Energy recovery ventilator market size, $5.06Bn by 2027

Energy recovery ventilator market size, $5.06Bn by 2027 driven by construction of green buildings, 7.8% CAGR – exclusive research report by The Insight Partners

The energy recovery ventilator market size growing at 7.8% CAGR during 2020 to 2027 and projected to reach $5.06 billion by 2027 from $2.83 billion in 2019.

According to our new research study on “Energy Recovery Ventilator Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Technology Type (Plate Heat Exchanger, Heat Pipe Heat Exchanger, Rotary Heat Exchanger, Run-Around Coil, and Other Types) and End User (Residential, Commercial, and Industrial) and Geography”, published by The Insight Partners.

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Energy Recovery Ventilator Market: Competitive Landscape and Key Developments
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 are among the key players in the global energy recovery ventilator market. The leading companies are focusing on expanding and diversifying their market presence and acquiring a new customer base, thereby tapping prevailing business opportunities.

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In 2020, Daikin Industries, Ltd. and WASSHA Inc. established Baridi Inc., their new air conditioner subscription business. The joint venture between Daikin Industries and WASSHA capitalizes on Daikin’s air conditioners that are known for their excellent durability, high efficiency, and low environmental impact. It also focuses on leveraging the company’s capabilities for building service networks.

In 2020, ServiceTitan collaborated with Carrier, a global leader in high-technology heating, air conditioning, and refrigeration solutions. ServiceTitan has been designated the preferred field service contractor software vendor for the Carrier and Bryant HVAC brands in the US. The agreement will provide residential contractors for Carrier and Bryant access to automated solutions that streamline workflows and utilize big data analytics to help improve sales opportunities, increase profits, and accelerate business growth. The relationship leverages their shared legacy of excellence and innovation to help contractors grow their businesses.

The COVID-19 crisis is creating various challenges for medical institutions, healthcare facilities, manufacturing units, commercial office premises, shopping complexes, and airports worldwide. The sharp decline in industrial and commercial activities is impacting the growth of the global energy recovery ventilator market as they are the major supply and demand sources of these devices. Moreover, the factory shutdowns and border lockdowns have impacted manufacturing, supply, and sales of energy recovery ventilators.

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Many people spend most of their time indoors, and indoor air quality significantly impacts their comfort and health. Insufficient ventilation can make a room stuffy and uncomfortable. Exposure to indoor pollutants such as radon, mold, pressed wood products (which might contain formaldehyde), and secondhand smoke may lead to lung cancer and asthma, among other health issues. Thus, air quality has become a paramount concern. The deficient indoor air quality (IAQ) negatively impacts the productivity, cognitive function, health, and well-being of occupants. As per the Environmental Protection Agency (EPA), workers’ productivity at the workplace can be improved by 5–6% when air pollution levels are rated as good. Balanced and increased ventilation optimizes indoor air quality. As a result, demand for energy recovery ventilators is rising significantly in various sectors. However, there are several cases where the outside air requires to be conditioned before it is transferred for circulation, leading to increased energy consumption. The use of energy recovery ventilators can help improve ventilation rates while justifying the rise in energy consumption. Energy recovery ventilators can continuously replace stale indoor air with fresh outdoor air; optimize energy efficiency; reduce carbon footprint, household bacteria, and chemicals present in the indoor environment; and remove pollutants and excess moisture. Further, as they present pre-tempered air to the main air conditioning units, it helps reduce the capacity needed. The price of smaller units is generally less, and thus energy recovery systems may result in “first cost” savings. For instance, minimizing the capacity of a single-zone rooftop air conditioner from 20 tons to 18 tons is expected to reduce the cost by ~US$ 4,700, which is ~23% of the installation cost. Thus, the significant benefits of energy recovery ventilators, when used alongside HVAC systems, substantially boost their demand in several sectors.

Introduction of Codes and Standards Propels Energy Recovery Ventilator Market Growth:
Atlanta-based American Society of Heating, Refrigerating and Air-Conditioning Engineers’ (ASHRAE’s) Standard 62.1, “Ventilation for Acceptable Indoor Air Quality,” is a major pillar of the International Mechanical Code from the US Green Building Council’s LEED rating system and the International Code Council as well as several local ventilation codes. This standard defines how much air ventilation should be brought into a building. Further, ASHRAE’s Standard 90.1 recommends using energy recovery ventilation systems with a minimum 50% recovery effectiveness for the individual fan systems designed and developed with fan capacities of 5,000 cfm or more and an outdoor air supply of a minimum 70%. Moreover, the federal government mandates the usage of energy recovery ventilators in federal buildings and recommends that small businesses and schools to consider the usage of energy recovery ventilation technology. codes and standards is another major driver behind increased adoption of energy recovery ventilation technology.

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Energy Recovery Ventilator Market, by Technology Type
Based on technology type, the energy recovery ventilator market is sub segmented into plate heat exchanger, heat pipe heat exchanger, rotary heat exchanger, run-around coil, and others. The plate heat exchanger segment leads the market with the largest share, and it is expected to hold the largest market share during the forecast period. A plate exchanger is made of a series of parallel plates placed one above the other to create a sequence of channels, which allows fluids to flow through them. The heat transfer core of these exchangers is made from alternate layers of plates that are sealed at the edges to build two adjacent but distinct airflow paths. The absence of movable parts acts as a major advantage of a plate heat exchanger. The energy transfer from one air stream to the next is completely passive and driven by the thermal gradient. Plate heat exchangers are commonly beneficial only for sensible heat transfer, whereas latent heat transfer is possible only if the plates are created from water vapor-permeable material. Cross flow, counter-flow, and parallel flow are the three types of airflow arrangements utilized in these exchangers. Cross-flow is the most common arrangement, while the complexity of design and production of parallel-flow and counter-flow exchangers restrict their use. Although aluminum is the most used material, plastics can be used without affecting heat transfer efficiency. The moisture permeability and thermal conductivity of these materials further facilitate a plate heat exchanger to transfer both latent and sensible heat.

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