Energy Recovery Ventilator Market Size, Share, Growth Analysis, By Type(residential, industrial,  commercial and others), By Application(heat pipe heat exchanger, run-around coil, plate heat exchanger, rotary heat exchanger and others), By Region - Industry Forecast 2024-2031

Energy Recovery Ventilator Market size was valued at USD 3.45 billion in 2022 and is poised to grow from USD 3.74 billion in 2023 to USD 7.13 billion by 2031, at a CAGR of 8.40% during the forecast period (2024-2031).

To meet customer demand on time, key players emphasize expanding their research and development centers, manufacturing plants, and research facilities. Additionally, these market players are making significant investments in upgrading the technologies that are already in use to conform to various emission standards. In addition, market participants implement the profitability improvement strategy in order to maintain their position in the market. This includes sales of ERV units and components to small and medium-sized businesses as well as mergers and acquisitions. 'United Technologies Corporation (Carrier Corporation)', 'Daikin Industries, Ltd.', 'Mitsubishi Electric Corporation', 'Johnson Controls International plc (York International Corporation)', 'LG Electronics Inc.', 'Honeywell International Inc.', 'Panasonic Corporation', 'Nortek Air Solutions LLC (Nortek HVAC LLC)', 'Zehnder Group AG', 'Greenheck Fan Corporation', 'Ostberg Group', 'Systemair AB', 'Swegon Group AB', 'Fujitsu General Limited', 'Munters AB', 'FlaktGroup Holding GmbH', 'Carrier Airconditioning & Refrigeration Ltd. (India)', 'Lennox International Inc.', 'RenewAire LLC', 'TICA Climate Solutions', 'Mitsubishi Electric Corporation debuted a redesigned range of goods in August 2022 with the goal of improving home air conditioning. The business debuted new products that make use of ducted and split system technology, demonstrating their broad knowledge of energy recovery ventilators and air treatment. ', 'The Greenheck Fan Corporation announced in March 2022 the introduction of a new energy recovery ventilator designed for residential multi-family buildings. The company developed four distinct versions that offered the buyer a range of accessories and possibilities.'

The quality of the air is a significant issue that is currently receiving attention. The poor quality of the air inside has a negative impact on the health, productivity, and well-being of those who live there. As a result, the market is expected to be driven by ERV demand.because it can continuously substitute clean outdoor air for state indoor air. Additionally, it can optimize energy efficiency, reduce carbon footprint, and remove pollutants like excess moisture, dust, and chemicals.

The market for energy recovery ventilators is benefiting from the growing trend toward the construction of green buildings.This is because people are more concerned about their health because there are more dangers. The United States Green Building Council claims that green and healthier buildings with supportive ventilation can increase building asset value by 10% and return on investment by 19%. As a result, it is anticipated that the market for energy ventilators will expand significantly in the coming years.

In North America, severe weather like hailstorms, hurricanes, and heavy snowfall worsen indoor air quality, which directly impacts people's health. Residential fixed investment in North America amounted to USD 785 billion, or 3.3% of GDP.It is anticipated that increased residential investment will necessitate the installation of energy recovery ventilators to provide a safe and healthy indoor environment across the sector.