WELLESLEY, MA--(Marketwired - September 19, 2016) - Rising global concerns about the environment and CO2 emissions, along with trends toward increasing energy independence, are keying growth in the global market for renewable energy and energy-efficient technologies. BCC Research reveals in its new report that these technologies, particularly those used in building applications, are undergoing big growth due to government-sponsored initiatives, new regulations, and multiple financial incentives.
This report analyzes multiple renewable energy technologies with current or potential use in building applications, including: solar photovoltaic (PV), solar thermal (ST), wind energy, small hydropower energy and geothermal energy. It also analyzes three interior technologies that include heating, ventilating, and air-conditioning (HVAC), energy-efficient lighting, and smart meters. Three exterior technologies also are examined, which include roof coverings, windows, and weather barriers and efficient insulation.
The global market for renewable energy and energy-efficient technologies in building applications should reach $318.7 billion and $492 billion in 2016 and 2021, respectively, increasing at a five-year compound annual growth rate (CAGR) of 9.1%.
The Asia-Pacific region, which is projected to hold about 49.2% of the market by 2021, should generate most of the demand. The region's strong need for HVAC, energy-efficient windows, and energy-efficient lighting is keying big growth. In North America and Europe, the markets should experience similar, though slightly less, growth.
The global market for energy-efficient technologies used in building applications is expected to increase to $295.9 billion in 2016, and grow further to $462.6 billion by 2021, a CAGR of 9.3% over the next five years.
Overall, the market for renewable energy and energy-efficient technologies significantly depends on the construction industry, which, in turn, depends on the economy. External factors like the previous global economic crisis and recession have adversely affected the building and construction industry, including both new building construction and energy retrofits for existing buildings. However, periods of economic downturn, while detrimental to many industries, may benefit the energy retrofit industry. Lack of sufficient capital for new construction redirects attention toward modifications and alterations to existing building, thus expanding the market for energy retrofits. Conversely, periods of drastic growth may shift industry focus toward new building construction.
"Market opportunities for renewable energy technologies, like that of energy-efficient technologies, depend heavily on construction markets," says BCC Research analyst Erik Vickstrom. "However, the upward trend toward green or sustainable building practices continues to encourage a global surge toward technology development and use of building-integrated renewable energy sources."
Renewable Energy and Energy-Efficient Technologies in Building Applications (ENV035A) analyzes the settings and end-use markets of IAQ, including homes, commercial buildings, schools and hospitals. The report offers information about indoor air contaminants in end-use markets, including mold and other biological contaminants, allergens, airborne pollutants, and radon. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
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. Founded in 1971, BCC Research is a unit of Eli Global, LLC. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.