June 14, 2010
As the housing market moves into a gradual recovery, opportunities for installing energy-efficient features in new and existing homes will continue to rise. This is particularly true for the home improvement and renovation sector; as homes age, the opportunities for energy efficient products and services increase. According to a recent report from Pike Research, expenditures on energy efficient home improvements, which have been essentially flat over the last few years, will see a period of strong growth through 2014, reaching $50.2 billion in that year.
“Most Americans value home energy efficiency and many have already taken basic measures, such as insulating their attics, caulking and weather-stripping, and using more compact fluorescent lights,” says managing director Clint Wheelock. “The primary barriers to taking more extensive energy efficiency measures are cost and consumer awareness.”
While public awareness of energy efficiency has increased significantly in recent years, there is still opportunity to educate both homeowners and construction professionals, Wheelock adds. Many homeowners do not fully comprehend the benefits and economics of energy efficient features, and are overwhelmed by the number of options available. Many building professionals are new to energy efficiency and green buildings and are not sufficiently trained in these areas. The opportunity to build the residential energy efficiency market is sizable, as the housing sector rebounds and these awareness issues are overcome.
Pike Research’s study, “Energy Efficient Homes”, examines the U.S. market for energy efficient products and services in the residential sector. The study analyzes the new home and remodeling industries, home products and appliances, home energy evaluations, and utility services. The report includes five-year market forecasts as well as profiles of key industry players. An Executive Summary of the report is available for free download on the firm’s website.
Pike Research is a market research and consulting firm that provides in-depth analysis of global clean technology markets. The company’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Clean Transportation, Clean Industry, Corporate Sustainability, and Building Efficiency sectors. For more information, visit www.pikeresearch.com or call +1.303.953.9765.