According to a recent market study published by Growth Market Reports, titled, “Europe Heat and Energy Recovery Ventilator Market by Product Type, by Functionality, by End Use, and Region: Size, Share, Trends and Opportunity Analysis, 2018-2028”, the market was valued at USD 3,019.3 Mn in 2020 and is expected to grow at a healthy CAGR of 5.6% by the year 2028. Heat and energy recovery ventilators are devices that are used to maintain the temperature and humidity in the room. They are substitutes for the conventional fossil fuel based heaters which cause pollution as they use fossil fuels to heat the rooms, whereas the recovery ventilators exchange the heat from the outgoing air to heat the incoming air which saves energy and is also sustainable. The increasing demand for the recovery ventilator market is due to the increased urbanization and industrialization activities, increased awareness about indoor air quality. Increased R&D activities by the key players are expected to fuel the demand for the ventilators for the market.
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The advantages of installing heat and energy recovery ventilators are they play a critical role in the energy and performance efficiency of the buildings. Due to the lack of space in the urban areas there is less space available due to which they become tighter, if proper ventilation is not available in the buildings as they are insulated, they may be prone for the growth of mildew, mold and issues with the indoor air quality. With the installation of the recovery ventilators, they ensure clean and fresh filtered air with reduced heating/ cooling load. The ventilators circulate fresh air and also maintain the temperature and moisture in the buildings thereby eliminating any odor and maintaining temperature of the room.
The Europe heat and energy recovery ventilator market is fragmented based on product type, end user, functionality and regions. Based on the product types the market is fragmented into HRV, ERV and Ventilation fans. In terms of end users the market is segmented into residential and commercial segments. The functionality segment is categorized into centralized and decentralized segments. Based on the regions the Europe market is segmented into Italy, Germany, France, Sweden and Rest of Europe.
The Europe heat and energy recovery ventilator market is expected to witness a slight decrease in its year-on-year growth for 2020 as compared to its previous year. Due to the interruption in the supply chains due to the lockdowns imposed to prevent the spread of the COVID-19 is expected to negatively affect the market growth. The closures of restaurants, cafes, food processing industries, construction and automobile industries which are the primary contributors to the revenue share of the market negatively affected the market. As the income of the population was affected due to the lockdown people have reduced the spending which has affected the market negatively. The supply of raw materials has been affected significantly due to the interruption in supply chains. However as the prevalence of the virus reduces it is expected that the market grows significantly.
As per Growth Market Reports industry analyst Rajas Shirwalkar, “the Europe heat and energy recovery ventilator market is anticipated to witness significant growth during the forecast period 2021-2028. The Europe heat and energy recovery ventilator market is registering growth opportunities across the globe, as it helps in reducing pollution levels, save energy, increased market penetration, improved indoor environmental conditions, increased R&D activities by the market players has significantly affected the market growth . Rising Internet penetration worldwide has significantly increased the number of people using social media websites and apps. Thus, key players are engaged in advertising their heat and energy recovery ventilator products through social media platforms including Instagram, Facebook, and Twitter.”
Key Takeaways from the Study:
- The players including Johnson Controls, CENTROTEC SE, Panasonic Corporation, Mitsubishi Electric Corporation, Systemair AB. Ltd, together hold significant market share of Europe heat & energy recovery ventilators market in year 2020.
- The market in Sweden is expected to grow at a significant CAGR during the forecast period due to the rising concerns of the people about the indoor air quality and to use sustainable products which have minimum effect on the environmental conditions
- Italy, Germany and France are expected to be the key regions with a significant contribution to the revenue of the market owing to the R&D activities by the key players to develop cost effective products. Sweden is anticipated to grow with a significant CAGR due to increased consumer preference for the use of sustainable products.
- Based on the product type, energy recovery ventilators segment is expected to lead the market owing to its advantages over heat recovery ventilator and its wide applications that include maintenance of indoor air quality, temperature and moisture content.
- Based on functionality, the centralized segment is expected to ead the market owing to its application in the commercial sectors, the market growth is favoured due to the increased industrialization and urbanization in the region.
|Market Value in 2020||USD 3,019.3 Mn|
|Market Growth Rate (from 2021 to 2028)||5.6%|
|Historical Data||2018, & 2019|
|Forecast Period||2021 - 2028|
|Units Considered||Value (US$ Million)|
|Market Segments||By Product Type, by Functionality, by End Use, and Region|
|Regional Scope||Europe ( Italy, Germany, France, Spain, Sweden and Rest of Europe)|
|Key Companies Profiled||CENTROTEC SE
ATREA s. r. o.
Mitsubishi Electric Corporation
|Customization Scope||Report customization available on request|
|Pricing and Purchase Options||Avail tailor-made purchase options to meet your research requirements.|
- Supply-side: Manufacturers, raw material suppliers, and distributors
- Demand Side: Residential and Commercial
- Regulatory Side: Concerned government authorities, and other regulatory bodies