Energy recovery ventilator industry to reach US$ 5.06 Bn by 2027

The worldwide energy recovery ventilator market that was valued at US$ 2.83 billion in 2019, is expected to grow at a CAGR of 7.8 percent during the forecast period of 2020 to 2027 to reach US$ 5.06 billion by 2027, a report by ResearchAndMarkets.com said.

The air conditioning and ventilation system, a major component in green building design, is on the edge of a paradigm shift. This shift is offering ventilation system manufacturers opportunities for exploring energy efficient designs. Increase in construction of green buildings due to growing awareness of environmental sustainability is expected to drive the growth of the energy recovery ventilator market. Stringent government norms with respect to environmental protection are also supporting the implementation of green infrastructure, which is projected to promote the market.

The surge in construction work across several industries is anticipated to create sales opportunities for the market positively. Thus, growing demand to control the energy consumption in commercial and residential buildings and increasing support by government toward the construction of greenhouse buildings are some of the significant factors that are anticipated to propel the growth of the energy recovery ventilator market in the near future, the report said.