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HVAC and Lighting Will Be the Primary Pillars of the Market by 2024
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The North American energy saving and performance contracting market is currently in the growth stage and is expected to witness healthy growth between 2017 and 2024. The market is expected to grow at a CAGR of 7.34% between 2017 and 2024. A high rate of growth is due to the government support and policy initiatives toward energy performance contracting and increased emphasis on energy savings across all the verticals in the North American market. HVAC and lighting are the most prominent energy conservation measures (ECM) accounting for 64.6% revenues in 2017. However, due to the operational cost savings achieved through the adoption of energy-efficient lighting, the demand for lighting technology is increasing and is expected to be the lead technology in the near future. Sustainable digital technologies to implement real-time data monitoring are gradually desired by the market and will have a growing presence in the near future. Large equipment manufacturers dominate the market; however, greater level of adoption is seen by contractors and engineering firms to become integrated solution providers for energy contracting. Market trends are analyzed for the study period of 2013 to 2024, with the base year being 2017. This study segments energy contracting market into energy-saving and energy performance contracting. These segments are further analyzed and divided into vertical markets and components offered as part of energy contracting. The vertical market analysis is available with revenue contributions over the study period for commercial & industrial, public housing, healthcare, further education, K-12 Schools, state/municipal, and federal segments. A structure by type of service providers is also available for the overall market. Few tier I companies mentioned in the energy-saving and energy performance contracting market competitive landscape include Johnson Controls, Honeywell, Siemens, Trane, and Ameresco. In addition to the industry challenges and drivers and restraints in the market, this study also highlights certain upcoming trends and technologies in the market. The study also discusses growth opportunities and how participants can capitalize on these emerging opportunities.
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