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The global energy recovery ventilator market size is predicted to reach USD 5.07 billion by 2027. The rising awareness about the indoor air pollutants such as mold, lead particles, nitrogen oxide and carbon monoxide (CO) will spur opportunities for the market during the forecast period, mentioned in a report, titled “Energy Recovery Ventilator (ERV) Market Size, Share & Industry Analysis, By Type (Wall-mount, Ceiling-mount, Cabinet), By Application (Residential, Commercial, Others) and Regional Forecast, 2020-2027” the market size stood at 2.71 billion in 2019 and is likely to register a CAGR of 8.2% between 2020 to 2027.
Release of AIR DESIGN’s PREMA to Promote Business Expansion
AIR DESIGN, an HVAC company also a part of Elta Group announced the launch of PREMA, an innovative range of horizontal energy recovery ventilation units, specifically intended to improve indoor air quality along with the eco-design directive as per the building regulations. The new range of ERV units will uplift the energy recovery ventilator market share because it is the only lightest and compact energy recovery ventilation units available on the market. Moreover, the units with the airflow range of 0.006 – 0.936 m³/s will be used in ceiling voids at schools and offices as well as commercial construction, such as hotels, restaurants, shops, and others, thus enabling full flexibility. Furthermore, the increasing demand for small units, low energy filters, easy installation, and low maintenance will spur openings for the PREMA range, which in turn, will augur well for the market. In addition, the growing collaborations and partnerships among major players will foster the growth of the market in the forthcoming years. For instance, in May 2018 Ingersoll Rand, a major producer of innovative products announced that it has signed an agreement with Mitsubishi Electric Corporation, an electronics multinational company based in Japan for the distribution of ductless and variable refrigerant flow (VRF) heating and air conditioning solutions in the U.S. and selected Latin America countries. The Mitsubishi distribution channels will be used for supply and trade operations.
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Implementation of Cutting-edge Technology in ERV Systems to Foster Growth
The increasing government initiatives and policies for the development of energy-efficient buildings will bolster the healthy growth of the market. The growing focus to curb emission emissions in the construction of residential and commercial spaces will further augment the growth of the market. As per the U.S. Department of Energy, building waste accounts for 30% of total energy intake in the U.S. The growing proclivity for efficient building designs and effective power management will support the expansion of the market during the forecast period. Moreover, the rising inclination for excellent indoor air quality among occupants will boost the market during the forecast period. As per the Environmental Protection Agency, the productivity of workers at the workplace increases to five to six percent when indoor air quality is viewed as “good.” In addition, the introduction of innovative and superior quality ERV systems by leading industry players will subsequently foster healthy growth of the market in the foreseeable future.
Daikin and Zehnder’s Product Portfolio to Reinforce Business Proceedings
The market is dominated by the presence of Daikin and Zehnder Group with its enhanced product portfolio. The company is focused on adopting various strategies to strengthen its position in the market and expand its distribution across the residential and commercial sectors. In February 2019, Daikin Group announced that it has acquired Cool international Holding GmbH through its subsidiary in Europe named Daikin Europe N.V. The deal will help the company to expand its commercial refrigeration business and enhance its product offerings related to energy savings and refrigerants. Moreover, the introduction of innovative products by the major company will have a tremendous impact on the market.
The Report Lists the Main Companies in the Energy Recovery Ventilator (ERV) Market:
Further Report Findings:
The ERV Market is Segmented into:
Value (USD billion) Units (Thousand Units)