Global Energy Conservation Service Market 2019 by Company, Regions, Type and Application, Forecast to 2024

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Global Energy Conservation Service Market Expanded By 6.25% To $31.3 Billion In 2018

Energy conservation effort made to reduce the consumption of energy by using less of an energy service. This can be achieved either by using energy more efficiently (using less energy for a constant service) or by reducing the amount of service used (for example, by driving less). Energy conservation is a part of the concept of eco-sufficiency. Energy conservation reduces the need for energy services and can result in increased environmental quality, national security, personal financial security and higher savings. It is at the top of the sustainable energy hierarchy. It also lowers energy costs by preventing future resource depletion.

Energy efficiency stands at a crossroads today. Strong efficiency gains continued to be made in 2018, even as energy prices fell. But at the same time, governments are not coming up with new policies fast enough, relying on existing regulations instead, precisely at the time when a pipeline of new efficiency policies should be coming into force. There is a risk that efficiency gains could take a step back.

However, global progress has become dependent on yesterday’s policies, with the implementation of new policies slowing. If the world is to transition to a clean energy future, a pipeline of new efficiency policies needs to be coming into force. Instead, the current low rate of implementation risks a backward step.

In some energy-intensive industries, such as aluminium smelting and cement manufacturing, average efficiency has improved sharply as a result of rapid expansion in production capacity, especially in emerging economies, since new facilities tend to be much more efficient than old ones.

In other hand, Energy efficiency in buildings continues to improve, thanks to policy action and technological advances. Policies have focused primarily on the building envelope, rather than heating and cooling equipment. There is considerable potential to achieve further energy savings by establishing standards.

Efficiency improvements of 10% to 20% are possible in most countries from appliances, equipment and lighting products that are already commercially available. There is strong global momentum towards more efficient lighting; by 2026, 90% of indoor lighting worldwide is expected to be provided by compact fluorescent lamps (CFLs) and light-emitting diodes (LEDs).

The global market expanded by 6.25% to $31.3 billion in 2018. China has by far the largest market, making up over 57% of global revenues, thanks to strong government incentives. The United States (23%) and Europe (11%) are the other two major markets. Over 1 million people are now employed around the world. We expect that the future market will maintain stable and high-speed development, achieving 6% compound growth in the next six years.

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