Global Energy Recovery Ventilation Systems Market: Overview
Energy recovery ventilation systems are used to save energy by reducing the need to heat or cool the outside air. Heating, Ventilating, and Air Conditioning systems is one of the major contributors to the peak use of electricity when a utility is required to produce the most energy and when rates are the highest. An ERV system can help lower the peak demand for electricity in a building by reducing the necessity for heating and cooling. This lowers the electricity bill even more, as less power is required during times when rates are the highest. Moreover, energy recovery ventilation systems improve humidity control, as they can pre-dry the incoming ventilation air. ERV systems encourage building operators to increase the amount of the outside ventilation air and improve quality of the indoor air.
ERV systems also allow building operators to meet simplified building codes for consistent increase in energy consumption. Thus, providing appropriate ventilation to residential or commercial buildings augments the energy recovery ventilation systems market. In line with this, ERV systems are cost-effective and costs incurred for their installation are relatively stable. This is likely to drive the market in the near future. Moreover, ERV systems can be integrated easily into the pre-design ductwork of a building being construction so as to achieve proper ventilation.
Global Energy Recovery Ventilation Systems Market: Key Segments
The energy recovery ventilation systems market can be segmented based on type, application, and region. Based on type, the market can be segmented into heat pipe heat exchangers, plate heat exchangers, run-around coils, and rotary heat exchangers. The plate heat exchangers segment accounted for a major energy recovery ventilation systems market share in 2017 and is likely to gain market share in the near future. This is attributable to high efficiency of plate heat exchangers in terms of heat transfer, their compact design, and ease of their maintenance. Based on application, the market can be divided into commercial, residential, and others.
The commercial segment held a key share of the energy recovery ventilation systems market in 2017. Growth of the commercial segment can be attributed to increasing use of ERV systems in commercial applications. Moreover, increasing number of green buildings, stringent government regulations to reduce energy consumption in buildings, and rising demand for highly efficient energy recovery ventilators across the globe are promoting growth of the energy recovery ventilation systems market in commercial and residential application segments.
Based on region, the global energy recovery ventilation systems market can be segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. North America accounted for a key share of the global energy recovery ventilation systems market in 2017. High rate of adoption and presence of a large number of manufacturers of energy recovery ventilators in the region are key factors driving the energy recovery ventilation systems market in North America. In addition to this, implementation of several policies related to air quality management is anticipated to fuel the market in the region in the near future. North America is followed by Europe and Asia Pacific.
Asia Pacific is also expected to gain a considerable share in the global market for energy recovery ventilation systems in the next few years. However, lack of awareness about benefits offered by energy recovery ventilators and high initial costs involved in the procurement, installation, and maintenance of these systems are expected to hinder the global energy recovery ventilation systems market during the forecast period.
Global Energy Recovery Ventilation Systems Market: Key Players
Key players operating in the global energy recovery ventilation systems market are Mitsubishi Electric Corporation, Daikin, Trane, Panasonic Corporation, Lennox International Inc., LG Electronics, Zehnder, Johnson Controls, Renewaire, Munters, FUJITSU GENERAL, Ostberg, Carrier Corporation, Nortek Air Solutions, and Greenheck Fan.