Competition Set to Heat up in Global Energy Recovery Ventilators Market with more Players Entering the Fray
Transparency Market Research forecasts the global market for energy recovery ventilators to expand at an impressive CAGR of 11.50% during 2016 and 2024 to become worth US$4.84 bn by 2024 from US$1.82 bn in 2015. Volume-wise, the market is predicted to rise at a CAGR of 10.20% from 2016 to 2024.
How are players envisaging to overcome the challenge posed by the high cost of energy recovery systems?
The significant growth in the global energy recovery ventilators market has been mostly fuelled by the rising ranks of aware consumers and workers emphasizing on quality indoor air for their own good. The increasing knowledge about the advantages of cutting-edge energy recovery ventilators, such as enhanced internal air quality without consuming much energy, is also stoking the market.
A noticeable trend in the market is the increasing competition among players who are investing big time in research and development to come up with innovative products to entice consumers. This would help in overcoming the bottleneck posed by the expensiveness of the products.
Which application sectors are contributing the most to market and why?
Energy recovery ventilators find application in residential, commercial, and industrial sectors. Among them, the industrial sector has helped the market gross maximum revenue and going forward too, would power the market substantially. The segment accounted for over 38% of the market in 2015. This is mainly because of the rising concerns over healthy working environment and employee welfare that has resulted in demand for energy recovery ventilators that promote improved air quality inside different industries.
The commercial sector is another crucial growth driver in terms of volume. In the years to come, it would further bolster its position due the rising awareness among today’s discerning consumers about the quality of air at public places and stores.
Which are the key regions in the market?
From a geographic standpoint, North America leads the global energy recovery systems market owing to their increased adoption and the concentration of numerous manufacturers in the region. Other important growth drivers in the region are the slew of rules and policies pertaining to management of air quality. In the years ahead, however, the region will trim its share on account of a mature market holding lesser avenues for growth. Europe will likely supplant North America as a market leader in the future. Meanwhile, Asia Pacific is another key market predicted to progress at a healthy clip in the next couple of years.
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