Energy Efficient Technology in Hospitality Industry - Analysis, Market Size 2020
Energy efficient technologies have become one of the sound business practices worldwide. Energy represents rapidly growing operating expenses in hospitality industry that can be optimized by using solutions based on hardware, software, and services through an integrated view into a hotel’s energy performance. There are a range of options and technologies available that hospitality industry can employ to become more energy efficient, depending on budget and requirement such as wireless controllers, system for heating & cooling, flush toilets that use less water and high performance fireplaces that eliminate air leakage. Wireless controllers can run key cards, lighting and air conditioning in rooms, in an attempt to reduce energy consumption.
This device helps lights and other devices turn off automatically in the room, when the guests enter/leave, and adjust to the most favorable settings during their presence in the respective areas. Compact hot water distribution systems allow hot water to reach end users faster and turn off automatically when user leaves the room. The technology exists for kitchen results in remarkable reductions in energy consumption, resulting in reduction in carbon-footprint and cost savings. Some green initiatives for energy conservations have turned into a unique selling point of luxury hotels across the industry.
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Energy efficient technology in hospitality industry can be segmented on the basis of product, industry and regions. Product segmentation depends on applications, technology and investment. Industry can be divided in the three segments such as luxury, full service and limited service hotels. Luxury hotels will have high level of green-house-gases emission and need for energy efficient system as compared to others. In 2014, North America and Europe accounted nearly 60% of total hotels in the world. Government in some part of the world have created few schemes for organizations investing in energy efficient plans such as in the U.K, businesses receive 100% tax relief on their qualifying capital expenditure on energy-saving equipment, in the U.S., purchasers of commercial food service (CFS) equipment may be entitled to refunds and incentives from utility companies and many others. In Asia Pacific, Thailand, China and India have scope of development as being a primary choice for tourists. Growing tourism in these countries is likely to fuel the market growth in the coming years.
Some of the factors driving energy efficient technologies in hospitality industry are changing perception of customers, increasing tourism and business travel, green building trends and energy pricing. Growing consumer awareness and their focus on clean environment are becoming centric that is giving rise to development of green technology. Challenge for hotels today seems to bring together commercial needs such as creating more unique guest experiences with environmental considerations. Energy-efficient technology might be costly initially, but the industry is acknowledging the long-term benefits in terms of savings.
Few solution providers for hospitality industry are Siemens AG, EpiSensor Limited, Obvius, Utilidex, EDP Energias de Portuga, Telnergy Limited and Orsis Limited.
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