Global Industrial Energy Efficiency Services Market 2019-2023
About this market
The rise in renewable energy consumption is driven by the ongoing depletion of conventional fossil fuel sources, growing environmental concerns, and the rising economic burden of importing fuel commodities. With the escalating need to ensure total energy security, countries are focusing on the diversification of energy sources, rather than relying on a single or few energy sources. This presents significant opportunities for energy efficiency service providers. The solar energy industry is the fastest-growing source of new capacity additions globally, and it is expected to overtake the wind energy segment in terms of cumulative installed capacity within the next decade. Advances in solar cell technology and silicon manufacturing have made solar panels extremely efficient in energy conversion. Hence, their demand is increasing rapidly. Similarly, other renewable technologies such as bioenergy and hydropower are also witnessing considerable investments and developments. Technavio’s market research analysts have predicted that the industrial energy efficiency services market will register a CAGR of over 6% during on forecast period.
Growing awareness about environment impact and sustainability
The growing number of process and discrete industries are adopting sustainable development and energy use practices as a part of their corporate strategy to reduce the emissions from their operations and promote environmental sustainable. The increasing awareness about the environmental advantages of energy- efficient systems grows among the end- users and government agencies. The need for energy efficiency services in industrial processes is expected to grow significantly during our forecast period.
High initial setup cost
End- users are not convinced about the estimated saving that will be realized as they lack the knowledge about the M&V methods available to validate the achievement of the overall energy saving. Thus, the high initial setup cost of energy efficiency systems is expected to hinder the growth of the market
For the detailed list of factors that will drive and challenge the growth of the industrial energy efficiency services market during the 2019-2023, view our report.
The industrial energy efficiency services market is moderately fragmented owing to the presence of several market players. The increasing government regulations and the focus on optimizing energy efficiency have increased the demand for energy efficiency solutions in the industrial sector. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
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