Energy Efficient Construction Market Size, Industry Analysis Report, Price Trend, Competitive Market Share & Forecast 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.
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 market size for these products is expected to surpass USD 7 billion during the forecast period.
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LED lights are the most appropriate substitute for fluorescent lights & bulbs as they consume 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.
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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.
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.