The North America residential Energy Recovery Ventilators (ERV) market was valued at USD 108.8 Million in 2020 and is projected to reach USD 232.9 Million by 2028, expanding at a CAGR of 10.3% during the forecast period. An energy recovery ventilator (ERV) is a centralized ventilation system, which delivers fresh air by balancing humidity within the room area and eliminating polluted indoor air.
It is sometimes referred to as ERV ventilation system or ERV air exchanger. It collects pollutants, pollen, and other potentially dangerous particles to guarantee that only fresh air reaches the available room area. An ERV is built in areas with high concentration of people. It helps to reduce utility costs and collect energy in the building. An energy recovery ventilator introduces fresh air into the building, decreases CO2 levels, and keeps people alert and healthy. It aids in odor management by allowing stale air to be evacuated and new air to enter the structure.
The key purpose of an ERV is to deliver passive homes with a ventilation system, which takes away humid and stale air and delivers fresh air into the home. Some of the key benefits of installing an ERV includes:
Various rules and regulations by the government to reduce energy consumption in buildings are projected to drive the demand for Residential Energy Recovery Ventilators (ERV) during the forecast period. For instance, in 2019, 42 states, Puerto Rico, and Washington, D.C., considered more than 500 bills associated with energy efficiency and adopted or enacted over 80 measures. Governments in the US focused on expanding or updating Energy Efficiency Resource Standards (EERS) policies and improving energy efficiency in residential buildings. States in the US considered new policies for financing or incentivizing efficient technologies.
According to the United States Environmental Protection Agency (EPA), buildings use around 40% of the annual energy consumption and nearly 75% of the electricity demand in the US. Moreover, buildings account for nearly 30% of the total carbon dioxide, which is the main greenhouse gas related to atmospheric warming, approximately 25% of the nitrogen oxides, and 49% of the sulfur dioxide emitted in the US; thus, the need to decrease energy consumption in buildings is essential in order to meet environmental and national energy challenges. Growing need to reduce energy consumption in residential buildings is anticipated to boost the demand for residential Energy Recovery Ventilators (ERV) during the forecast period.
Quality of air is a vital concern and is getting recognized in recent times. Deficient Indoor Air Quality (IAQ) has an adverse effect on the health, productivity, cognitive function, and wellbeing of indoor inhabitants; therefore, the demand for ERVs is expected to increase during the forecast period. Additionally, ERV removes pollutants including household chemicals and excess moisture, minimizes carbon footprint, and optimizes energy efficiency. For instance, Residential energy recovery ventilation fulfils the ventilation and energy requirements of ASHRAE (American Society of Heating, Refrigerating, and Air-Conditioning Engineers).
High humidity is present inside a house. An ERV takes a long time to decrease the humidity, as the machine preserve a large portion of the humidity indoors, which is considered as a drawback of a residential ERV. A heat exchanger is a better choice than a residential ERV for many people, as it exchanges the heat in the air and drains the humidity outside the house. A standard ERV equipment does not function well in cold climates. A residential house in an area with harsh winter requires specialized equipment with frost and freeze protection.
Continuous innovation in ERVs is creating new opportunities. Increasing innovations in energy recovery ventilators in order to meet the modified ventilation requirements of customers is creating opportunities in the market. Energy-saving innovations such as foam spray insulation is detrimental to the quality of indoor air. Rising awareness about the benefits of fresh and filtered air is expected to boost the demand for residential ERVs during the coming years.
Based on technology types, the residential Energy Recovery Ventilators (ERV) market is divided into plate heat exchanger, heat pipe heat exchanger, rotary heat exchanger, run-around coil, and others. The plate heat exchanger segment held 41% share of the market in 2020, owing to its high efficiency in terms of compact design, heat transfer, and easy maintenance.
Based on applications, the market is divided into new homes and retrofit projects. The new homes segment is projected to grow at a considerable CAGR of 10.5% during the forecast period. This growth is attributed to the increasing demand for green buildings and rising awareness about Indoor Air Quality (IAQ).
On the basis of air flow volume, the residential Energy Recovery Ventilators (ERV) market is classified as 0-100 cfm, 100-150 cfm, 150-200 cfm, 200-250 cfm, and 250-1500 cfm. The 0-100 cfm segment is projected to grow at a considerable CAGR during the forecast period. This growth is attributed to the increasing demand for Energy Recovery Ventilators (ERV) in small homes with 0-5 bedrooms and low cost associated with 0-100 cfm ERV as compared to other airflow volumes.
In terms of countries, the North America residential Energy Recovery Ventilators (ERV) market is fragmented into US and Canada. The US is a promising country of the market. The Residential Energy Recovery Ventilators (ERV) market is expected to expand at a substantial pace in the US owing to the implementation and formulation of government rules involving the employment of ERV in green buildings along with retrofitting the existing buildings with residential energy recovery ventilators.
Moreover, increasing investment in the residential sector is projected to boost the requirement for installation of energy recovery ventilators in the US to offer a healthy and safe indoor environment across the sector.
Some frequently asked quetions about this report!
Additional company profiles can be provided on request.
Yes, the report provides supply chain analysis along with a list of raw material suppliers, manufacturers, distributors, and customers.
According to this GROWTH MARKET REPORTS report, the market from Residential Energy Recovery Ventilators (ERV) is likely to register a CAGR of 10.3% during forecast period 2020-2027, with an anticipated valuation of USD 232.9 million by the end of the 2028.
In addition to market size (in USD Million), company market share (in % for base year 2020), other data such macro-economic factors and COVID-19 impact on the value chain are also available in the final report.
The applications in the North America Residential Energy Recovery Ventilators (ERV) market include new homes and retrofit projects.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
The demand for Residential Energy Recovery Ventilators (ERV) is expected to continue to increase over the forecast period, taking into account to the increasing construction of green buildings, rising awareness about indoor air quality (IAQ), and regulations.
The market is expected to witness a decrease of over 6.3% between 2019 and 2020 owing to the adverse impact of COVID-19 pandemic on the Residential Energy Recovery Ventilators (ERV) market.
The base year considered for the North America Residential Energy Recovery Ventilators (ERV) market report is 2020. The complete analysis period is 2018 to 2028, wherein, 2018 & 2019 are the historic years and the forecast is provided from 2021 to 2028.
Major Manufactures include ALDES Aéraulique, Broan-NuTone, LLC., and Carrier.
Some other reports from this category!