According to a recent market study published by Growth Market Reports, titled, "North America Residential Heat Recovery Ventilator (HRV) Market by Types, Airflow Volume, Applications, and Countries: Size, Share, Trends and Opportunity Analysis, 2018-2028", the market was valued at USD 303.7 million in 2020 and is expected to expand at a CAGR of 6.1% by the year 2028. The market is projected to grow at a substantial pace, due to increased innovation in HRV to meet the customized ventilation requirements of various end users, act as an opportunity for the growth of the market.

North America Residential Heat Recovery Ventilator (HRV) Market by Types, Airflow Volume, Applications, and Countries. In terms of types, North America Residential Heat Recovery Ventilator (HRV) market is segmented into Wall mounted and central. On the basis airflow volume, the market is segmented into 0-100 cfm, 100-150 cfm, 150-200 cfm, 200-250 cfm, and 250-1500 cfm. Based on applications, the market is categorized as new homes and retrofit projects. Based on countries, the North America Residential Heat Recovery Ventilators (HRV) market is fragmented into the US and Canada.

A heat recovery ventilator (HRV) is a ventilation device that continuously replaces old/stale indoor air in homes with fresh outdoor air for clean and comfortable living. New houses built are densely closed, which helps to save energy but makes the internal air obsolete. To supplement this airtightness, modern homes use HRV to distribute fresh air throughout the house. During the heating season, HRV takes heat from the stale air leaving the home and uses it to preheat the fresh air entering the home. Similarly, HRV reverses this process during the cooling season, removing some heat from the incoming air and transferring it to the exhaust air.

Request a free sample copy @ https://growthmarketreports.com/request-sample/2475

HRV continuously provides clean, fresh, and filtered air from outdoor to indoor living and exhausts stale air from high-humidity spaces (kitchen, laundry, and bathroom). Up to 95% of the exhaust heat is recovered by transferring it to the incoming air.

Very airtight construction combined with central ventilation systems offers the fresh air, henceforth opportunity to preheat incoming air by transferring warmth from the stream of outgoing it increases the demand for central ventilation. Growing repair and renovation activities are creating opportunities for the energy recovery ventilator market. Implementation of various government rules and regulations such as LEED certification is boosting the employment of HRV in green buildings along with retrofitting the current houses and buildings with energy recovery ventilators.

As per Growth Market Reports analyst Partha Paul “The spread of COVID-19 has had a negative impact on the heat recovery ventilator market players on many fronts and outside factors, including a temporary fluctuation in consumer demand and potential effects on the North America heat recovery ventilator market from an uncertain economic perspective. The COVID-19 outbreak had a substantial impact on the North America heat recovery ventilator market, resulting in low sales and low GDP.

COVID 19 caused the manufacturing processes of various companies around the world to come to a halt in order to slow the spread of virus. The economy of numerous countries has been badly hit as a result of COVID 19 and purchasing power of companies is shrinking rapidly, due to slow commercial activity. The coronavirus pandemic revealed supply chain vulnerabilities and emphasized on the complexities of globalized supply chains and the importance of having a stable supply chain to nullify trade barricades. Manufacturers of North America heat recovery ventilator are adopting different approaches to build robustness and resilience in supply chains, majorly through mergers & acquisitions. Rapid growth of urbanization aids in expanding several industries such as the new homes and retrofit projects, which is boosting the demand for heat recovery ventilator in the coming years.”

Key Takeaways from the Study

  • The market in North America is expected to expand at a significant CAGR during the forecast, due to growing demand from emerging countries such as US and Canada as well as the expansion of new homes and retrofit projects.
  • Canada is near the Arctic circle, hence many areas in the country have hard to severe cold weather. The local government recommends having an HRV in homes to maintain the temperature, which in turn, is driving the demand for HRVs in the country.

Report Scope:

Report Metric

Details

Market Value in 2020

USD 303.7 Million

Market Growth Rate (from 2021 to 2028)

6.1%

Historical Data

2018 & 2019

Base Year

2020

Forecast Period

2021 – 2028

Market Segments

Types, Applications, Air Flow Volumes and Countries.

Region Scope

U.S., Canada

Key Companies Profiled

Zehnder Group AG, Field Controls, LLC, Lennox International Inc., Vents-US, Airia Brands Inc (Lifebreath), blauberg-na, Carrier, Fantech, Venmar, Nu Air

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience

  • Demand Side: Building & Construction, Energy Companies, Commercial Complex Owners, Residential House Owners
  • Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies.
  • Associations and Industry Bodies: United States Energy Association (USEA), The American Clean Power Association, United States Renewable Energy Association, American Council on Renewable Energy (ACORE), The United States Environmental Protection Agency (EPA).