Report Overview

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.

Vietnam Energy Recovery Ventilator Market - Industry Trends & Forecast Report, 2029

Vietnam energy recovery ventilator market size was estimated t USD 162.34 million in 2022. During the forecast period between 2023 and 2029, Vietnam energy recovery ventilator market size is projected to grow at a CAGR of 13.1% reaching a value of USD 384.29 million by 2029. Major growth factors for Vietnam energy recovery ventilator market include expanding residential and commercial building construction in the country along with rising investment in sustainable energy technologies. The increasing awareness of the health impact of hazardous emissions is anticipated to provide lucrative growth opportunities to the Vietnam energy recovery ventilator market during the forecast period.

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 different types of energy recovery ventilators: runaround loop coil, plate heat exchanger, rotary heat exchanger, and heat-pipe heat exchanger.

Vietnam Energy Recovery Ventilator Market

Growth Drivers

Increasing Commercial and Residential Building Construction Projects

Construction activities in Vietnam are increasing at a high rate owing to the rising demand for commercial and residential spaces. The demand for residential spaces is gaining huge traction mainly because of the increasing population as well as rising purchasing power and improving living standards. To address the housing requirements and affordability of low-income individuals, Ho Chi Minh City wants to expand the amount of rental housing over the next 30 years by offering a variety of payment options, including rent, lease purchase, and purchase. This is anticipated to fuel the demand for energy recovery ventilators in the country, propelling the overall market growth.

Restraints

High Maintenance Cost of Energy Recovery Ventilator and Lack of Awareness

Vietnam energy recovery ventilator Market is likely to witness growth restraints due to low consumer knowledge of the advantages given by energy recovery ventilators and the high cost of purchasing, installing, and maintaining energy recovery ventilators. The cost of an energy ventilator unit is around 12 million Vietnamese dongs (approximately USD 550), which deems expensive for an average Vietnamese household. It further involved overhead charges for maintenance, which is limiting its market adoption.

Impact of COVID-19 on Vietnam Energy Recovery Ventilator Market

Vietnamese 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.

Vietnam Energy Recovery Ventilator Market

Segmental Coverage

Vietnam Energy Recovery Ventilator Market – By Type

Based on type, Vietnam energy recovery ventilator market is segregated into the plate heat exchanger, heat pipe heat exchanger, rotary heat exchanger, run-around coil, and other segments. The plate heat exchanger holds the highest market share. The fluids are spread out over the plates, which has a significant benefit over a traditional heat exchanger in that they are exposed to a significantly wider surface area. Hence, plate heat exchangers are gaining huge traction among both residential and commercial spaces, influencing their market growth.

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.

Competitive Landscape

Major players operating in 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.

Scope of the Report

By Type

• Plate Heat Exchanger

• Heat Pipe Heat Exchanger

• Rotary Heat Exchanger

• Run Around Coil

• Others

By Application

• Residential

• Commercial

• Others