The global energy auditing services market was valued at close to USD 16 billion in 2016 and is projected to surpass USD 20 billion by 2021.
Procurement market intelligence analysts have published its latest market research report on energy auditing services for the period 2017-2021. This market analysis enlists the key drivers and chief evolving trends that will influence the growth of the energy auditing services market during the forecast period. Some of the leading sellers listed in this industry analysis include Siemens, Schneider Electric, ABB, Honeywell, and DuPont.
In terms of geographical analysis, the Europe is the largest shareholder in the global market, with a market share of around 36%. The increasing focus on developing an energy management strategy that deals with identifying energy saving opportunities will fuel the growth of the European market.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The increasing adoption of energy analytics will help in the growth of the energy auditing services market over the next few years. These solutions help companies gain more control over their energy costs and provide enterprises visibility into their fluctuating energy prices. The players in the market are investing in the research and development of energy management technologies that help reduce the consumption and cost. These developments have led to innovations in software and cloud services for commercial buildings.”
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The new procurement market intelligence report highlights some of the primary drivers and trends responsible for the growth of this market and its sub-sections.
Investment in smart building technologies
The increasing awareness and good value of various energy management strategies are resulting in an increase in the number of investment opportunities for smart building technologies in the global market. The largest adopters of these technologies are APAC, North America, and Western Europe regions. Furthermore, the various regulations implemented by different governing bodies towards the standardization and widespread accessibility of smart building technologies will boost the investments in this market during the forecast period.
Energy efficiency as a risk management and smart operational practice
Several enterprises are investing in energy efficiency technologies to mitigate risks caused due to energy risks and changes in climate legislation. These changes have resulted in construction and project management companies are receiving demands from customers for high energy-efficient buildings. These new projects will augment the growth of the energy auditing services market over the next few years.
Public policy is a key driver of efficiency improvements
The establishment of various government policies and standards focusing on coverage and high performance is resulting in the improvement of energy efficiency services. Some of the technological improvements implemented by the building owners include energy codes for buildings and tightening of MEPS on heating and cooling equipment. Countries like APAC and Europe are the largest impacted regions of these policy changes in the global market. Technavio’s market analysts estimate China’s investment in energy efficiency to be close to USD 370 billion by 2016.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Energy Auditing Services – Procurement Market Intelligence Report 2017-2021.’
