Energy Recovery Ventilator Market Worth $3.39 Billion by 2021
Increasing awareness of benefits, rising demand for improving IAQ are driving growth
PUNE, India — The global market for energy recovery ventilators (ERVs) is projected to reach $3.39 billion by 2021, increasing at a compound annual growth rate (CAGR) of 11.4 percent from 2016 to 2021, according to a report published by MarketsandMarkets.
Increasing awareness regarding the benefits associated with the adoption of energy recovery ventilators, such as reduction in energy consumption, and rising demand for improving IAQ are factors driving the growth of the energy recovery ventilator market.
The commercial segment is projected to be the fastest growing application segment from 2016 to 2021. Key factors contributing to the growth of commercial applications of energy recovery ventilators include rise in construction activities, government regulations, and increased awareness regarding energy-efficient ERV systems.
Based on technology, the energy recovery ventilator market has been segmented into rotary heat exchange, plate heat exchange, heat pipe heat exchanger, and run-around coil. Plate heat exchange was the largest segment of the market in 2015. The growth of this segment is attributed to the ability of plate heat exchangers to recover over 80 percent of the available waste exhaust sensible heat.
North America held the largest share of the global energy recovery ventilator market in 2015. A number of key trends, including the increasing demand for energy efficiency and the consequent rise in interest in ERV systems for commercial and residential buildings as well as government regulations pertaining to the usage of energy efficient devices such as ERVs, are expected to fuel the demand for energy recovery ventilator systems in the region.
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Publication date: 8/5/2016