Vietnam Energy Recovery Ventilator Market
Vietnam Energy Recovery Ventilator Market Size More Than Doubles to Reach USD 384.3 Million by 2029
Published | 03 March 2023
Vietnam energy recovery ventilator market is gaining traction because of the rising consumer awareness about poor indoor air quality and strict government policies focusing on installation of ventilators in green buildings.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Vietnam Energy recovery ventilator market size at USD 162.34 million in 2022. During the forecast period between 2023 and 2029, the Vietnam Energy recovery ventilator market size is projected to grow at an impressive CAGR of 13.10% reaching a value of USD 384.29 million by 2029. Expanding residential and commercial building development in the country as well as increased investment in sustainable energy technologies are key growth factors for the Vietnam energy recovery ventilator market. The Vietnam energy recovery ventilator market is expected to have robust expansion during the projected period as a result of rising awareness of the negative health effects of toxic emissions.
Vietnam Energy Recovery Ventilator Market – Overview
An energy recovery ventilator (ERV) is a type of mechanical apparatus used to provide regulated ventilation in a building. It includes a heat exchanger and a ventilation system. By installing an energy recovery ventilator, the residents will be able to maintain airflow while consuming less energy. In an ERV, heated air continually exchanges heat with outside air that is colder and healthier. There are four distinct types of energy recovery ventilators: runaround loop coil, plate heat exchanger, rotary heat exchanger, and heat-pipe heat exchanger.
Vietnam Energy Recovery Ventilator Market – By Application
Based on application, Vietnam energy recovery ventilator market is segmented into residential, commercial, and others. The commercial segment accounts for the highest share of the Vietnam energy recovery ventilator market. These systems are prominently being used in commercial spaces including hotels and restaurants, airports, offices, and others. Energy recovery ventilators are highly efficient in lowering the operational costs of these commercial facilities, which is contributing to its market growth. However, the residential segment is projected to register the highest CAGR during the forecast period owing to increasing housing development in Vietnam
Impact of COVID-19 on Vietnam Energy Recovery Ventilator Market
Vietnam's economy as a whole and the energy recovery ventilators market both had a mild COVID-19 pandemic-related impact. The country's implementation of social distance regulations and nationwide lockdown hampered economic activity and caused a sharp fall in construction activity. Additionally, limitations on import and export operations as well as a fall in consumer purchasing power led to a subsequent decline in the entire market for energy recovery ventilators in Vietnam.
Major players operating in the Vietnam energy recovery ventilator market include Mitsubishi Electric Corporation, Daikin, Panasonic Corporation, LG Electronics, Johnson Controls, Munters, FUJITSU General, Nortek Air Solutions, Greenheck Fan, and Carrier Corporation. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Vietnam Energy Recovery Ventilator Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Vietnam Energy Recovery Ventilator Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Vietnam Energy Recovery Ventilator Market - By Type (Plate Heat Exchanger, Heat Pipe Heat Exchanger, Rotary Heat Exchanger, Run Around Coil, Others); By Application (Residential, Commercial, Others); Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Publish Date: March 2023
Expanding residential and commercial building construction projects in the country and rising investments in sustainable energy technologies are expected to drive Vietnam energy recovery ventilator market during the forecast period between 2023 and 2029.
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