Global Energy Recovery Ventilator Core Market Size study & Forecast, by Material Type (Engineered Resin, Fibrous Paper, Others), by Shape (Square, Diamond, Hexagon, Wheel), by Flow Type (Counter-flow and Crossflow) and Regional Analysis, 2023-2030

Global Energy Recovery Ventilator Core Market Size study & Forecast, by Material Type (Engineered Resin, Fibrous Paper, Others), by Shape (Square, Diamond, Hexagon, Wheel), by Flow Type (Counter-flow and Crossflow) and Regional Analysis, 2023-2030

Global Energy Recovery Ventilator Core Market is valued at approximately USD 947 million in 2022 and is anticipated to grow with a healthy growth rate of more than 7.5% over the forecast period 2023-2030. An Energy Recovery Ventilator (ERV) core, also known as a heat recovery ventilator (HRV) core, is a key component of an energy recovery ventilation system. It is designed to transfer heat and moisture between two separate air streams in order to improve indoor air quality and energy efficiency. The growth of the global market for energy recovery ventilators is propelled by government interventions aimed at promoting the construction of energy-efficient buildings and implementing policies to reduce carbon emissions in residential and commercial sectors. These government initiatives and regulations create a favorable environment for adopting energy recovery ventilators and contribute to the market's overall growth.

The market for energy recovery ventilators is experiencing growth due to the increasing trend towards the construction of sustainable buildings. This trend is driven by a growing awareness among building occupants about health concerns associated with rising hazardous emissions. According to the U.S. Green Building Council (USGBC), the latest IPCC report calls for a rapid and comprehensive shift towards sustainability in land, energy, buildings, transport, and cities to achieve global carbon reduction goals. Buildings contribute nearly 40% of global energy-related CO2 emissions and are vital in driving sustainable change. Green buildings help reduce carbon, water, energy, and waste. In a review of 22 LEED-certified buildings managed by the General Services Administration, CO2 emissions were 34% lower, energy consumption was 25% less, water usage was 11% lower, and over 80 million tons of waste were diverted from landfills.. As a result, the market for energy recovery ventilators is expected to witness significant growth in the coming years. The market for energy recovery ventilators (ERVs) is being positively influenced by the increasing demand in new projects Energy recovery ventilators (ERVs) play a crucial role in reducing the load on HVAC systems by transferring heat and humidity from outgoing air to precondition incoming fresh air. This capability has garnered significant interest from construction companies, builders, and infrastructure developers. By efficiently carrying out heat and mass transfer, ERV systems effectively alleviate the workload on HVAC systems. There is a growing awareness and recognition of the importance of Indoor Air Quality (IAQ) in the present time. As a result, there is a rising demand for ERVs to improve and maintain high-quality indoor air. The market growth of energy recovery ventilators (ERVs) is hindered by the presence of complex installation procedures. Additionally, the design and installation of these systems often require additional air ducting, leading to increased costs for maintenance.

The key regions considered for the Global Energy Recovery Ventilator Core Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the rising investment in the residential sector is expected to increase the need for energy recovery ventilator installation to offer a safe and healthy indoor environment across the sector. Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as the rising adoption of energy recovery ventilators (ERVs) and the improving living standards in countries like China, India, Malaysia, South Korea, Thailand, among others. These countries are prioritizing the modernization of their residential and commercial building stocks to align with the changing demands and preferences of their populations.

Major market player included in this report are:
Johnson Controls
Daikin Industries, Ltd.
Mitsubishi Electric Corporation
LG Electronics
Nortek Air Solutions, LLC
Lennox International Inc.
Fujitsu Limited
DAERYUN Industry Co., Ltd.
S&P USA Ventilation Systems, LLC
UltimateAir, Inc.

Recent Developments in the Market:
 In March 2022, Greenheck Fan Corporation recently unveiled a new residential energy recovery ventilator (ERV) designed specifically for multi-family residential buildings. The company has introduced four different models of the ERV, offering a range of options and accessories to cater to different needs. Notably, all these newly launched models have received certification for their airflow from the Home Ventilating Institute (HVI), ensuring their performance and reliability.
 In March 2021, Innergy Tech, Inc. recently introduced a new energy recovery wheel called the i4 Energy Recovery Wheel. This advanced energy recovery ventilator core features a patented sealing technology. It is designed to be compatible with both new air handling units and can also be retrofitted into existing systems. The i4 Energy Recovery Wheel offers improved energy efficiency and is a versatile solution for enhancing ventilation and air quality in various applications.
 In December 2021, Greenheck Fan Corporation recently completed the acquisition of Metal Industries, a company specializing in air terminal units, diffusers, and related products, including energy recovery ventilators. This strategic acquisition has enabled Greenheck Fan Corporation to broaden its product portfolio and expand its offerings in the market. By incorporating Metal Industries' expertise and product line, Greenheck Fan Corporation strengthens its position and capabilities in providing comprehensive solutions for ventilation and air distribution systems.

Global Energy Recovery Ventilator Core Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered – Material Type, Shape, Flow Type, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Material:
Engineered Resin
Fibrous Paper
Others
By Shape:
Square
Diamond
Hexagon
Wheel
By Flow Type:
Crossflow
Counter-flow
By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
Johnson Controls
Daikin Industries, Ltd.
Mitsubishi Electric Corporation
LG Electronics
Nortek Air Solutions, LLC
Lennox International Inc.
Fujitsu Limited
DAERYUN Industry Co., Ltd.
S&P USA Ventilation Systems, LLC
UltimateAir, Inc.

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