There is a visible uptick in the
energy conservation and efficiency market. As nations continue to guzzle energy, the supply side has to keep up with escalating demand. Consequently, the need for energy conservation assumes prime importance so as to use available resources judiciously and ease the pressure on the supply side. While the energy conservation market refers to effecting a reduction in the amount of energy consumed, energy efficiency pertains to implementing ways consistently moderate the use of energy for a particular process. Both these techniques are ultimately aimed at curtailing energy use.
The energy conservation and efficiency market is comprised of systems, processes and equipment that helps restore some of the damage done the environment, enables nations to reach their energy security goals, and provides personal financing security. In the long term, the benefits offered by the energy conservation and energy efficiency market are many, and they span across virtually every industry vertical.
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Overview of the Energy Consumption and Efficiency Market
In recent decades, the world has woken up to the detrimental effects of carbon emissions and GHGs, and have thus taken serious cognizance of the need for energy conservation and energy efficiency systems. The manufacturing industry, for one, is one of the most power- and energy-intensive as it uses machinery, equipment and processes that rely on the uninterrupted supply of electricity and heat.
For instance, electric motors used a couple of decades ago were exceptionally high on energy consumption. This led to the formulation of stringent energy efficiency standards specifically for electric motors. Following the 1970 energy crisis, governments began to apply similar standards to other types of machines and devices. The high oil prices have been yet another key contributing factor to the growth of the energy conversation and energy efficiency market as industries look for novel ways to enhance output while reducing fuel input.
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The consumer goods segment offers numerous opportunities for the energy conservation and energy efficiency market. Durable goods such as air conditioners, dishwashers, washing machines and refrigerators can benefit with the use of low horsepower motors and power saving programs.
The energy conservation and energy efficiency market can be broadly classified as: Commercial, industrial, and residential. As per the findings of the American Council for an Energy-Efficient Economy (ACEEE), countries that have taken a lead in the energy efficiency and energy conservation market are: Japan, UK, Germany, the U.S. and Italy.
The upfront cost of investments in the energy efficiency and energy conservation market can be massive, and there is still some degree of doubt as to whether these costs translate into tangible value. This aspect will restrain market growth to some extent.
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Companies in the Global Energy Conservation Market
Prominent players in the energy conservation and energy efficiency market that have been featured in this report include: ABB, Regal Beloit, and Baldor Electric Company.
This market research report analyzes the following geographies:
- North America
- Asia Pacific
- Europe
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
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