Energy efficient buildings drive growth in global energy service market
The adoption of green technology and more sustainable products has helped many companies control operating costs, an especially important practice given the state of the global economy.
Energy efficient buildings are leading the push in the overall green energy industry, and the market for companies in this sector could double to $66 billion by 2017, according to forecasts from Pike Research.
The research firm noted that building owners and managers are aiming to increase the efficiency of their building portfolios, as this will help them attract new tenants and reduce overall operating costs. Companies in the sector are looking to meet this growing demand, and the total revenue in the industry is expected to double in the next five years.
"Around the world, ESCOs are at the forefront of energy efficiency, improving the viability of energy efficiency investments by using their own capital to pay for improvements," noted senior analyst Eric Bloom. "However, the role that ESCOs and other energy efficiency service providers play varies considerably from one country to another, and understanding the market and regulatory distinctions for the energy efficiency business worldwide is critical to developing a global energy efficiency services enterprise."
The overall market for products in the energy efficient buildings market will rise with the increased demand, and the industry will begin to support a number of new firms.
The EEB Hub was designated as the national Hub for the energy efficient buildings sector, as growth will be promoted through the transformation of the retrofit market in Philadelphia.
Leaders from the EBB Hub recently testified at the Philadelphia Energy Authority's first public hearing, as they outlined ways for the city to cut energy costs and consumption levels, according to the EEB blog.
Dr. Mark Alan Hughes of the University of Pennsylvania presented the testimony on behalf of the EEB Hub, as he outlined ideas for aggregating demand for energy efficiency through grouping energy retrofits among a large number of property owners.
"The Authority could provide this critical leadership on aggregating retrofits and load shedding, which would lower costs for all consumers as well as for participants," said Hughes in his presentation.