Europe solid state lighting market to surpass USD 20 billion by 2024, proliferating demand for LEDs to drive the regional progression
Owing to the global drift toward energy efficiency and improved energy consumption practices, the solid state lighting market has emerged as one of the most profitable niche verticals of the sustainable and smart technologies industry. Solid state lighting (SSL) technology is ten times more efficient than incandescent lighting and twice as efficient as fluorescent lighting. Moreover, the SSL technology has witnessed drastic enhancements in the recent times which has resulted in the SSL-based lighting sources such as LED and OLED become a vital component in the affordable high-performance buildings. Additionally, the increasing usage of SSL technology in automotive sector has impelled the solid state lighting industry share.
U.S. Solid State Lighting Market Size, By Technology, 2017 & 2024, (Million Units)
The solid state lighting has been increasingly described as a high-potential technology which is currently in its nascent stage and is yet to reach its fullest potential. Despite rapid enhancements in semiconductor materials and smart control systems, the application benefits and the possibility of this technology lowering energy costs substantially is yet to be extensively researched upon. Taking concrete steps in this direction, the U.S. Department of Energy (DOE) announced a research fund to the tune of USD 15 million in April 2018 to accelerate further breakthroughs in solid state technology across the nation. The funding apparently intends to support innovative research by technology leaders in four prominent areas viz., advanced fabrication R&D, core technology research for LEDs, OLEDs, and Cross-Cutting lighting, novel lighting in a limited Mock Field Application, and proof-of-concept and prototype development for LEDs and OLEDs.
In this context, it is quite imperative to mention that the research grant by DOE is in line with the strategic goals set by the Office of Energy Efficiency and Renewable Energy (EERE) to achieve higher energy-efficiency in residential and industrial sectors of the U.S. Needless to mention, the unveiling of such encouraging research initiatives by government bodies is certain to impel the growth prospects of solid state lighting industry in the forthcoming years.
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The rising deployment of LEDs in cities, combined with new smart technologies, has been instrumental in creating new opportunities for urban lighting professionals. In addition to this, numerous countries have mandated various policies and laws regarding the implementation of import tariffs for LED components and product utility that is bound to propel LED-based solid state lighting market. As per reliable estimates, the global LED-based solid state lighting industry is slated to garner more than USD 80 billion in revenue by 2024.
Speaking of the regional growth potential, European nations are likely to be one of the most profitable terrains for solid state lighting market in the upcoming years. A favorable regulatory structure coupled with a robust support for new research to effectively implement smart urban lighting systems has caused rapid product penetration across European Union. With an aim to develop advanced tools that would provide cities with a range of competencies in dealing with complex procurement procedures, the European Union had rolled out a project named as FP7 SSL-erate. The project further intends to fast-track the uptake of high-quality SSL technology across the continent by bringing validated information to relevant stakeholders and encouraging open innovation programs. Europe solid state lighting market, as per Global Market Insights, Inc. holds a revenue target of USD 20 billion by 2024.
Elaborating further, the project explored the advantages that smart human-centric lighting can have for urban dwellers and how these systems can align with the goals of a city to become more sustainable in the long run. Needless to mention, the implementation of such pioneering initiatives would have an optimistic influence on the Europe solid state lighting industry share.
Owing to enhanced levels of performance compared to traditional lighting products along with lower cost of ownership, the solid state lighting market has been garnering commendable popularity across sustainable and smart technologies industry in the recent years. With the involvement of multiple stakeholders including national laboratories, academic institutions, and industry researchers who would pour in their expertise in improving the technology, the solid state lighting market is bound to proliferate at an impressive pace in the times to come. In fact, according to a research study compiled by Global Market Insights, Inc., the commercialization potential of solid state lighting industry is estimated to exceed USD 85 billion by 2024.
