Heat Recovery Ventilator Market

Heat Recovery Ventilator Market Outlook (2024 to 2034)

The global heat recovery ventilator market is estimated at a value of US$ 5.89 billion in 2024, according to the updated report published by Fact.MR. Revenue from the sales of heat recovery ventilators (HRVs) is forecast to climb at a CAGR of 3.8% and reach US$ 8.56 billion by the end of 2034.

The use of heat recovery ventilators has been increasing in various end-use verticals, including aerospace, machinery manufacturing, and automotive. In recent years, significant emphasis has been given to combatting global warming, which is contributing to noteworthy improvements in building construction and maintenance. More end users are becoming observant about the micro contributors to climate change. The rising count of green buildings, where exhaust fans and other components have been replaced with heat recovery ventilators is contributing to market growth.

Unlike other market conditions, taking into account the growing number of green buildings and the present speed of climate change, an increase in the demand for heat recovery ventilators will be witnessed. Most heat recovery ventilators are installed in large residential and commercial buildings, including apartments, hospitals, offices, and others. They are used as highly beneficial systems in residential areas for their ability to eliminate harmful pollutants and severe allergies and improve air quality.

Growing emphasis on nature and environment-friendly practices is driving the demand for heat recovery ventilators. More individuals are becoming concerned about the lack of fresh and its adverse impacts on health, well-being, and productivity.

• Sales of heat recovery ventilators in Japan are expected to climb at a 3.9% CAGR from 2024 to 2034.
• North America is analyzed to capture 38.3% of the global market share by 2034.
• Worldwide demand for heat recovery ventilators of 50 to 200 L/min flow rate is estimated to accelerate at a CAGR of 4% and reach a market worth of US$ 2.77 billion by the end of 2034.

Report Attribute	Detail
Heat Recovery Ventilator Market Size (2024E)	US$ 5.89 Billion
Forecasted Market Value (2034F)	US$ 8.56 Billion
Global Market Growth Rate (2024 to 2034)	3.8% CAGR
Market Share of Automated Heat Recovery Ventilators (2034F)	68.1%
East Asia Market Share (2034F)	27.9%
South Korea Market Growth Rate (2024 to 2034)	4.6% CAGR
Key Companies Profiled	LG Electronics; Panasonic Corporation; Daikin Industries, Ltd.; Mitsubishi Electric; Fujitsu General; Honeywell International Inc.; Johnson Controls; Nortek Air Solutions; Greenheck; Lennox International; Trane.

Which Determinates are Responsible for Expanding Heat Recovery Ventilator Market Size?

“High Attention being Given to Quality of Indoor Air in Buildings”

Industrial, commercial, and residential buildings need fresh air. Various indoor pollutants, such as volatile organic compounds (VOCs), carbon monoxide, radon, formaldehyde, etc., cause harm to human health. Higher moisture content due to these pollutants causes the growth of fungi and unwanted pathogens. Thereby, more building owners are demanding efficient, tighter, and mechanically ventilated solutions for the delivery of an adequate flow of fresh air. These factors are cumulatively responsible for the higher demand for HRVs in the coming 10 years.

Which Roadblocks are Denting Heat Recovery Ventilator Market Growth?

“Discomfort and Noise Caused by Heat Recovery Ventilators”

The core of heat recovery ventilators circulates air at a rapid speed. Its downside is the noisy sound of heat recovery ventilators if they are placed closer to living rooms or bedrooms. Even, in cold climates with freezing temperature, the core of heat recovery ventilators vents dry air. These conditions are a bit difficult to manage for residents as this dry air is harmful to health, and thereby it becomes mandatory to use a humidifier. The noise and discomfort of heat recovery ventilators are set to adversely impact their demand in the coming decade.

“High Maintenance Costs and Complex Installation Process”

Based on installation and design of heat recovery ventilators, an additional length of air ducting is required, subsequently resulting in increased cost of maintenance as these ducts need to be insulated and sealed from external dust and dirt. In addition, complex installation processes are also limiting demand for heat recovery ventilators as it is challenging to integrate them into old construction projects.

What’s Assisting New Companies in This Competitive Market?

“Increasing Construction of Green Building Accelerating Market Growth”

Startups are investing significantly in R&D activities for offering heat recovery ventilators aligning them with green building certifications, owing to the rising trend of constructing green buildings. This change is attributed to the increasing awareness among occupants about their health because of growing hazardous emissions. This growing trend of green building is projected to bode well for the expansion of the global market in the coming decade.

Country-wise Insights

North America is evaluated to contribute 38.3% of the global heat recovery ventilator market share by the end of 2034, as opined in the updated analysis by Fact.MR, a market research and competitive intelligence provider. Commercial and residential buildings in the region consume a noteworthy amount of energy for cooling and heating purposes. This leads to an increase in the demand for equipment with humidifying and heating properties simultaneously.

Why are Heat Recovery Ventilator Companies Focusing on the United States?

