Energy Efficiency Construction Market share in Commercial sector to exceed 590 GW by 2023 : Global Market Insights Inc.
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.
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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 energy efficient construction market size growth. This technology is the most suitable way to reduce greenhouse gas emission & pollution and allows individuals and organizations to reduce operational cost and attain long term benefits.
LED lights are the most appropriate substitute for fluorescent lights & bulbs as they consumes less electricity and have longer life. Increase in electricity prices and growth in power consumption in offices and homes is expected to propel product demand.
In the commercial sector, major solar power installations were observed in hospitals, hotels, and offices. Batteries & chargers, attic fans, water heaters, and pool heaters are some residential applications. Cumulatively, over 175 GW of power was installed in 2015; it is predicted to exceed more than 590 GW by 2023, including both concentrated thermal power and photovoltaic.
Asia Pacific energy efficient building technologies market is anticipated to witness high growth owing to rapid industrialization and increase in power consumption. China and India is likely to be key contributing countries due to high population growth and large manufacturing plant set up.
Rapid industrialization and increase in trend for green technology is anticipated to provide a fillip to U.S. energy efficient construction market size. Europe energy efficient building market size is expected to witness notable growth; Germany, UK, and France are among key contributing countries owing to government regulations pertaining to control gas emissions and environment consciousness among end-users.
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.
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 growth.
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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.
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.
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 demand.
Rebates, tax credits, and incentives from governments is likely to encourage architects and infrastructure companies to install and purchases new and energy efficient construction materials. However, high initial investment cost and lengthy payback period is likely to hamper growth.
Energy efficient construction market share is competitive and fairly consolidated; major players include Daikin, Honeywell, Hitachi Group, Mitsubishi Electric, Johnson Controls, Philips, OSRAM, Schneider Electric, Trane, and Siemens. Other companies include Ameresco, CBRE, Azbil, Danfoss, Cofely (GDF Suez), JLL, E.ON, NTT Facilities, and LG Electronics.
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