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The Heat Recovery Ventilators (HRV) Market size is estimated to grow at a CAGR of 9.72% between 2023 and 2028. The market size is forecast to increase by USD 2.23 billion. The growth of the market depends on several factors such as growing concerns toward improving IAQ in residential and commercial buildings, high application of HRV systems and increasing construction activities.
The report includes a comprehensive outlook on the heat recovery ventilators (HRV) market offering forecasts for the industry segmented by Type, which comprises automatic heat recovery ventilator and manual heat recovery ventilator. Additionally, it categorizes Application into non-residential and residential and covers Geography regions, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
Heat Recovery Ventilators (HRV) Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
Indoor air quality (IAQ) refers to the air quality within residential and commercial buildings. On average, people spend 90% of their time indoors, so clean indoor air is essential for optimum health and many homes and businesses have contaminated air. Home air quality is negatively impacted by radon gas, contamination, pollen, fumes, and odors. People with weakened immune systems, chronic illnesses, mold or chemical sensitivities, or damaged immune systems may find indoor air pollution especially concerning. HRV systems play a crucial role in improving the IAQ of buildings by removing excess moisture, odors, and contaminants. IAQ is paramount for people's well-being as a major portion of people's time is spent indoors. Chronic health problems such as asthma are linked to IAQ. Hence, regulators are creating awareness to improve IAQ through various strategies, which include improving ventilation.
Furthermore, regulators such as the American Society of Heating, Refrigerating, and Air-Conditioning Engineers (ASHRAE) are setting stringent standards that are helping HVAC service professionals assess and improve the ventilation of residential and commercial buildings. The growing demand for HRV systems and rising focus on improving IAQ are expected to benefit the concerned market. All such factors are expected to boost the demand for HVAC test instruments, which, in turn, is anticipated to drive the growth of the market in focus during the forecast period.
Customization in this context refers to the modification of HRV systems according to the end-user's tasks. The customization of HRV systems helps cover all configurations and capacities. Companies offer customized HRV systems to match their customer's applications. A customized HRV system enables the consumer to take advantage of the latest technological advancements, which can meet the changing needs of the user automatically. Also, by using customized HRV systems, enterprises ensure that the HRV systems system is neither too large nor too small for their use. An oversized HRV systems system leads to a waste of energy and money, while a small HRV systems system tends to operate constantly without maintaining ideal temperatures. Hence, the benefits of customized HRV systems are increasing the demand for HRV systems equipment.
Moreover, the increased benefits of customized HRV systems are encouraging enterprises such as Elta Group, Panasonic, and Trane Technologies to offer such solutions. Panasonic offers custom HRV systems system design, fabrication, and layout. Hence, the growing preference for customized HRV systems will lead to the growth of the global heat recovery ventilators (HRV) market during the forecast period.
Instability in the prices of raw materials affects the cost of production of HRV. Therefore, companies operating in the heat recovery ventilators (HRV) market enter into long-term contracts with suppliers to reduce the impact of the fluctuations in raw material prices on their business operations. However, small companies cannot enter into such contracts. The scarcity of raw materials is a significant challenge for the overall heat recovery ventilators (HRV) market. In addition, motors and compressors that are used to manufacture industrial HRV require rare-earth metals such as neodymium, while boron is required to convert magnets into permanent magnet motors, as it creates stronger magnetic fields than other types of materials. These magnets are twice as strong as ordinary ferrite-based magnets. Rare-earth metals are difficult to mine and then fabricate into products. Such metals are also limited in supply.
As a result, fluctuations in prices adversely impact the cost of such permanent magnet motors. China is a significant supplier of rare-earth magnets. Most industrial HRV companies procure industrial-grade motors and compressors from component providers. Fluctuations in the prices and availability of raw materials affect and reduce the profitability of companies, which will be a challenge for the growth of the heat recovery ventilators (HRV) market during the forecast period.
The market share growth of the automatic heat recovery ventilator segment will be significant during the forecast period. An HVR system can be designed to run fully automatically using humidity sensors or can be controlled from wired switches to a fully interactive application. An automatic heat recovery ventilation unit, commonly found in roof spaces or plant rooms of buildings, is the means by which a heat recovery system, also known as HRV operates.
