Summary

The global energy recovery ventilator core market is projected to grow from USD 1.01 billion in 2024 to USD 1.56 billion by 2030, at a CAGR of 7.4% during the forecast period. This growth is fueled by several factors, including the expansion of residential and commercial construction projects in various developing nations, the implementation of energy efficiency standards and regulations by government bodies, the need to enhance indoor air quality in tightly sealed buildings, and evolving climate conditions.

“Fibrous Paper segment, by material type, is estimated to account for the second largest share during the forecast period.”
The fibrous paper segment is projected to secure the second-largest share in the forecast period. The cellulose-based fibrous paper ERV cores are exceptionally good at transferring both sensible and latent heat, ensuring optimal indoor humidity levels are within the range of 40% to 60%. These cores permit water molecules to pass through selectively but deny entry of harmful pollutants like CO2 and NO2. They are, therefore, suitable for use in improving indoor air quality. This paper is fibrous with high moisture permeability, airtightness, and resistance towards aging, mildew, and bacteria growth.

“By flow type, counter-flow segment accounted for the second largest share during the forecast period.”
The Counter-flow segment by flow type is expected to have the second-largest share of the energy recovery ventilator core market. The increasing applications in residential and commercial areas drive the growth. Counter-flow ERV cores have superior efficiency and are highly valued for their suitability in HVAC systems in buildings that focus on energy conservation and IAQ. Because the airflow streams run counter-flow, maximum contact time between the two streams is achieved. The design thus extracts the maximum recoverable heat. It is one of the most popular configurations for ensuring efficient energy transfer under various climatic conditions by maximizing the transfer of sensible and latent heat from both airstreams.


“By shape, square segment accounted for the second largest share during the forecast period.”
The square segment by shape is expected to have the second-largest share of the energy recovery ventilator core market, primarily owing to its crossflow design, which is highly efficient for low-maintenance applications. The channels for airflow in square-shaped ERV cores are usually formed by flat aluminum foils, through which separate channels pass fresh and exhaust air streams without direct contact between the two airstreams. The design, which uses a polymer membrane in the core, retains high latent efficiency without allowing pollutants, pathogens, or odors to diffuse. Low-pressure-drop configurations and ease of modifications for different configurations make square-shaped ERV cores versatile and durable, a feature desirable both in residential and commercial HVAC systems intended for air quality improvement and energy efficiency.

“Europe region is estimated to account for the second largest share during the forecast period.”
Europe is the second-largest region in the energy recovery ventilator core market, primarily because of strict regulatory policies on energy efficiency and growing indoor air quality awareness. The area has dedicated itself to sustainability and carbon emission reduction, resulting in the massive adoption of energy-efficient HVAC systems in residences and commercial domains. Germany, France, and the UK are paramount countries imposing green building standards. This has led to a growing need for more advanced ventilation solutions that can offer high heat and moisture recovery efficiency, as air pollution is a significant cause of damage to human health, especially in population-dense urban areas.

Profile break-up of primary participants for the report:
• By Company Type: Tier 1 – 65%, Tier 2 – 20%, and Tier 3 – 15%
• By Designation: Directors– 30%, Managers– 25%, and Others – 45%
• By Region: North America – 25%, Europe – 20%, Asia Pacific – 45%, Middle East and Africa – 5%, and South America – 5%

CORE Energy Recovery Solutions (Germany), HOLTOP (China), Greenheck Fan Corporation (US), Ruskin (US), and Innergy Tech Inc. (Canada) are some of the major players in the energy recovery ventilator core market. These players have adopted acquisitions, expansions, product launches, and partnerships to increase their market share and business revenue.

Research Coverage:
The report defines, segments, and projects the energy recovery ventilator core market based on material type, flow type, shape, and region. It provides detailed information regarding the major factors influencing the market's growth, such as drivers, restraints, opportunities, and challenges. It strategically profiles energy recovery ventilator core manufacturers. It comprehensively analyzes their market shares and core competencies and tracks and analyzes competitive developments, such as expansions, agreements, product launches, and acquisitions, undertaken by them in the market.
Reasons to Buy the Report:
The report is expected to help the market leaders/new entrants by providing the closest approximations of revenue numbers for the energy recovery ventilator core market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the market's competitive landscape, gain insights to improve the position of their businesses and make suitable go-to-market strategies. It also enables stakeholders to understand the market's pulse and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:
• Analysis of key drivers (Rising focus on indoor air quality, Climate changes, and environmental concerns), restraints (Noise and discomfort, High initial and installation cost), opportunities (Increasing demand in new residential and commercial projects), and challenges (Frozen energy recovery ventilatory cores, Challenge involved in retrofitting existing buildings with energy recovery ventilator) influencing the growth of the energy recovery ventilator core market.

• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities in the energy recovery ventilator core market.

• Market Development: Comprehensive information about lucrative markets – the report analyses the energy recovery ventilator core market across varied regions.

• Market Diversification: Exhaustive information about various types, untapped geographies, new products, recent developments, and investments in the energy recovery ventilator core market.

• Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players in the energy recovery ventilator core market, such as CORE Energy Recovery Solutions (Germany), HOLTOP (China), Greenheck Fan Corporation (US), Ruskin (US), Innergy Tech Inc. (Canada), and others.

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Table of Contents

1 INTRODUCTION 22
1.1 STUDY OBJECTIVES 22
1.2 MARKET DEFINITION 22
1.3 STUDY SCOPE 23
1.3.1 MARKETS COVERED AND REGIONAL SCOPE 23
1.3.2 INCLUSIONS AND EXCLUSIONS 23
1.4 YEARS CONSIDERED 24
1.5 CURRENCY CONSIDERED 24
1.6 LIMITATIONS 24
1.7 STAKEHOLDERS 25
1.8 SUMMARY OF CHANGES 25
2 RESEARCH METHODOLOGY 26
2.1 RESEARCH DATA 26
2.1.1 SECONDARY DATA 27
2.1.1.1 Key data from secondary sources 27
2.1.2 PRIMARY DATA 27
2.1.2.1 Key data from primary sources 28
2.1.2.2 Breakdown of interviews with experts 29
2.2 DEMAND-SIDE MATRIX 29
2.3 MARKET SIZE ESTIMATION 30
2.3.1 BOTTOM-UP APPROACH 30
2.3.2 TOP-DOWN APPROACH 30
2.3.2.1 Calculations for supply-side analysis 32
2.4 GROWTH FORECAST 32
2.5 DATA TRIANGULATION 33
2.6 RESEARCH ASSUMPTIONS 34
2.7 RESEARCH LIMITATIONS 34
2.8 RISK ASSESSMENT 34
3 EXECUTIVE SUMMARY 35
4 PREMIUM INSIGHTS 39
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN ENERGY RECOVERY VENTILATOR CORE MARKET 39
4.2 ENERGY RECOVERY VENTILATOR CORE MARKET, BY REGION 39
4.3 ENERGY RECOVERY VENTILATOR CORE MARKET, BY COUNTRY 40
 
5 MARKET OVERVIEW 41
5.1 INTRODUCTION 41
5.2 MARKET DYNAMICS 41
5.2.1 DRIVERS 42
5.2.1.1 Rising focus on indoor air quality 42
5.2.1.2 Climatic changes and environmental concerns 43
5.2.2 RESTRAINTS 44
5.2.2.1 Noise and discomfort 44
5.2.2.2 High initial and installation costs 44
5.2.3 OPPORTUNITIES 45
5.2.3.1 Increasing number of new residential and commercial projects 45
5.2.4 CHALLENGES 46
5.2.4.1 Clogging of energy recovery ventilator cores with ice in low-temperature conditions 46
5.2.4.2 Challenges involved in retrofitting existing buildings with energy recovery ventilators 47
6 INDUSTRY TRENDS 48
6.1 GLOBAL MACROECONOMIC OUTLOOK 48
6.1.1 GDP 48
6.1.2 RISING ADOPTION OF ENERGY RECOVERY VENTILATORS IN VARIOUS INDUSTRIES AND SECTORS 50
6.2 VALUE CHAIN ANALYSIS 51
6.3 ECOSYSTEM ANALYSIS 52
6.4 PORTER’S FIVE FORCES ANALYSIS 54
6.4.1 BARGAINING POWER OF SUPPLIERS 55
6.4.2 BARGAINING POWER OF BUYERS 55
6.4.3 THREAT OF NEW ENTRANTS 55
6.4.4 THREAT OF SUBSTITUTES 55
6.4.5 INTENSITY OF COMPETITIVE RIVALRY 56
6.5 KEY STAKEHOLDERS AND BUYING CRITERIA 56
6.5.1 KEY STAKEHOLDERS IN BUYING PROCESS 56
6.5.2 BUYING CRITERIA 57
6.6 PRICING ANALYSIS 58
6.6.1 AVERAGE SELLING PRICE TREND OF ERV CORE, BY REGION 58
6.6.2 AVERAGE SELLING PRICE TREND OF ERV CORE, BY SHAPE 59
6.6.3 INDICATIVE PRICING OF ERV CORE FOR KEY PLAYERS 60
6.7 TARIFF AND REGULATORY LANDSCAPE 61
6.7.1 TARIFF ANALYSIS 61
6.7.2 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 61
 
