The global energy efficiency market totaled a hefty $595.45 billion in 2012. Although growth slipped a bit during the global recession of 2008-2009, business has picked back up and many market segments are now thriving.
The future of the global energy efficiency market remains bright, as some segments enjoy especially prosperous growth. Smart meters are projected to experience a near 732.9 percent hike between 2012 and 2023, while energy efficient appliances are expected to grow nearly 574 percent in the same time period.
The global energy efficiency market encompasses product and service markets that enable residential, commercial and industrial energy consumers to use less energy and save money.
Energy efficiency products include energy efficient building goods, smart appliances, consumer electronics, smart meters, LED lighting, motor efficiency controllers, power management software and energy efficient vehicles. Energy efficient services encompass smart grid, demand response, cloud computing and consulting and auditing services and also include energy service companies.
A number of driving and inhibitory factors are affecting growth in this many-faceted market, some impacting the market as a whole and others only specific market segments. One of the most noteworthy factors influencing the total energy efficiency market is an increase in the number and stringency of regulations and other efficiency requirements around the world. This movement has helped to spur growth in many markets, as governments, manufacturers, businesses and others strive to reduce energy use in order to meet the new standards.
Not all those delving into the world of energy efficiency are inspired to go green simply to save the earth, however; incorporating energy efficiency products and services also often saves money — at least in the long run. For perspective on what these savings equate to, the Environmental Protection Agency calculates that if every appliance purchased in the U.S. in 2011 would have carried the Energy Star tag, two billion KWh of electricity could have been saved, which would have equated to a savings of $585 million in annual energy costs.