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The global energy recovery ventilator market size is expected to gain momentum by reaching USD 6.67 billion by 2030. This information is published by Fortune Business Insights in its report titled “Energy Recovery Ventilator Market Size, Share & COVID-19 Impact Analysis, By Type (Wall-mount, Ceiling-mount, and Cabinet), By Application (Residential, Commercial, and Others), and Regional Forecast, 2023-2030.” The report further mentions that the market stood at USD 6.67 billion in 2030, and the market registered a CAGR of 8.7% during the forecast period.
Daikin Acquired AHT Group to Strengthen its Footprint in European Market
Daikin Europe N.V., a leading Daikin European subsidiary, signed an agreement with Austrian cooling specialist AHT Group worth 881 million Euros. AHT is the leading European company in the refrigeration market. With this acquisition, Daikin aims to provide a wide range of air conditioning and refrigeration in the residential and food industry. Daikin plans to strengthen its sales and after-sales by offering complete coordination of air conditioning and refrigeration products in the region.
Low Sales of ERVs Impacted the Market Growth During Pandemic
The COVID-19 pandemic affected the production of ERV owing to lockdown restrictions imposed by the government. In the U.S., about 45% of the HVAC companies suffered a loss in their revenue due to low seasonal sales. The low sales were attributed to shrunken installation of ERVs and lack of workers. However, HVAC was one of the least affected industries as the need for ventilation increased in various industries which supported the market growth.
Poor Air Quality due to Harmful Emissions to Propel Market Growth
Rising environmental pollution has degraded the air quality. This has adversely impacted the health of people. The poor air affects productivity, impairs cognitive functions, and causes skin and lung ailments. It is also reported that inhaling bad air can cause sick building syndrome (SBS), which causes the feeling of headache, nausea, dizziness, dry cough, and flu-like symptoms. Therefore, people are now inclined toward air exchangers. This is likely to promote energy recovery ventilator market growth. ERVs are capable of continuously replacing bad and humid air with fresh outdoor air. It also captures household chemicals and lowers energy usage in buildings. Furthermore, regulated policies on carbon emission are driving market growth.
Key Players Focus on Merger Strategies to Expand Their Product Portfolio & Boost Sales Revenue
The market is consolidated by the presence of major companies that are merging with other companies to expand their energy recovery ventilators portfolio to secure their footprint across different horizons. Moreover, other key players are adopting strategies such as the introduction of new products, partnership, and collaboration to maintain their strongholds that will favor market growth.
List of Key Market Players Profiled in Report-
• Carrier (United Technologies) (U.S.)
• Johnson Controls (Ireland)
• Daikin Industries, Ltd. (Japan)
• Mitsubishi Electric Corporation (Japan)
• LG Electronics (South Korea)
• Nortek Air Solutions, LLC (U.S.)
• Lennox International Inc. (U.S.)
• Greenheck Fan Corporation (U.S.)
• Fujitsu Limited (Japan)
• Zehnder Group AG (Switzerland)
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Further Report Findings-
Table of Segmentation-
CAGR of 8.7% from 2023 to 2030
Value (USD Billion)