As we become more eco-conscious reports indicate that the Global Industrial Energy Efficiency Sector is going to see some substantial growth.
TechNavio is predicting a compound annual growth rate (CAGR) of over six percent for the energy efficiency market. Their data shows that this sector should be worth almost eleven billion at the end of 2020. Multiple companies have been attempting to improve their image and bottom line by reducing their emissions. With the increase in the industry, the auditing process will grow as well. Auditing was found to be a large contributor to improving efficiency.
The heating, ventilation and air conditioning (HVAC) market is one of the contributors to the growth. MarketandMarkets has predicted HVAC will experience a compound annual growth rate of almost eleven percent in the next three years. A big factor of growth in this market is the constant demand for energy efficient HVAC controls that deliver minimal impact. Other contributors are a need for efficient wireless systems and sensors, as well as tax reductions in certain jurisdictions.
TechNavio has also stated that the lighting sector will have a CAGR of close to four percent by 2020. Both urbanization and industrialization are significant contributors to the growth. This sector is responsible for 20 percent of electric consumption worldwide. Since there is a significant contribution to carbon footprint with lighting, governments are now apt to invest in greener options. The Asia Pacific region is projected to be responsible for half of the market. LEDs, compact linear fluorescent and compact fluorescent lighting are being used more frequently to reduce emissions.