International. Guidehouse Insights estimated, in its new report entitled "Global Energy Efficiency Markets" where it analyzes the energy efficiency market worldwide, that it will grow to up to 90.4 million dollars by 2032, at a compound annual growth rate (CAGR) of 7.4 %.
According to the firm, "market drivers include overloaded existing network infrastructure, clearer definition in government policies, and advances in energy efficiency technology and digitization."
That is, as governments around the world seek to reduce dependence on foreign energy resources and reduce greenhouse gas (GHG) emissions, investment in energy efficiency is expected to increase in all regions over the next decade.
Pritil Gunjan, director of Guidehouse Insights, commented that “energy efficiency is the least expensive resource and one of the most effective to reduce GHG emissions. It can lead to lower energy bills for consumers and reduced operating costs for energy providers. As a result, governments and utility companies invest millions of dollars each year in energy efficiency initiatives.
So, as the existing grid infrastructure becomes increasingly strained, the need for investment in energy efficiency is further driven. In that sense, government policy around energy and emissions remains one of the strongest drivers of market spending.
“Advances in energy efficiency technology and digitization have also expanded the investment opportunity beyond traditional building retrofits and enabled new use cases for the resource.”
According to the report, among the barriers to faster investment in energy efficiency are the disincentives inherent in utilities, the lack of information available on energy use for consumers, and difficulties with measurement and verification.
It is relevant to mention that the document “Global Energy Efficiency Markets”, examines the global energy efficiency market, including relevant market drivers and barriers to program spending along with an industry value chain and business model analysis.
