Energy Efficient Construction Market Outlook and Forecast Analysis over 2019 – 2024
Saudi Arabia, Turkey, and Qatar are predicted to positively influence Middle East & Africa energy efficient construction market growth owing to increase in regional infrastructure spending. Countries with low capital such as Nigeria and Zimbabwe may witness sluggish growth due to high plant set up cost.
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Energy efficient construction market size is forecast to grow owing to support from regional governments in the form of incentives and promoting the technology through prescriptive measures and building codes. Rise in electricity prices is driving organizations and governments to install new technologies to control & monitor electricity usage in buildings. Increase in need to reduce carbon emissions and mange capital in a strategic way among government and corporate sectors were among the key driving factors for market size growth.
LED lights, HVAC systems, and solar power are the key product types. HVAC systems are expected to witness significant demand due to increase in trend for green technology and reducing operational cost. Energy efficient construction market size for these products is expected to surpass USD 7 billion during the forecast period.
Institutional segment consists of hospitals, hotels, and colleges. Urgency to attain sustainable power products coupled with supportive government subsidies and rebates is likely to drive application demand.
Applications can be bifurcated into homes, offices, institutional, and retail. Increase in consumer awareness pertaining to reducing electricity cost coupled with supportive government policies is likely to positively influence energy efficient construction market growth.
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The retail sector requires more electricity in order to execute marketing techniques for better product visibility and to make the store more attractive. Growth in the retail segment owing to shift in consumer shopping behavior is likely to propel energy efficient construction market demand.
Energy efficient construction market share is competitive and fairly consolidated; major players include:
• Hitachi Group
• Mitsubishi Electric
• Johnson Controls
• Schneider Electric
• Cofely (GDF Suez)
• NTT Facilities
• LG Electronics
Major power consumption is noticed in offices owing to presence of electronic equipment. Need to reduce operational cost accompanied by long term benefits from energy efficient building technologies market products are anticipated to fuel demand.
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