Energy Recovery Ventilator Market Trends
Growth Drivers
- Increasing Construction of Green Buildings Around the World – The growing construction of green buildings all over the world is boosting the market growth in the upcoming times. This can be attributed owing to rising hazardous emissions, growing awareness about green buildings among the people, and standards of energy consumption. As per the U.S. Green Building Council, green and healthier buildings streamlined with promotive ventilation can grow to return on investment by 19% and building asset value by 10%.
- Growing Consciousness for Indoor Air Quality – Nowadays, maintenance of indoor air quality has become one of the most significant concerns. An energy recovery ventilator has the ability to replace bad indoor air with fresh outdoor air. Additionally, it also removes all pollutant particles such as viruses, bacteria, and household chemicals from the environment, minimizes carbon footprints, optimizes energy efficiency, and others. Globally around 4.1% of death takes place owing to bad indoor air quality.
- Government Regulations - Several governments around the world have introduced regulations and standards to improve the energy efficiency of buildings and reduce greenhouse gas emissions. For instance, the European Union's Building Energy Performance Directive requires all new buildings to be near-zero energy buildings by 2020. Energy recovery fans help buildings comply with these regulations and standards.
- Growing Demand in New Commercial and Residential Projects – Rising demand for new commercial and residential projects in turn is giving rise to the energy recovery ventilator market owing to indoor air quality purposes. The U.S. Environmental Protection Agency (EPA) has identified indoor air pollution as a major environmental problem because indoor air can be up to five times more polluted than outdoor air. To address this issue, the EPA recommends using ventilation systems to improve indoor air quality in commercial and residential projects.
Challenges
- Complex Installation Mechanism – The demand for energy recovery ventilators seems to have risen with the concern of indoor air quality. However, its complex installation procedure might hamper the market growth in the forecast period. Also, the task becomes a bit challenging to install energy recovery ventilators in the old design houses.
- Noise and Discomfort
- High Maintenance Cost of Energy Recovery Ventilator
Energy Recovery Ventilator Market: Key Insights
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
7.7% |
|
Base Year Market Size (2024) |
USD 4.66 billion |
|
Forecast Year Market Size(2037) |
USD 12.33 billion |
|
Regional Scope |
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