and forecast of the energy recovery ventilator market across all segments. Furthermore, it offers insights and projections based on the segmentation across five key regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Additionally, numerous primary interviews have been conducted with industry stakeholders and experts to validate the data and gain deeper analytical insights into the market. Participants in this process typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the energy recovery ventilator sector.