Characterized by the presence of a handful of dominant players, namely United Technologies Corp., LG Electronics, Daikin Industries Ltd., Fujitsu Ltd., and Munters Corp., the global energy recovery ventilators market features intense competition, reveals Transparency Market Research (TMR) in a new report.
Going forward, the rising number of players seeking entry will further intensify competition in the market. Expansion of product portfolio which has been the focus of established companies to surge ahead is also projected to deepen competition in the market. Mergers and acquisitions and geographical expansion to serve a large customer base are also on the growth chart of these companies
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.
Geography-wise, North America has emerged as the most lucrative market, thanks to the presence of key energy recovery ventilators market in the region coupled with their high adoption rate. The North America energy recovery market is also likely to be benefitted owing to several norms and policies in place that monitor air quality for public health reasons.
Going forward, while North America energy recovery ventilators market is likely to report steady growth, the maturing state of this regional market is likely to limit its growth in the upcoming years. Europe is likely to hold the top spot with a share of 30.2% by the end of the forecast period. On the other hand, Asia Pacific is also likely to emerge as a key market for energy recovery ventilators in the near future.
Rising Awareness of Importance of Indoor Air Quality for Health Consideration Boosts Adoption
“The demand for energy recovery ventilators is anticipated to rise exponentially, thanks to the rising consideration for health and well-being among consumers,” explains the author of this study. The alarming rise in air pollution has aroused the interest of consumers to gauge air quality they breathe, which directly impacts health. This is leading to a rising demand for energy recovery ventilators. Analysts anticipate strong demand for energy recovery ventilators over the next few years, thereby boosting the growth of energy recovery ventilators market.
Rising need to curb energy consumption in commercial and residential buildings and increasing initiatives for the development of green buildings are some other prominent factors driving the energy recovery ventilators market.
High Product Cost Crimps Growth
However, on the flipside, factors such as inadequate knowledge among consumers regarding the health benefits of these devices and high cost involved in the purchase, installation, and maintenance of energy recovery ventilators are anticipated to challenge the growth of energy recovery ventilators market to some extent, adds the study.
The review presented 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.”
View TOC of This Report: https://www.transparencymarketresearch.com/report-toc/17549