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The automatic heat recovery ventilator segment was the largest and was valued at USD 2.12 billion in 2018. The increasing focus on air quality will increase the demand for the HRV system as HRV extracts moist, stale air from rooms and supplies fresh, filtered air to rooms. While it is well known that indoor air quality is linked to health problems such as allergies, asthma, and respiratory conditions, its significance for cognitive performance is not as well recognized. Indoor air quality has been shown in recent workplace research to impact mood, anxiety, and concentration. Extended exposure to indoor air quality can even cause personality changes, memory loss, and decreased cognitive performance. Thus, increasing focus on improving air quality will add to the demand for HRV, which will drive the automatic heat recovery ventilator segment and market in focus during the forecast period.
Application Segment Analysis:
Based on application, the market has been segmented into non-residential and residential. The non-residential segment will account for the largest share of this segment.?Non-residential end-users of HRV are commercial buildings, retail stores, and healthcare and educational institutions. There is an increasing need to reduce the number of impurities in the air inside the building and to shield equipment components from any buildup of dirt and debris. The rise in the number of net-zero buildings is the major trend in the construction business. A net-zero building can produce renewable energy to meet its annual energy consumption requirements. This reduces the need for non-renewable energy in the building. The commercial sector has seen growth in terms of the increasing number of office buildings, schools, and healthcare facilities. There are significant opportunities in the heat recovery ventilators (HRV) market in the Middle East and APAC owing to the rising construction of commercial buildings. Such an increase in construction activities in the commercial sector will propel the growth of the non-residential segment and heat recovery ventilators (HRV) market during the forecast period.
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APAC is estimated to contribute 47% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Due to the region's changing demographics, growing population, harsh weather, and rapid urbanization, APAC holds the largest share in the heat recovery ventilators market. In countries such as China and India, the growing residential and commercial construction industry is the main driver of the heat recovery ventilators market expansion. Over the course of the forecast period, the heat recovery ventilator market in Asia-Pacific will be driven by regulations and energy efficiency criteria in countries such as China and India. The population in various countries of APAC is growing. This population growth is leading to an increase in demand for new residential houses in the region. In addition, population growth and urbanization in this region have increased the need for smart and sustainable infrastructure solutions, including HRV systems.
However, companies are focusing on providing energy-efficient HRV systems in a compact package to further increase their market share in fast-growing countries in the heat recovery ventilators market in APAC. Such developments are expected to further increase the penetration of HRV systems in the medium and small residential and non-residential segments in the region during the forecast period.
The market in the region witnessed certain challenges in 2020. The outbreak of COVID-19 negatively affected many countries in the region, including China, India, South Korea, and Japan. However, from 2021 onwards, many countries, including China, India, South Korea, and Japan, started conducting large-scale COVID-19 vaccination drives, and therefore, the restrictions on all sectors, including the commercial, were removed. The restoration of the supply chain and growth in the demand for HRV from commercial buildings drove the regional market in 2021. Thus, increasing construction of new buildings will drive the regional market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Astberg Ventilation Pvt. Ltd. - The company offers heat recovery ventilators such as AHE 150THB, AHE 200THB, AHE 300THB.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Aldes Ventilation Corp., Astberg Ventilation Pvt. Ltd., BLAUBERG GROUP AG, Broan NuTone LLC, Canarm Ltd., Carrier Global Corp., Daikin Industries Ltd., ELIM Electronics Inc., Elta Group, EnviroVent Ltd., Field Controls LLC, Fujitsu General Ltd., Honeywell International Inc., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., Mitsubishi Electric Corp., Panasonic Holdings Corp., Trane Technologies plc, and Zehnder Group AG
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The heat recovery ventilators (HRV) market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Heat Recovery Ventilators (HRV) Market Scope |
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Report Coverage |
Details |
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Page number |
166 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.72% |
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Market Growth 2024-2028 |
USD 2.23 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
8.78 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 47% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aldes Ventilation Corp., Astberg Ventilation Pvt. Ltd., BLAUBERG GROUP AG, Broan NuTone LLC, Canarm Ltd., Carrier Global Corp., Daikin Industries Ltd., ELIM Electronics Inc., Elta Group, EnviroVent Ltd., Field Controls LLC, Fujitsu General Ltd., Honeywell International Inc., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., Mitsubishi Electric Corp., Panasonic Holdings Corp., Trane Technologies plc, and Zehnder Group AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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