6.8 KEY CONFERENCES AND EVENTS, 2024–2025 63
6.9 PATENT ANALYSIS 64
6.9.1 METHODOLOGY 64
6.10 TECHNOLOGY ANALYSIS 66
6.10.1 KEY TECHNOLOGIES 66
6.10.1.1 Sorbent ventilation technology 66
6.10.2 ADJACENT TECHNOLOGIES 66
6.10.2.1 Heat recovery ventilator 66
6.11 CASE STUDY ANALYSIS 67
6.11.1 TEMPEFF SOLUTION: REGINA & SASKATOON JOINT USE SCHOOLS 67
6.11.2 AIRXCHANGE: IMPROVING INDOOR AIR QUALITY AND REDUCING VENTILATION COSTS IN CASINO 67
6.11.3 AIRXCHANGE: UPGRADING VENTILATION SYSTEM AT VINELAND VETERAN’S HOME 68
6.12 TRADE ANALYSIS 70
6.12.1 IMPORT SCENARIO (HS CODE 841950) 70
6.12.2 EXPORT SCENARIO (HS CODE 841950) 71
6.13 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 72
6.14 IMPACT OF GENERATIVE AI ON ENERGY RECOVERY VENTILATOR CORE MARKET 73
6.14.1 INTRODUCTION 73
6.14.2 OVERVIEW OF IMPACT OF GENERATIVE AI ON ENERGY RECOVERY VENTILATOR CORE MARKET 73
6.14.2.1 Predictive maintenance 73
6.14.2.2 Demand-controlled ventilation 73
6.14.2.3 Personalized comfort control 73
6.14.2.4 Adaptive control 73
6.14.2.5 Conclusion 74
7 ENERGY RECOVERY VENTILATOR CORE MARKET, BY SHAPE 75
7.1 INTRODUCTION 76
7.2 SQUARE 77
7.2.1 HIGH LATENT EFFICIENCY AND LOW MAINTENANCE REQUIREMENTS TO DRIVE DEMAND 77
7.3 DIAMOND 78
7.3.1 VERSATILE CONFIGURATIONS TO BOOST MARKET GROWTH 78
7.4 HEXAGON 79
7.4.1 ABILITY TO MAINTAIN HIGH LEVEL OF AIRFLOW EFFICIENCY WITH MINIMAL PRESSURE DROP TO FUEL DEMAND 79
7.5 OTHER SHAPES 80
 
8 ENERGY RECOVERY VENTILATOR CORE MARKET, BY MATERIAL TYPE 82
8.1 INTRODUCTION 83
8.2 ENGINEERED RESIN 84
8.2.1 HIGH PERFORMANCE AND DURABILITY TO DRIVE DEMAND 84
8.3 FIBROUS PAPER 85
8.3.1 ABILITY TO EFFICIENTLY TRANSFER MOISTURE AND COST-EFFECTIVENESS TO FUEL DEMAND 85
8.4 OTHER MATERIAL TYPES 86
9 ENERGY RECOVERY VENTILATOR CORE MARKET, BY FLOW TYPE 88
9.1 INTRODUCTION 89
9.2 CROSSFLOW 90
9.2.1 COST-EFFECTIVENESS AND HIGH VERSATILITY TO DRIVE MARKET 90
9.3 COUNTER-FLOW 91
9.3.1 HIGH ENERGY EFFICIENCY TO DRIVE DEMAND 91
10 ENERGY RECOVERY VENTILATOR CORE MARKET, BY REGION 93
10.1 INTRODUCTION 94
10.2 NORTH AMERICA 95
10.2.1 US 99
10.2.1.1 Growing demand in construction and various other industries to drive market 99
10.2.2 CANADA 100
10.2.2.1 Government-led initiatives to promote use of energy-saving devices to boost market growth 100
10.2.3 MEXICO 101
10.2.3.1 Expanding construction industry and focus on LEED-certified buildings to contribute to market growth 101
10.3 EUROPE 102
10.3.1 GERMANY 105
10.3.1.1 Commitment to energy efficiency and rising need for energy-saving technologies and indoor comfort to drive market 105
10.3.2 UK 106
10.3.2.1 Government-led initiatives to achieve energy efficiency and rising investments in infrastructure development to drive market 106
10.3.3 FRANCE 107
10.3.3.1 Growing construction projects to fuel market growth 107
10.3.4 ITALY 108
10.3.4.1 Rising industrial activities to drive demand 108
10.3.5 SPAIN 109
10.3.5.1 Booming manufacturing sector to spur market growth 109
10.3.6 REST OF EUROPE 110
 
