Renewable Energy and Energy-Efficient Technologies in Building Applications Market Size, Share, Growth, and Industry Analysis, By Type (Energy Saving Lighting, Energy Saving Windows, Energy Saving Roof Covering, Heating, Ventilation and Air Conditioning (HVAC), Smart Meters), By Application (Wind, Geothermal Energy, Solar Photovoltaic (PV), Solar Heat (ST), Small Hydropower Energy), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Renewable Energy and Energy-Efficient Technologies in Building Applications Market Report Overview

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The global renewable energy and energy-efficient technologies in building applications market size was USD 373180 million in 2022 & the market is projected to touch USD 588925 million by 2031, exhibiting a CAGR of 5.2% during the forecast period.

Fossil fuels including oil, coal, and natural gas are a major source of energy in today's world. Fossil fuels are non-renewable, which means that they come from finite resources that will eventually be depleted until only a finite amount is left, making their extraction either prohibitively expensive or environmentally harmful. Various renewable energy sources, such as solar, wind, hydroelectricity, and geothermal, on the other hand, are continuously supplied and will never run out. Sunlight, or more precisely solar energy, can be used for a range of commercial and industrial purposes, including lighting up buildings, generating electricity, heating air and water, and cooling buildings using the sun's energy.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The COVID-19 outbreak caused temporary business closures as well as supply chain and manufacturing disruptions, which in turn reduced the development of telecom infrastructure and had a negative effect on the sales and marketing efforts of rugged phone companies competing in the market. The effects were severe, particularly for startups and small- to medium-sized businesses operating in this industry. Companies did, however, make a lot of restructuring efforts to address the supply chain difficulties and improve collaboration with suppliers and partners to lessen the negative market impact.

LATEST TRENDS

"Growth of the market in recent years"

Overall, the study demonstrates that players can use it to their advantage to obtain a competitive edge over rivals and guarantee long-term success in the worldwide market for renewable energy and energy-efficient building applications. The research makes a spectacular effort to reveal important opportunities accessible in the global Renewable Energy and Energy-Efficient Technologies in Building Applications market to help businesses in gaining a strong market position. It does so with industry-standard precision in analysis and high data integrity. With the aid of reliable sources, all of the report's conclusions, facts, and information have been verified and confirmed. The report's analysts used an exclusive and best-in-class research and analysis methodology to conduct a thorough examination of the global Renewable Energy market.

Renewable Energy and Energy-Efficient Technologies in Building Applications Market Segmentation

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• By Type

Based on type the global renewable energy and energy-efficient technologies in building applications market is classified as energy saving lighting, energy saving windows, energy saving roof covering, heating, ventilation and air conditioning (HVAC), smart meters.

• By Application

Based on application the global renewable energy and energy-efficient technologies in building applications market is classified as wind, geothermal energy, solar photovoltaic (PV), solar heat (ST), small hydropower energy.

DRIVING FACTORS

"The Utilization as a Catalyst to Boost the Market Growth"

Global and local energy associations are being forced to enact rigorous laws for energy efficiency due to the escalating environmental challenges, such as climate change, global warming, and the rise in the frequency of natural catastrophes. To demonstrate their support for clean energy, various states and local governments all throughout the United States have increased the requirements for their renewable energy portfolios. Governmental attempts to improve energy use and management effectiveness will thus lead to an expansion of the worldwide EMS market. The oil and gas, manufacturing, energy & utilities, automotive, healthcare, and other industries make up the market's various segments.

"Extensive Application in Laundering Process to Multiply the Production and Market Growth"

Global concern has grown over the steadily declining energy intensity of conventional fuels like coal. Worldwide, governments have committed resources to creating a fair, secure, and sustainable energy system. Additionally, the increased industrialisation that is causing an increase in energy demand motivates governments worldwide to adopt effective EMS.

In addition, escalating energy price inflation and supplier rivalry are pressuring governments to boost their investments in renewable energy. Efficiencies are being improved through the aggressive support of smart infrastructure initiatives by the upgrading of the energy and utility sectors. Advanced energy management is in high demand due to rising investments in smart projects including smart buildings, smart cities, and smart farming. Smart grid and smart metre implementation is expanding, which supports market expansion.

RESTRAINING FACTORS

"Several Challenges Associated with the Local Irritation to Restrain the Market"

Globally, there is a growing demand for energy management systems. Many small and medium-sized businesses are still unaware of the benefits of energy management, though. This aspect is impeding the expansion of the market. Large businesses are adopting cutting-edge energy management systems as a result of their sophisticated infrastructure. However, the adoption across small and medium-sized enterprises is being restricted by expensive setup and implementation expenses. Additionally, smart meters and grids come with data collecting and analysis features that might yield insightful data. Therefore, it is projected that technologically upgraded smart grids and smart energy meters will accelerate market growth.

Renewable Energy and Energy-Efficient Technologies in Building Applications Market Regional Insights

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"North American Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"

North America now has the greatest market share and is anticipated to continue to rule the industry over the coming years. Energy system adoption is being pushed by ISO 50001 measures in support of LEED certification throughout the region. Additionally, political pressures are radically altering U.S. energy policies. Adoption is being negatively impacted by these evolving rules. Leading businesses in North America are investing in the creation of cutting-edge EMS solutions to cut down on energy waste, including Microsoft Corporation, Apple, Inc., IBM Corporation, and others. As a result, major corporations are increasingly supporting the development of energy-efficient infrastructure. Furthermore, the market is being further stimulated by industry initiatives like the North American Energy Management Pilot Programme for the preservation of natural resources.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

This market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of Market Players Profiled

• LUMENIA (Vietnam)
• Ameresco (North America)
• Phitat Commercial Lighting (Hong Kong)
• Apogee Enterprises (US)
• ASAHI GLASS (Japan)
• ETT (France)
• Nippon Sheet Glass (Japan)
• McQuay (US)
• Central Glass (Japan)
• Unique Technologies (India)
• Xemex NV (Germany)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of several factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.