Author Name : Saif Ali Bepari
Global hybrid power solutions market size to reach 9 GW by 2024, UK to stand tall in the regional landscape
Hybrid power solutions market has garnered a considerably high traction over the past few years, primarily on account of the increasing demand for power generation with minimized fuel and reduced carbon emissions. In the face of the alarming price trends of petroleum products, potential contenders in the global energy landscape have been scrupulously thriving on renewable sources. The increasing popularity of hybrid power solutions market can be largely credited to this fundamental transition. Moreover, lack of grid connectivity across remote belts and the subsequent unreliability in power supply often compel electric utilities to incline toward hybrid power system installation in recent years. The abundant availability of various governmental incentives such as feed-in-tariffs, subsidies, and leverage schemes further complements the business growth.
U.S. Hybrid Power Solutions Market Size, By End-Use, 2017 & 2024 (MW)
In this regard, recently India’s Ministry of New and Renewable Energy (MNRE) recently enforced a new National Wind-Solar Hybrid Policy. Reportedly, this newly launched regulatory framework would be promoting huge grid-connected wind-solar Photovoltaics hybrid systems, in a bid to efficiently utilize the existing transmission capacity of the country. Needless to mention, these kind of regulatory initiatives have played a pivotal role in proliferating hybrid power solutions industry trends.
Europe hybrid power solutions market: Unveiling the latest developments across UK
Europe is claimed to be one of the pioneers of renewable energy and boasts of an enviable pipeline of wind, solar, and hydropower projects. The region also stands to gain significant monetary benefits in hybrid power solutions market as well, primarily augmented by the immense contribution of UK. According to estimates, UK hybrid power solutions market is slated to witness 5% CAGR over 2018-2024. The renewable energy directive 2009/28/EC has undoubtedly triggered new growth opportunities for the business space, with increasing deployment of microgrids, two-way power flows, and digital analytics. Incidentally, this has also prompted leading market giants to commercialize innovative solutions in the regional market that could potentially maintain the grid stability.
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- In the year before last, Swedish power giant Vattenfall, commenced its construction project as a part of its first solar project in the . Located on the site of a signature Vattenfall’s windfarm in Wales that has been operational for near about 14 years, this Parc Cynog Solar Farm of 4.99MW is marked as a breakthrough project in UK hybrid power solutions industry. If reports are to be relied on, this is a part of a pilot project by the company, as it seeks to maximize the renewable energy generation potential from its existing sites in UK.
- The year 2016 has proved to be a roller coaster of sorts for UK hybrid solar power solutions industry. Just few months after Vattenfall made its way to the headlines, Ecotricity, another formidable player in hybrid power solutions market, won approval for its new hybrid renewable energy project in Britain. Reportedly, the green signal to its sun parks’ project in Devon and Dalby, gave Ecotricity a scope to expand its already existing portfolio in the lucrative business space. Sources also claimed that through this deal, the company even planned to generate 100 MW power from its solar-wind portfolio.
The large-scale integration of multiple renewable resource in a single platform requires grid operation to be extremely fast, flexible and responsive. The contemporary innovations that hybrid power solutions industry is presently characterized by is majorly influenced by this particular rationale. Another economic factor that has boosted the market trend is the declining price trends of wind turbines manufacturing over the past few years. As per the reports, in 2016, the average nominal installation cost of a small wind turbine recorded around 7000 USD/kW – 7500 USD/kW. Also it has been reported that average cost of solar PV module witnessed a decline of almost 0.5% over 2013-2016. These aforementioned factors in tandem with tremendous technological advancements in renewable energy technology is certain to push hybrid power solutions industry to attain remarkable heights over the ensuing years. Global Market Insights, Inc. forecasts the overall business space to exceed a massive valuation of USD 60 billion by 2024.