“Increasing Number of Green Construction Projects”

Attribute	United States
Market Value (2024E)	US$ 1.22 Billion
Growth Rate (2024 to 2034)	4.1% CAGR
Projected Value (2034F)	US$ 1.82 Billion

The United States is calculated to account for 76.3% share of the North American market by 2034. There is a noteworthy emphasis on green construction practices as they result in sustainability and have adverse impacts on the environment in a negligible manner. In addition, the presence of various energy recovery ventilator producers, including Honeywell International Inc., Johnson Controls, etc., in the country is also favoring market growth.

What Heat Recovery Ventilator Market Trends are Prevalent in China?

“Supportive Government Regulations Contributing to High Heat Recovery Ventilator Deployment”

Attribute	China
Market Value (2024E)	US$ 870.5 Million
Growth Rate (2024 to 2034)	3.9% CAGR
Projected Value (2034F)	US$ 1.27 Billion

China is projected to possess a share of 53.2% of the market in East Asia by 2034. The government in China is spending significantly on providing financial aid to respective end users to install heat recovery ventilators. In addition, supportive government regulations for environmental protection are also contributing to the growing adoption of heat recovery ventilators in residential and commercial buildings.

What Makes Japan an Attractive Market for Heat Recovery Ventilator Suppliers?

“Increased Emphasis on Energy Saving and Minimizing Energy Costs”

Attribute	Japan
Market Value (2024E)	US$ 389.4 Million
Growth Rate (2024 to 2034)	3.9% CAGR
Projected Value (2034F)	US$ 570.7 Million

Japan is projected to occupy 23.9% share of the East Asian market by the end of 2034. More end users in the country are putting efforts into reducing energy consumption costs and saving energy, which is resulting in increased installation of heat recovery ventilators in the country. In addition, growing awareness about the importance of pure indoor air is also contributing to the rising sales of heat recovery ventilators.

Category-wise Insights

Fact.MR, through its recently updated analysis, asserts that an increased demand for heat recovery ventilators is coming from the commercial sector in the coming decade. Various corporates are aligning their attention to increase profit share with the use of fixed assets after the elimination of bottlenecks in their variable prices. Various small and medium businesses are spending a significant amount of their overall expenditure on energy, which is generating demand for heat recovery ventilators and their allied accessories for maintaining indoor air quality.

Heat Recovery Ventilators of Which Flow Rate are Gaining Prominence?

“Surging Popularity of Heat Recovery Ventilators of 50 to 200L/min Flow Rate”

Attribute	50 to 200 L/min
Segment Value (2024E)	US$ 1.87 Billion
Growth Rate (2024 to 2034)	4% CAGR
Projected Value (2034F)	US$ 2.77 Billion

Heat recovery ventilators of 50 to 200L/min flow rate are forecasted to occupy a share of 32.4% of the global market by the end of 2034. Increased demand for these systems is due to their improved efficiency. In addition, their low energy consumption and increased capabilities of offering appropriate ventilation solutions are responsible for their increased installation among respective end users.

Why are Automated Heat Recovery Ventilators Exhibiting Increased Demand Globally?

“Energy Efficiency Feature of Automated Heat Recovery Ventilators”

Attribute	Automated
Segment Value (2024E)	US$ 4.03 Billion
Growth Rate (2024 to 2034)	3.8% CAGR
Projected Value (2034F)	US$ 5.83 Billion

Automated heat recovery ventilators are approximated to capture 68.1% share of the global market by 2034. These ventilators replace stale indoor air with fresh outdoor air. Their ability to exchange heat between exhaust and supply air streams minimizes the price of cooling and heating fresh air circulating through the home or building. In addition, their increased energy-saving features compared to manual ones make them more popular among end users.

Competitive Landscape

Key players in the heat recovery ventilator market are focusing on offering products with increased life expectancy, technological advancements, and reliability. They are constantly putting efforts into the supply of quality products, new product development, and effective management of supply chain systems to aid in securing a global position for themselves.

For instance :

• Mitsubishi Electric, in September 2021, launched bypass ventilation systems for corporates and homeowners with a wide variety of variants to be utilized according to use compatibility.
• Zehnder America, in September 2020, launched a new ventilation system for fresh air energy recovery for use in residential buildings.

Fact.MR provides detailed information about the price points of key manufacturers of heat recovery ventilators positioned across the world, sales growth, production capacity, and speculative technological expansion, in the recently updated market report.

Segmentation of Heat Recovery Ventilator Market Research

• By Mounting :

  • Wall-mounted
  • Ceiling-mounted
  • Cabinet-mounted

• By Venting :

  • Horizontal
  • Vertical

• By Operation :

  • Automatic
  • Manual

• By Flow Rate :

  • Below 50 L/min
  • 50 to 200 L/min
  • 201 to 500 L/min
  • 501 to 1,000 L/min
  • Above 1,000 L/min

• By Heat Exchanger Type :

  • Cross Flow Plates
  • Counterflow Plate Heat Plates
  • Rotating Heat Exchangers

• By End Use :

  • Residential
  • Commercial
  • Industrial

• By Region :

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia & Pacific
  • MEA