Relying on clean energy for home heating and cooling is as good for your wallet as it is for the environment, a fact that both vendors and consumers have cottoned on to. A few markets in the alternative energy trade are currently booming, so this week TechNavio experts have brought you not one, but two major markets to watch.
Geothermal Heat Pump Systems
Geothermal heat pump (GHP) systems rely on the fact that, at a certain depth, the temperature of the ground is relatively constant—it’s warmer than the air in the winter, and cooler in the summer. GHPs tap into this and act as low energy consumption home climate control systems. Increasing need to reduce our dependence on fossil fuels means that The Global GHP System Market is growing at a CAGR of 15.5 percent from now through 2018.
Even with the projected growth, this is a bit of a tricky one for consumers, since it requires quite a high initial investment. It’s much more expensive to install GHP systems than traditional heating and cooling, and these systems contain many different components made up of bronze, polycarbonates, stainless steel and other alloys that can cost more than a pretty penny. Luckily for consumers, many companies are absorbing the increasing cost of these materials and offering service support in order to remain competitive.
Not to mention, when talking about any eco-friendly system, you’re always going to be looking at a high investment off the top. In these situations it’s the long run that matters, and the long run for GHP systems is bright—they have the capability to reduce individual home carbon emissions by up to 55 percent, and dependence on fossil fuel based energy source by up to 71 percent.
Smart Thermostats
Now your home can be more than green; it can be smart too! The Global Smart Thermostat Market is showing some serious growth, with a CAGR of 52.72 percent from now through 2018.
Smart thermostats adjust a room’s temperature either remotely or through a mobile device like a smartphone or tablet. There are even learning smart thermostats that make automatic adjustments based on user behavior.
All it takes is a quick gander at your monthly electricity bill to understand why a smart thermostat is a good idea. They are energy savers, designed to control the heating and cooling in your home based on a myriad of conditions. You can even tell them to shut off as you leave for work, and come back on when you return, so that you’re not wasting valuable energy during the day.
Smart tech skeptics might point out the cost of installing a smart thermostat is higher than your run of the mill not-so-smart variety, but according to E- The Environmental Magazine, these nifty devices could save consumers anywhere from US $10-$30 per month in electricity charges. When some of the priciest smart thermostats only run about US $250, it doesn’t take a genius to see major cost savings there.
So in the interest of your bank account (and, you know, the planet) keep an eye on these exciting markets as they continue to grow through the forecast period.
For more insights, view our 2014-2018 Global Geothermal Heat Pump (GHP) System Market and Global Smart Thermostats Market reports.
You might also be interested in:
- Machine Tools Market in the US 2014-2018
- Global Gas Insulated Switchgear Market 2014-2018
- Global Process Analytical Instrument Market 2014-2018
- Global Chemical Vapor Deposition Market 2014-2018
