WELLESLEY, Mass, Nov. 21, 2017 (GLOBE NEWSWIRE) -- Diverse and wide-ranging factors are impacting the global market for energy efficient technologies. The market is projected to grow at a compound annual growth rate (CAGR) of 5.1%, according to an industry report by BCC Research. Led by growing demand for efficient residential systems and controls, the market is expected to be worth $124.2 billion by 2022.
Significant technological advancements in energy-efficient water heaters and other efficiency-oriented home control and automation technologies is boosting the market, while cost barriers will ultimately limit adoption of some technologies and elevated supply in markets such as LED lighting is keeping prices in check, according to the report Energy-efficient Technologies for Global Residential Markets.
Leaders in the field include Bosch Thermotechnology, Bradford White, Carrier, Daikin Industries, Electrolux, GE Lighting, Honeywell, Jeld-Wen, Johnson Controls, Lennox International, LG, Mitsubishi, Pella, Rheem, and Weil-McLain.
Research Highlights
- The global market for energy-efficient HVAC systems will be led by Asia, where annual growth could average 7.7% through 2022, when the segment could be valued at $6.6 billion. By 2022, a projected 2.2 million energy-efficient HVAC units will be sold annually in Asia.
- North America will lead global growth in the market for efficient tankless water heaters, with expansion estimated to be 16.5% annually through 2022. By value, however, the market will be led by Asia, where more than $9 billion will be spent in 2022.
- North America will also lead growth in the global market for heat pump water filters; expansion could average 14.3% annually through 2022. Again, Asia will lead in total volume, with estimated sales of $3.2 billion by 2022.
“In an increasing number of countries, increasingly stringent regulations provide strong support to deployment of residential energy efficiency technologies,” said report author and BCC Research analyst Robert Eckard. “But industry insiders rarely cite regulations as the primary driver of their industry. For example, in the U.S., homeowner and builder incentives have built up since the early 2000s, and have supported critical growth and continued development of many energy-efficient residential technologies, especially those with higher capital cost.”
The Lauded Smart Thermostat Has Not Yet Met Market Expectations
Despite predictions of robust growth, the market for energy-efficient thermostats remains modest, the report notes. These units allow precise programmable temperature control and net the user a bevy of data in addition to the ability to “learn” a user’s preferences over time. However, the report adds, the units cost as much as five times that of a traditional thermostat, and the ability to remotely control a home’s temperature remains of limited interest to most homeowners.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.