Report Overview

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

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Vietnam Energy Recovery Ventilator Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rising consumer awareness about poor indoor air quality
         2. Strict government policies focusing on installation of ventilators in green buildings
      2. Restraints
         1. Lack of awareness about the benefits offered by energy recovery utilities
      3. Opportunities
         1. Product innovation in energy recovery ventilators
      4. Challenges
         1. The difficulty involved in retrofitting older buildings with new and improved energy recovery ventilators
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. 1. Bargaining Power of Suppliers
         2. Bargaining Power of Buyers
         3. Threat of New Entrants
         4. Threat of Substitutes
         5. Intensity of Rivalry
4. Vietnam Energy Recovery Ventilator Market Overview
   1. Market Size & Forecast, by Value, 2019–2029
      1. 1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
         1. Plate Heat Exchanger
         2. Heat Pipe Heat Exchanger
         3. Rotary Heat Exchanger
         4. Run Around Coil
         5. Others
      2. By Application
         1. Residential
         2. Commercial
         3. Others
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Vietnam Energy Recovery Ventilator Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
6. Impact of Covid-19 on Vietnam Energy Recovery Ventilator Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. Mitsubishi Electric Corporation
   2. Daikin
   3. Panasonic Corporation
   4. LG Electronics
   5. Johnson Controls
   6. Munters
   7. FUJITSU General
   8. Nortek Air Solutions
   9. Greenheck Fan
   10. Carrier Corporation
   11. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumptions & Limitations

*Financial information of case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       Vietnam Energy Recovery Ventilator Segmentation

Figure 2       Vietnam Energy Recovery Ventilator Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       Vietnam Energy Recovery Ventilator Market Size, By Value (USD Million), 2019–2029

Figure 5       Vietnam Energy Recovery Ventilator Market Share, By Type, By Value, 2019–2029

Figure 6       Vietnam Energy Recovery Ventilator Market Share, By Application, By Value, 2019–2029

List of Tables

Table 1        Vietnam Energy Recovery Ventilator Segmentation

Table 2        Vietnam Energy Recovery Ventilator Market Value Chain Analysis

Table 3        Company Market Size Analysis, 2022

Table 4        Vietnam Energy Recovery Ventilator Market Size, By Value (USD Million), 2019–2029

Table 5        Vietnam Energy Recovery Ventilator Market Share, By Type, By Value, 2019–2029

Table 6        Vietnam Energy Recovery Ventilator Market Share, By Application, By Value, 2019–2029

Table 7        Mitsubishi Electric Corporation Company Overview

Table 8        Mitsubishi Electric Corporation Financial Overview

Table 9        Daikin Company Overview

Table 10      Daikin Financial Overview

Table 11      Panasonic Corporation Company Overview

Table 12      Panasonic Corporation Financial Overview

Table 13      Johnson Controls Company Overview

Table 14      Johnson Controls Financial Overview

Table 15      Munters Company Overview

Table 16      Munters Financial Overview

Table 17      FUJITSU General Company Overview

Table 18      FUJITSU General Financial Overview

Table 19      Nortek Air Solutions Company Overview

Table 20      Nortek Air Solutions Financial Overview

Table 21      Greenheck Fan Company Overview

Table 22      Greenheck Fan Financial Overview

Table 23      Carrier Corporation Company Overview

Table 24      Carrier Corporation Financial Overview