Author Name : Satarupa De
An overview of district cooling market across GCC countries, overall industry share to exceed USD 140 billion by 2024
Emirates Central Cooling Systems Corporation, one of the pioneers of district cooling market, recently generated a heavy momentum in this fraternity with the news of connecting almost 40 buildings with its district cooling services in the first half of 2018. The total connected load in this period was more than 52000 RT (refrigeration tonnes). Reportedly, the company has further awarded the suppliers and contractors with 25 contracts on new projects across various areas in Dubai, in which the company currently operates 73 district cooling plants. For the record, Empower started its operation in the year 2014 by providing district cooling services to only two buildings and the company set a record of providing services to more than 1000 buildings by the end of 2017. Empower’s initiative not just reflects the company’s strengthened position in Middle East district cooling market, but also depicts the growing consumer awareness regarding the importance of energy efficient cooling technologies.
China District Cooling Market Size, By Production Technique, 2017 & 2024 (USD Million)
For the uninitiated, district cooling technology bears inherent advantage for areas with dense demographic pattern and huge demand for efficient air conditioning. This is the fundamental reason why district cooling industry observes a massive growth scope across GCC countries. In a bid to unlock the potential of the technology, regional governmental bodies are taking significant initiatives that has immensely contributed in the business share.
The Dubai Supreme Council of Energy, a couple of years back, declared its plans to improve the regional district cooling operations by increasing its investment in the technology from 20% to 40% by 2030. Reportedly, this is in sync with the Dubai Clean Energy Strategy 2050 that aims to transform Dubai into an International hub for clean energy. The initiative was touted as a part of the implementation of the demand side management strategy for the energy sector.
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Another gulf country that has emerged to be a profitable growth avenue for district cooling industry is Saudi Arabia. Increasing construction spending in major cities like Macca and Riyadh in tandem with favorable regulations promoting adoption of district cooling systems are two of the interlinked factors that are expected to push Saudi Arabia district cooling market to reach USD 1 billion by 2024.
From the economic point of scale as well, district cooling market is indeed a viable investment spot for GCC countries. Air conditioning across these regions is deemed to be highly cost intensive. As per estimates, the cooling capacity installation across GCC belt approximately costs around USD 50 billion. Accounting for almost 50% of annual electricity consumption and an annual fuel opportunity cost of USD 20 billion, air conditioning presently is the chief determinant of the region’s increasing power requirements. It has been claimed that the cooling demand in this belt would nearly triple by the end of 2030, due to extreme climatic conditions. Meeting this requirement would cost GCC nearly USD 100 billion for installing new cooling capacity and an additional USD 120 billion for new power capacity, if it continues to maintain the existing cooling technology pattern.
District cooling market, however, makes economic sense in areas of highly cooling density. According to estimates, district cooling consumes nearly 40 to 50% less energy for every refrigeration ton-hour that traditional in-house building technologies. In fact, as per experts’ opinion, these sustainable services under favorable circumstances offer significant operational efficiency as well as cost gains.
It is imperative to mention that the full potential of the district cooling market can only be achieved via effective governmental interventions. Its long-term potential capacity & fuel saving alone justify the immediate need for sufficient governmental involvements in making this technology mainstream. By incorporating district cooling in urban planning, governments can allow this ecofriendly technology to play a vital part in the overall economic growth. With a strong regulatory backup and unprecedented technological advancements, overall district cooling market is certain to attain remarkable proceeds over the ensuing years.
Author Name : Satarupa De
Europe district cooling pipeline network market valuation to hit the billion-dollar frontier by 2024, increasing implementation of energy efficient directives to drive the regional industry growth
Increasing investments in sustainable urban development fall among the principal driving factors of Europe district cooling pipeline network industry. Centered basically around energy efficiency, district cooling systems are prominently deployed by regional governments of the EU in commercial as well as residential establishments to fulfill escalating demand for cooling systems. As the requirement continues to escalate, municipal bodies are finding it mandatory to establish long-term contracts with Europe district cooling pipeline network industry giants to set up district cooling plants. The growing acceptance of these systems owing to their economic and environmental benefits is certain to propel Europe district cooling pipeline network market size, valued at USD 900 million in 2017.