10.4 ASIA PACIFIC 111
10.4.1 CHINA 114
10.4.1.1 Rising promotion of energy-efficient cooling solutions to boost market growth 114
10.4.2 SOUTH KOREA 115
10.4.2.1 Rising demand for HVAC systems to drive market 115
10.4.3 JAPAN 116
10.4.3.1 Rising environmental awareness, technological innovation, and evolving consumer needs to fuel market growth 116
10.4.4 INDIA 117
10.4.4.1 Growing building & construction and HVAC industries to boost market growth 117
10.4.5 MALAYSIA 118
10.4.5.1 Expanding data center industry to drive market 118
10.4.6 SINGAPORE 119
10.4.6.1 Sustainability regulations to improve indoor air quality to drive demand 119
10.4.7 REST OF ASIA PACIFIC 120
10.5 MIDDLE EAST & AFRICA 121
10.5.1 GCC COUNTRIES 124
10.5.1.1 UAE 124
10.5.1.1.1 Environmental concerns and need to reduce carbon emissions to drive demand. 124
10.5.1.2 Saudi Arabia 125
10.5.1.2.1 Booming tourism industry to fuel market growth 125
10.5.1.3 Rest of GCC countries 126
10.5.2 SOUTH AFRICA 126
10.5.2.1 Growing HVAC industry to boost demand 126
10.5.3 REST OF MIDDLE EAST & AFRICA 127
10.6 SOUTH AMERICA 128
10.6.1 BRAZIL 130
10.6.1.1 Rapid urbanization to drive demand 130
10.6.2 ARGENTINA 131
10.6.2.1 Climate variability to increase demand 131
10.6.3 REST OF SOUTH AMERICA 132
11 COMPETITIVE LANDSCAPE 134
11.1 OVERVIEW 134
11.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2019–2024 134
11.3 MARKET SHARE ANALYSIS 136
11.4 BRAND/PRODUCT COMPARISON 138
 
11.5 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 139
11.5.1 STARS 139
11.5.2 EMERGING LEADERS 139
11.5.3 PERVASIVE PLAYERS 139
11.5.4 PARTICIPANTS 139
11.5.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023 141
11.5.5.1 Company footprint 141
11.5.5.2 Flow type footprint 142
11.5.5.3 Material type footprint 142
11.5.5.4 Shape footprint 143
11.5.5.5 Region footprint 144
11.6 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 145
11.6.1 PROGRESSIVE COMPANIES 145
11.6.2 RESPONSIVE COMPANIES 145
11.6.3 DYNAMIC COMPANIES 145
11.6.4 STARTING BLOCKS 145
11.6.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023 147
11.6.5.1 Detailed list of key startups/SMEs 147
11.6.5.2 Competitive benchmarking of key startups/SMEs 148
11.7 COMPETITIVE SCENARIO 149
11.7.1 PRODUCT LAUNCHES 149
11.7.2 DEALS 150
12 COMPANY PROFILES 151
12.1 KEY PLAYERS 151
12.1.1 CORE ENERGY RECOVERY SOLUTIONS 151
12.1.1.1 Business overview 151
12.1.1.2 Products/Solutions/Services offered 151
12.1.1.3 Recent developments 152
12.1.1.3.1 Deals 152
12.1.1.4 MnM view 153
12.1.1.4.1 Key strengths 153
12.1.1.4.2 Strategic choices 153
12.1.1.4.3 Weaknesses & competitive threats 153
12.1.2 INNERGY TECH INC. 154
12.1.2.1 Business overview 154
12.1.2.2 Products/Solutions/Services offered 154
12.1.2.3 Recent developments 155
12.1.2.3.1 Product launches 155
12.1.2.4 MnM view 156
12.1.2.4.1 Key strengths 156
12.1.2.4.2 Strategic choices 156
12.1.2.4.3 Weaknesses & competitive threats 156
12.1.3 RUSKIN 157
12.1.3.1 Business overview 157
12.1.3.2 Products/Solutions/Services offered 157
12.1.3.3 MnM view 158
12.1.3.3.1 Key strengths 158
12.1.3.3.2 Strategic choices 158
12.1.3.3.3 Weaknesses & competitive threats 158
12.1.4 HOLTOP 159
12.1.4.1 Business overview 159
12.1.4.2 Products/Solutions/Services offered 159
12.1.4.3 MnM view 159
12.1.4.3.1 Key strengths 159
12.1.4.3.2 Strategic choices 160
12.1.4.3.3 Weaknesses & competitive threats 160
12.1.5 GREENHECK FAN CORPORATION 161
12.1.5.1 Business overview 161
12.1.5.2 Products/Solutions/Services offered 161
12.1.5.3 Recent developments 162
12.1.5.3.1 Product launches 162
12.1.5.4 MnM view 163
12.1.5.4.1 Key strengths 163
12.1.5.4.2 Strategic choices 163
12.1.5.4.3 Weaknesses & competitive threats 163
12.1.6 DAIS CORPORATION 164
12.1.6.1 Business overview 164
12.1.6.2 Products/Solutions/Services offered 164
12.1.6.3 Recent developments 165
12.1.6.3.1 Deals 165
12.1.7 HOVAL 166
12.1.7.1 Business overview 166
12.1.7.2 Products/Solutions/Services offered 166
12.1.8 FIELD CONTROLS, LLC 168
12.1.8.1 Business overview 168
12.1.8.2 Products/Solutions/Services offered 168
12.1.9 KLINGENBURG GMBH 169
12.1.9.1 Business overview 169
12.1.9.2 Products/Solutions/Services offered 169
12.1.9.3 Recent developments 170
12.1.9.3.1 Deals 170
 
