The energy recovery ventilator market is projected to grow from USD 1.97 billion in 2017 to USD 3.37 billion by 2022, at a CAGR of 11.4% from 2017 to 2022. The growing need to reduce energy consumption in residential and commercial buildings, increasing number of green buildings across the globe, and growing importance of indoor air quality are the key factors driving the growth of the energy recovery ventilator market. Mitsubishi Electric Corporation (Japan), Daikin (Japan), Panasonic Corporation (Japan), LG Electronics (South Korea), Johnson Controls (US), Munters (Sweden), FUJITSU GENERAL (Japan), Carrier Corporation (US), Nortek Air Solutions (US), and Greenheck Fan (US) are some of the leading players operating in the energy recovery ventilator market.
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Energy recovery ventilators are mechanical ventilation systems that remove humidity from the incoming outdoor air by enabling heat exchange between indoor air and incoming outdoor air. These ventilators are used in residential applications such as apartments, complexes, homes, and luxury villas, and commercial applications such as hotels, laboratories, and offices to maintain the quality of indoor air. The energy recovery ventilator market has witnessed significant growth over the past few years, and this trend is expected to continue during the forecast period as well.
These leading market players have adopted the strategies of expansions, acquisitions & mergers, and new product launches to cater the increased demand for energy recovery ventilators from various end-use industries.
In August 2017, Greenheck Fan (US) launched new Model RV and RVE units, which offered 25% better performance than the previous generation model. The company also offers 2-inch R13 foam insulation as a part of its pre-engineered packaged rooftop outdoor air systems.
In December 2016, two wholly owned subsidiaries of Mitsubishi Electric Corporation (Japan), namely, Climaveneta S.p.A. (Italy) and RC Group S.p.A. (Italy) merged to operate as Mitsubishi Electric Hydronics & IT Cooling Systems S.p.A. (Italy) from January 1, 2017. This development strategy enabled Mitsubishi Electric to enhance its heating, ventilation, and air conditioning systems (HVAC) business in the European region.
In August 2015, Greenheck Fan (US) expanded its product offerings for energy recovery ventilators with the addition of Model RV (E)-120, which is a pre-engineered system with increased performance capabilities for large dedicated outdoor air systems, multi-zone variable air volume (VAV) systems, and single-zone variable air volume (VAV) systems. This development strategy enabled the company to widen its customer base in the energy recovery ventilator market.
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In January 2015, Carrier Corporation (US) launched the EnergyX energy recovery system for WeatherExpert rooftop units. An EnergyX energy recovery system is a factory integrated and tested energy recovery ventilator (ERV) with an AHRI 1060-certified rotary energy wheel.
In June 2014, Johnson Controls (US) invested USD 35.0 million to establish a new manufacturing and research & development center in Wuxi (China).
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