One of the most proactive countries across Europe that has accomplished quite some fame as far as urban development is considered is Denmark. Since the last few years, the Denmark government has quite commendably achieved its goal of minimized energy consumption. One of the cities in Denmark, Carlsberg, has earned the reputation of being one of most green cities in the country, solely on account of the deployment of district cooling facilities. Currently, in Carlsberg city, two storage tanks with a storage capacity of 2 million liters are deployed to enable energy-efficient and economically viable district cooling for office areas spanning a mammoth 300,000 square meters.
France District Cooling Pipeline Network Market Size, By Diameter, 2017 & 2024 (USD Million)
As these systems provide eco-friendly energy solutions, many commercial companies as well as residential building developers have been installing centralized cooling systems. The shifting trends toward the growing deployment of centralized cooling systems is thus likely to boost Europe district cooling pipeline network market size.
A prime driving force behind the growth of Europe district cooling pipeline network industry is the escalating implementation of energy efficient directives for reducing carbon footprints. Having recognized the potential energy savings that can be achieved with these systems, the European Union has framed a set of norms that would increase the deployment of these facilities across the continent. Regional government bodies have also affirmed that these systems will contribute extensively to the reduction of carbon emissions, a factor that is likely to impel Europe district cooling pipeline network industry outlook.
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Numerous member countries of the EU have been liasoning with one another in order to conjointly develop district heating and cooling systems for enhancing energy efficiency in residential buildings. These countries have also pledged to lower the proportion of CO2 emissions that arise due to energy consumption in residential as well as commercial buildings. Validating the abovementioned fact, in 2018, the Scotland government signed a deal with Denmark for reducing energy consumption in buildings by 15% by 2032 and derived emissions by 23%. This cooperation depicted by the EU member countries is certain to impel Europe district cooling pipeline network industry.
With the growing deployment of district cooling systems, pipeline manufacturers in Europe are naturally witnessing a stellar growth in product demand. In order to consolidate their stance as well in Europe district cooling pipeline network industry, these manufacturers are working independently to establish new manufacturing facilities across several European countries. Powered by their efforts in conjunction with the presence of a stringent regulatory landscape and the implementation of these systems across the residential, industrial, and commercial arenas, Europe district cooling pipeline network market is forecast to cross a valuation of USD 1 billion by 2024.
Author Name : Sunil Hebbalkar
Smart lighting market to register a double-digit CAGR over 2018-2024, escalating number of smart city projects to augment the industry growth
As the lighting industry progresses from incandescent bulbs to CFLs and LEDs, smart lighting market has made its way as the next trending vertical. The vast expanse of this sphere can be aptly demonstrated by an incidence that occurred in Toronto a couple of years ago. A newly constructed building that nearly became a feather in the crown for the Toronto financial district, the EY Tower, made it to the headlines for offering IP addressable LED lights that tenants can control with internet-based building automation. The instance of EY Tower is of particular interest to the smart lighting industry as it demonstrates the steady presence of one of the most important forces, the real estate sector, into the smart cosmos.
Smart Lighting Market Size, By Light Controls, 2017 & 2024 (USD Million)
In order to lure tenants with modern technology and convince them to pay premium rents, other prominent real estate developers around the world have also followed the strategy adopted by the Canadian builders of EY Tower. One such instance is the retrofitting of the Torre Europa with Power over Ethernet (PoE) lighting. In the project that has been undertaken by Philips and Cisco, 14 floors will be equipped with 5,400 PoE luminaires.