12.1.10 OJI INDUSTRIAL MATERIALS MANAGEMENT CO., LTD. 171
12.1.10.1 Business overview 171
12.1.10.2 Products/Solutions/Services offered 172
12.1.11 ENERGY RECOVERY INDUSTRIES CORP. S.R.L. 173
12.1.11.1 Business overview 173
12.1.11.2 Products/Solutions/Services offered 173
12.1.12 POLYBLOC AG 174
12.1.12.1 Business overview 174
12.1.12.2 Products/Solutions/Services offered 174
12.1.13 KARYER HEAT TRANSFER INDUSTRY AND TRADE INC. 176
12.1.13.1 Business overview 176
12.1.13.2 Products/Solutions/Services offered 176
12.1.14 TAESUNG CO., LTD. 177
12.1.14.1 Business overview 177
12.1.14.2 Products/Solutions/Services offered 177
12.1.15 XIAMEN AIR-ERV TECHNOLOGY CO., LTD. 178
12.1.15.1 Business overview 178
12.1.15.2 Products/Solutions/Services offered 178
12.2 OTHER PLAYERS 180
12.2.1 CLEAN AIR NANO TECH 180
12.2.2 NANTONG DELI PURIFICATION EQUIPMENT FACTORY CO., LTD. 180
12.2.3 DRI 181
12.2.4 HTS 181
12.2.5 SVL INC. 182
12.2.6 SHANGHAI SHENGLIN M&E TECHNOLOGY CO., LTD. 182
12.2.7 SHANGHAI VENTTECH REFRIGERATION EQUIPMENT CO., LTD. 183
12.2.8 RECUPERATOR S.P.A. 184
12.2.9 ZERN ENGINEERING 185
12.2.10 HOLMAK 186
13 ADJACENT AND RELATED MARKETS 187
13.1 INTRODUCTION 187
13.2 LIMITATIONS 187
13.3 ADJACENT MARKET 187
13.4 HVAC SYSTEM MARKET 187
13.4.1 MARKET DEFINITION 187
13.4.2 MARKET OVERVIEW 187
13.4.3 HVAC SYSTEM MARKET, BY VENTILATION EQUIPMENT 188
13.5 AIR-HANDLING UNITS 188
13.5.1 VARIABLE FREQUENCY TO DRIVE USE IN AIR-HANDLING UNITS 188
 
13.6 AIR FILTERS 189
13.6.1 GROWING EMPHASIS ON IMPROVING HOTEL GUEST EXPERIENCE TO BOOST MARKET 189
13.7 DEHUMIDIFIERS 189
13.7.1 GOVERNMENT REGULATIONS AND PROMOTION OF ENERGY-EFFICIENT PRODUCTS TO PROPEL MARKET 189
13.8 VENTILATION FANS 190
13.8.1 RISING HOT AND HUMID CONDITIONS TO BOOST DEMAND 190
13.9 HUMIDIFIERS 190
13.9.1 CHANGING WEATHER PATTERNS AND INCREASING INDOOR AIR POLLUTION TO ACCELERATE MARKET GROWTH 190
13.10 AIR PURIFIERS 191
13.10.1 RISING CONCERNS ABOUT AIR POLLUTION AND INDOOR AIR QUALITY TO DRIVE MARKET 191
14 APPENDIX 192
14.1 DISCUSSION GUIDE 192
14.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 194
14.3 CUSTOMIZATION OPTIONS 196
14.4 RELATED REPORTS 196
14.5 AUTHOR DETAILS 197