ALBANY, New York, December 5, 2018 /PRNewswire/ --
According to the research report, the global energy recovery ventilators market stood at a valuation of US$1.8 bn in 2015. Progressing at an impressive 11.50% CAGR for the forecast period between 2016 and 2024, the demand in the market is expected to be worth US$4.8 bn by the end of 2024. Vis-à-vis volume, the market is forecast to surpass 15.9 mn units by 2024. Of the key application segments, the industrial segment currently displays the leading demand, and the trend is likely to continue over the report's forecast period.
The global energy recovery ventilators market is likely to register significant growth during the course of forecast period from 2016 till 2024. Transparency Market Research (TMR) finds that the global market for energy recovery ventilators market is fragmented in structure due to the presence of large number of regional and international players.
Few prominent players operating in the global energy recovery ventilators market include Munters Corp., United Technologies Corp., Fujitsu Ltd., Daikin Industries Ltd., and LG Electronics. Also, increasing number of new entrants likely to intensify competition in this market. Additionally, these players are mainly focused towards innovation and product launch. This is likely to spur growth of this market in near future.
According to TMR, mergers and acquisitions are the key strategies adopted by the key players in order to gain footprint in the global energy recovery ventilators market.
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Industry Sector of Application Segment Dominates Global Energy Recovery Ventilators Market
On the basis of application, industry sector dominates the global energy recovery ventilation market. The changing preference in the industry sector towards employees working condition and welfare is expected to boost growth of this market. Geographically, North America dominates the global market for energy recovery ventilator on account of high adoption rate and existence of large number of players has further lead to in the dominance of the application segment. In addition, Regulation of policy regarding managing the air quality likely to boost growth of this market in coming years. Also, Rising population and rise in disposable income and increasing demand expected to boost growth of the Asia Pacific market in coming years.
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Increasing Government Regulation toward Construction of Green Building to Drive Market Growth
The alarming increase in air pollution has increased concern of consumer regarding the health issues. This lead to increase in demand for energy recovery ventilators market in coming years. Increasing demand to curb the energy consumption in residential and commercial building and rising government regulation toward development of green house building are some of the factor propelling growth of this market in near future.
Rapid increase in air pollution in some regions likely to increase demand for the energy recovery ventilators market in coming years. This can be another factor significantly augmenting growth of this market in near future.
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High Expense Related to Energy Recovery Ventilator to Limit Market Growth
On the other hand, the less awareness among the consumers regarding the quality of energy recovery ventilators market likely to limit growth of the global energy recovery ventilators market. Also, the high cost associated with the energy recovery ventilators market expected to hamper growth of this market. Moreover, the high expense related to the maintenance and installation process likely to restrain growth of the energy recovery ventilators market in coming years.
This review is based on the findings of a TMR report titled "Energy Recovery Ventilators Market (Technology - Plate Heat Exchange, Rotary Heat Exchange, Run-around Coil, Heat Pipe Heat Exchanger, and Thermosiphon; Type - Wall Mounted and Window Mounted; Application - Commercial, Residential, and Industrial) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
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The global energy recovery ventilators market is segmented into:
• Plate Heat Exchange
• Rotary Heat Exchange
• Run Around Coil
• Heat Pipe Heat Exchanger
• Wall Mounted
• Window Mounted
• North America
◦ Rest of North America
◦ Rest of Europe
• Asia Pacific
◦ Rest of Asia Pacific
• Middle East and Africa (MEA)
◦ South Africa
◦ Rest of MEA
• Latin America (LATAM)
◦ Rest of LATAM
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