Advocates of such retrofitting of buildings with smart lighting technologies have pointed out the twofold advantage of the undertaking. It drastically reduces the cost of new wiring by virtually eliminating the need for certified electricians. This is because the low voltages that are capable of driving LEDs can travel safely over Ethernet and do not require the more-costly processes associated with installing conventional 120 Volt and 240 Volt electrical wires. The chief attraction of using smart lighting in buildings however, lies in the fact that connecting luminaires directly into information networks makes it possible to control the ‘switch on and off’, color temperature, brightness and hues via gadgets and sensors. It also turns lights into nodes that can trigger other operations such as adjusting the heating, and that can collect data about building use and assets. PoE is one of several technologies emerging to make lighting a crucial part of the Internet of Things (IoT). The novelty of the technology and the ease with which it can be controlled even remotely has majorly propelled smart lighting industry trends.
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The energy efficiency that smart lighting systems can afford is a major factor driving smart lighting industry size. In 2016, in the UN Climate Change Conference, Philips Lighting demonstrated how smart energy solutions work and can make a real difference to climate change. The event showcased the profoundly transforming capabilities of the smart lighting market, including demonstrations that depicted the energy and greenhouse gas saving potential of this one single technology. Indeed, the technology is equipped with the potential to reduce energy demand from lighting by half.
Philips also exhibited that increasing the rate of energy efficiency to 3% can unlock significant economic benefits – close to 6 million new jobs can be created by 2020, fuel costs can be reduced by €2300 billion by 2030 and household energy bills be reduced by one-third. These estimates are evidence enough to testify the robust latitude of smart lighting industry.
With the rapid proliferation of smart cities, smart lighting market is bound to become one of the most remunerative verticals for investors to pour their money in. Netherlands in this case, can be quoted as a bright example of the onslaught of smart cities, as even the smallest of towns in this country have deployed smart lights which can detect motion and switch themselves on and off. Larger cities like Rotterdam and Amsterdam have already installed smart lights on the streets that are not only energy efficient, but also add a swanky edge to the town or city that can make it more lucrative for growth and investments. As the number of smart city projects across the globe increase, providers of smart lighting for city streets are diversifying their services by turning smart street lighting poles into a potential hub for free Wi-Fi, or to sense the quality of air and even to notify police about public aggression or accidents. This shifting focus is more than likely to expedite smart lighting industry outlook in the ensuing years.
One of the simplest drivers that can be credited for the superb projection of smart lighting market is the eagerness of consumers to upgrade to the latest technology. Currently, smart lights are being designed to be controlled with a smartphone or with AI personal assistants such as Siri or Alexa. In consequence, they have become infinitely more attractive to a generation of consumers who not only have the available disposable income to afford smart lighting but also want to own smart homes where the lighting can be controlled with a voice command. With the popularity of smart lighting on the rise in both the industrial and residential sectors, smart lighting industry size is projected to register a remarkable 20% CAGR over 2018-2024.
Author Name : Paroma Bhattacharya
Standalone hybrid solar wind energy storage market to amass hefty returns by 2024, rising investments in renewable energy generation to augment the industry growth
Mounting government support with regards to the adoption of renewable energy has majorly propelled hybrid solar wind energy storage market. Regulatory bodies across the globe have set strict deadlines to drastically diminish the amount of greenhouse gases and to create a sustainable environment for the future of the planet. This has resulted in such initiatives like the EU 20-20-20 established in 2014, aimed at reducing greenhouse gases, increasing the renewable energy, and improving energy efficiency, each by 20% by the year 2020. Other regional governments are also catching up quickly on the trend, augmenting hybrid solar wind energy storage market. For instance, the Ministry of New and Renewable Energy of India is planning to build the world’s largest solar-wind hybrid mega project that will have a capacity of 160 MW, with the help of funding by the World Bank.
U.S. Hybrid Solar Wind Energy Storage Market Size, By End Use, 2016 & 2024 (MW)
Such large-scale projects not only validate the potential of renewable energy generation using hybrid systems but also the importance of energy storage. It thus goes without saying that the growth of hybrid renewable energy industry and hybrid solar wind energy storage market is directly proportional. The combination of two major renewable energies is slated to ensure a reliable and flexible source of energy as compared to standalone solutions. The storage system ensures resilient solution for providing energy even when faced with prolonged cloudy days with low wind speeds.
