The worldwide energy recovery ventilators market has been witnessing a tremendous rise in its valuation, thanks to the growing concerns among consumers regarding indoor environmental quality. The rising awareness about the benefits of innovative energy recovery ventilators, such as enhanced internal air quality without consuming much energy, is also adding to the growth of this market substantially.
On the other hand, the high cost associated with these ventilators may act as a hindrance to the market’s growth in the near future. However, the increase in research and developments and consequent product differentiation will minimize its effect on this market over the forthcoming years.
The opportunity in the global market for energy recovery ventilators, which stood at US$1.82 bn in 2015, is likely to expand at a CAGR of 11.50% during the period from 2016 to 2024 and reach a value of US$4.84 bn by 2024. In terms of volume, the market is expected to expand at an impressive CAGR of 10.20% between 2016 and 2024.
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Energy Recovery Ventilators to Generate High Revenue from Industrial Sector
Energy recovery ventilators find significant application in the commercial, industrial, and the residential sectors. In terms of revenue, the market has been led by the industrial sector and is expected to remain so over the forthcoming years. In 2015, this segment acquired more than 38% of the overall market.
The increasing awareness regarding the working conditions and the employee welfare is leading to the high adoption of energy recovery ventilators across industries, resulting in the dominance of the industrial sector. However, in terms of volume, the demand for energy recovery ventilators from the commercial sector. Analysts expect this segment to retain its position over the years to come, thanks to the growing concerns of consumers pertaining to the poor quality of air at public places and stores.
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North America to Lose Ground to Europe
Geographically, the worldwide market for energy recovery ventilators has been classified into Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. North America, among these, has been dominating this market. The high adoption rate and the presence of a large pool of energy recovery ventilators manufacturers in this region are the key factors behind its phenomenal growth.
In addition to this, the implementation of numerous norms and policies related to air quality management is likely to boost this regional market considerably in the near future. However, the maturing nature of the North America market for energy recovery ventilators may limit its growth to some extent, giving away the top position to Europe over the forthcoming years. The Asia Pacific market for energy recovery ventilators is also expected to gain considerable impetus in the years to come.