The demand for energy recovery ventilator is directly linked with the economic development of economies and rapid industrialization. Advancements in technologies, such as improvements in heat recovery technology, are vibrant factors expected to drive the Global Energy Recovery Ventilator Market. The various end users of energy recovery ventilators are industrial, residential, commercial, etc. As these end-users seek energy saving solutions at economical prices, the energy recovery ventilators become a dynamic part of their end-use industries.
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Energy recovery ventilation (ERV) is the energy recovery process of exchanging the energy where the ventilation unit is enclosed generally in exhausted building/space air and utilizing it to treat or precondition the entering outdoor ventilation air in commercial and residential HVAC (Heating, Ventilation, Air Conditioning) systems. Energy recovery ventilators are used in a wide array of areas, such as industries, homes, and offices. The benefit of using energy recovery ventilation is that it meets the requirement of ASHRAE (American Society of Heating, Refrigerating and Air-Conditioning Engineers) ventilation and energy standards, thereby, improving the indoor air quality and reducing the total HVAC equipment capacity.
Global Energy Recovery Ventilator (ERV) Market: Dynamics
The demand for energy recovery ventilator has continued to amplify substantially throughout the years. Rising urbanization is partially responsible for sustaining the growing demand for energy recovery ventilator. Implementation and formulation of various government regulations regarding the use of energy recovery ventilators to furnish the existing buildings and, incorporation of green buildings leading to an increasing investment in construction sector are some factors, which are anticipated to drive the demand for energy recovery ventilator throughout the forecast period. LEED certification by builders has also envisaged the use of energy ventilators in commercial and residential building establishments.
The energy recovery ventilator industry is anticipated to be highly competitive and is subjected to face business risks owing to factors such as geographic presence, the technology used, the product’s performance, the price of the products and the customer service. However, growing renovation and repair activities in the residential sector is one of the factors creating opportunities for energy recovery ventilator. Similarly, the growing importance directed at safeguarding renewable and energy efficient sources along with government initiatives in developing support for energy recovery ventilator across municipalities is expected to boost the growth of the energy recovery ventilator market during the forecast period, globally.
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The trend in the energy recovery ventilator market is the innovation and sustainability of the products. Industrial buyers primarily focus on factors such as maintenance cost of equipment, the lifespan of products, the operational and energy optimization of the equipment. There are investments in new production technologies and new distribution channels taken up by the industries. The energy recovery ventilator market is expected to influence continuous product developments in regard to exponential industrialization and the rising investments on research and development of energy efficient solutions, which eventually leads to significant growth of energy recovery ventilators.
The rapidly growing construction activity in the Asia Pacific region is anticipated to foster the demand for energy recovery ventilator. Renovation and repair activities being undertaken in North America along with increasing construction spending in the Middle Eastern region is expected to drive the demand for energy recovery ventilator in the region. Europe is expected to witness a high demand for energy efficient and certified products. As Europe witnesses frequently cold weather throughout the year, the sales of energy recovery ventilator may boost during the forecast period. Several stringent regulations in regards to the increased use of renewable energy sources in Europe are projected to boost the installation of energy recovery ventilator.
Global Energy Recovery Ventilator (ERV) Market: Market Participants
Examples of some of the market participants identified across the value chain of the global energy recovery ventilator market are ABB Ltd, Nortek Air Solutions, FUJITSU General, Daikin, Greenheck Fan, General Electric Company, LG Electronics, Munters, Panasonic Corporation, Mitsubishi Electric Corporation, Johnson Controls, Carrier Corporation
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Energy Recovery Ventilator Market Set for Rapid Growth And Trend, by 2028
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