With the prominent use of renewable energy, standalone hybrid solar wind energy storage market is anticipated to witness a profitable growth in the years ahead. A number of private sector-based companies have started to offer standalone hybrid solar wind energy systems for homes and businesses. For example, Maine based Pika Energy offers its users the combination of 1700 watt producing wind turbines and 6000-watt range of solar panels. With these, they add an energy storage unit such as the Tesla Powerwall and a very viable standalone hybrid solar wind energy system is created. The idea of standalone hybrid solar wind energy system is appealing to consumers who are looking to move away from the power security and financial constraints of grid dependence. On these grounds, standalone hybrid solar wind energy storage market share has been forecast to increase at a CAGR of 5% over 2017-2024. Incidentally, its counterpart, the grid connected hybrid solar wind energy storage industry is also projected to register steady growth over 2017-2024 due to the potential of uninterrupted power supply and effective capacity utilization provided by the grid connected system.
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Legislative bodies around the world have been making tremendous efforts to increase the adoption of renewable energy. The Department of Energy of U.S. has proactively deployed the utilization of renewable energy across the country. This has resulted to 18% of power usage in U.S. from renewable sources, in 2017. With a shift toward solar and wind power, the total electricity generation was an improvement over the 15% produced in 2016. The use of renewable energies also potentially ended the droughts in the West and a dip in gas emission through power generation and decline in consumer spending on power. Driven by the anticipated growth in the overall renewable energy space in the U.S., it has been projected that U.S. hybrid solar wind energy storage market will depict quite a commendable growth in spite of the Trump administration’s desire to cut renewable energy funding.
The trend of encouraging renewable energy deployment has taken a massive upsurge across numerous other geographies. Say for instance, the Clean Energy Regulator of Australia set a Renewable Energy Target for 2020, which the country was confident at surpassing as investments in clean energy soared 150% between 2016 and 2017. The total investment in renewable energy in Australia rose to $9 billion and broke the previous record of $6.2 billion in 2011.
As initiatives for renewables adoption increase across myriad geographies, hybrid solar wind energy storage industry is expected to witness a tremendous surge in terms of volume and sales. As per estimates, hybrid solar wind energy storage market size is expected to cross a capacity of 1GW by 2024.
Author Name : Paroma Bhattacharya
Residential electric underfloor heating market to witness sizeable gains over 2017-2024, UK to majorly drive the regional landscape
The evolving demand for reliable & efficient heating systems have had a perpetual impact on electric underfloor heating market, with regards to its profitability landscape. Over the years, there have been a plethora of strict regulatory compliances focusing on energy conservation and green building construction which have further massively proliferated electric underfloor heating industry trends. A notable instance that validates the aforementioned aspect is of the German government launching the Energy Saving Ordinance initiative to reduce the carbon footprints. Another initiative validating the increasing deployment of electric underfloor heating systems is the Energy Efficiency Directive of 2012 focusing on energy efficient renovations to retrofit at least 3% of government establishments across the European countries. It is prudent to mention that not only the government bodies but also the private entities such as Siemens, Warmup, Schneider Electric, Danfoss, Honeywell, Nexans, Mitsubishi, and Sensata Technologies, constituting the competitive landscape of electric underfloor heating market, in response to these building standards and codes to limit energy consumption, are vigorously innovating their product portfolios to come up with advanced heating technology for residential and commercial environments. Such moves are overt to leave a substantial impact on electric underfloor heating industry share, which as per estimates recorded a valuation of USD 1.5 billion in 2016.
