ALBANY, New York --- Characterized by the intense competition between United Technologies Corp., Fujitsu Ltd., LG Electronics., Munters Corp., and Daikin industries Ltd., the global energy recovery ventilators market exhibits a highly fragmented competitive landscape, finds a report by Transparency Market Research (TMR). Going forward, the competition within this market is likely to intensify further due to the rising number of companies venturing into it. Apart from this, the expansion of the product portfolio of established enterprises, in order to cater to the augmenting demand for technically advanced products is also projected to deepen their rivalry over the forthcoming years.
According to the research report, the worldwide market for energy recovery ventilators was valued at US$1.8 bn in 2015. Expanding at a phenomenal CAGR of 11.50% between 2016 and 2024, the opportunity in this market is likely to reach a value of US$4.8 bn by the end of the forecast period. In terms of volume, the market is projected to cross 15.9 mn units mark by 2024. The industrial sector has emerged as the leading application area of energy recovery ventilators and is projected to remain so throughout the forecast period.
Europe to Surpass North America in Global Energy Recovery Ventilators Market
In this research report, the global energy recovery ventilators market has also been examined on the basis of its regional distribution. Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa have been considered as the main regional markets for energy recovery ventilators in this study. Among these, North America has acquired the leading position, thanks to the presence of leading energy recovery ventilators manufacturers in a large number and the high adoption rate of these ventilators in this region.
Although the North America market for energy recovery ventilators will continue to report steady growth, its maturing nature may limit its rise to a considerable extent, which is likely to lead the Europe market for energy recovery ventilators to the top position with a share of 30.2% by the end of the forecast period. Asia Pacific, on the other hand, is also anticipated to witness a significant rise in its market for energy recovery ventilators in the near future, thanks to the increasing awareness pertaining to health among consumers in this region, states the research report.
Demand for Energy Recovery Ventilators to be Fueled by Growing Concerns over Health and Well-being
"With the growing concerns of consumers pertaining to their health and well-being, the demand for energy recovery ventilators will witness a tremendous surge in the near future," expects the author of this study. The alarming rise in the air pollution has turned the interest of consumers towards the quality of the air they breathe, which consequently is leading to an increased demand for energy recovery ventilators. Researchers expect this scenario to remain same over the next few years, reflecting greatly on the sales of these ventilators.
On the flip side, the high cost of energy recovery ventilators and the lack of awareness about the benefits offered by these ventilators among consumers may hamper the growth of this market to some extent in the years to come, notes the study.
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