Governments are making significant progress in driving the market, report concludes
Asia Pacific represents a major portion of global real estate, with about 40 percent of the world’s building stock. While construction rates have slowed since the financial crash of 2008, the region’s buildings sector remains the most dynamic in the world. As such, making buildings more energy efficient has become a top priority in many of the region’s fast-growing economies. Click to tweet: According to a new report from Navigant Research, the market for energy efficient buildings technology and services in Asia Pacific will grow from $45.5 billion in annual value in 2013 to $91.6 billion by 2022.
“While some countries in Asia Pacific lag in many respects behind the building energy efficiency markets in North America and Europe, governments within the region have made significant progress in driving energy efficiency in buildings,” says Eric Bloom, principal research analyst with Navigant Research. “The advent of green building design guidelines, the introduction of new energy efficiency technology, and funding strategies to assist retrofit projects in commercial buildings are all helping to drive the expansion of this dynamic market.”
At the same time, significant barriers exist to the energy efficiency market in the region, according to the report. Navigant Research estimates that only about 20 to 30 percent of the building stock in developed markets has the critical mass of digital control infrastructure necessary to support advanced building energy management technology — a percentage that is likely even lower in Asia Pacific countries. Digital control infrastructure is particularly lacking in smaller buildings (<100,000 square feet), which represent a significant portion of the building stock in Asia Pacific. The report, “Energy Efficient Buildings: Asia Pacific”, examines the trends for energy efficient building technology and services in the Asia Pacific region. The report covers three main areas of technology – HVAC, energy efficient lighting, and commercial building automation – as well as the energy service company sector. Market forecasts for revenue, broken out by technology, lamp type, segment, and Asia Pacific country, extend through 2022. The report also examines the regulatory issues, market competitiveness, and key industry players related to energy efficient building technology and services in Asia Pacific. www.navigantresearch.com