U.S. Electric Underfloor Heating Market by Application, 2016 & 2024 (USD Million)
In conjunction with the initiatives undertaken by private and government companies toward energy consumption, industry analysts also speculate the increasing rate of disposable income to be a vital factor favoring electric UFH installations. According to reports, in FY 2016, the UK household disposable income was record at USD 34,930, which was USD 790 higher than what was recorded in 2015. These statistics elicit a clear picture of the rising trend of installing high value & energy efficient heating systems. Given the low power consumption and heating cost associated with electric UFH systems than the conventional fossil fuel based heating systems, analysts are anticipating electric underfloor heating market to chart a lucrative roadmap in the ensuing years. As per the latest report compiled by Global Market Insights, Inc., the global electric underfloor heating market is expected to witness an annual growth rate of 6% over 2017-2024.
Reportedly, the massive demand for efficient heating technologies, particularly from the residential and commercial sectors, is one of the major factors profoundly influencing electric underfloor heating industry size, courtesy – the increasing rate of restructuring and retrofitting activities across these sectors. Citing an instance, the recent announcement of Saudi Arabia’s plan to invest USD 20 billion for retrofitting and restructuring activities in the U.S. has considerably propelled the regional electric underfloor heating industry share. According to reliable reports, it is found that even the basic energy retrofit program implemented on the existing buildings can provide significant economic and environmental benefits. In fact, a basic or level 1 energy efficiency retrofit program targeting the residential building stock could significantly reduce the electricity consumption by 10,054 GWh per year and carbon emission by 7.611 million tons per year.
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In response to the fact that energy efficient systems are gaining considerable traction throughout the regulatory drive, the residential sector is witnessing massive deployments of electric underfloor heating systems. The statistics provided by EIA, states the U.S. residential energy consumption to be over 20.47 quadrillion British thermal unit in 2016. These statistics depict the growing need to limit the power consumption of the residential sector by deploying energy efficient systems. Furthermore, according to the European Commission, the residential sector accounted for more than 64.7% of energy consumption chiefly from the home heating systems. Needless to say, the exponentially rising rates of energy consumption from the residential sector, is one of the most profound factor that is driving the of the electric underfloor heating industry growth . Estimates claim the residential electric underfloor heating market to witness a CAGR of 6% over 2017-2024, subject to the growing demand for localized heating systems. In parallel with the residential sector, the commercial sector is also likely to emerge as a lucrative growth ground for electric underfloor heating market. The extensive demand for these heating systems from healthcare, educational institutions, hospitality, offices, retail, and logistics & transportation are expected to provide significant impetus to the overall electric underfloor heating market outlook.
Taking into consideration the geographical landscape, UK is one of the leading regions practicing strict regulatory compliance and energy standards toward improving energy consumption and curbing GHG emissions. Owing to such measures, the GHG emissions across Europe were plumped by 22%, recording a significant reduction of 1,265 million tons of CO2 since the 1990 level. Add to this, in the year 2015, U.K. introduced an energy saving directive which asserted on the achievement of carbon-neutral buildings target by 2050 and reportedly claimed to reduce the energy consumption across new buildings by 25%. As per the estimates, U.K. electric underfloor heating market is slated to register a CAGR of 7% over 2017-2024.
North America and APAC are further anticipated to emerge as strong contenders in the global electric underfloor heating market landscape, with expanding infrastructure sector and increasing appetite for advanced heating technologies. Not to mention, the growing emphasis on energy conservation and curbing GHG emissions will further fuel the global industry demand. Japan and China have massively contributed to the APAC electric underfloor heating market, recently, holding 15% and 36% of the regional share in 2016, respectively.
Taking into account the massive penetration of these systems globally, the competitive landscape of electric underfloor heating market is overt to be dynamic. In a bid to sustain the market position, industry players are anticipated to adopt M&As, product upgradations, and geographical expansion as their key growth strategies. In terms of commercialization, Global Market Insights, Inc. claims the worldwide electric underfloor heating market to exceed a valuation of USD 2.5 billion by 2024.
Author Name : Ojaswita Kutepatil