The building energy efficiency services market involves services such as energy auditing and reporting, commissioning, retro-commissioning, designing and engineering. These services help improve energy performance in buildings and reduce energy costs through better management of HVAC systems, lighting and appliances. They play a crucial role in achieving carbon emission reduction targets. The growing focus of organizations and governments towards reducing carbon footprint is driving demand for building energy efficiency services.
The Global Building Energy Efficiency Services Market is estimated to be valued at US$ 25 Billion in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the building energy efficiency services market Growth are Johnson Controls, Siemens, Honeywell, Schneider Electric, Absolute Energy LLC, CBRE Group, Ameresco, Emerson Electric Co., Orion Engineering.
The growing demand for energy-efficient commercial buildings and strict regulations on carbon emissions are fueling market growth. Government initiatives in various countries to promote green buildings through incentives and rebates are also boosting adoption.
Technological advancements in lighting, HVAC and building automation systems have improved energy management in buildings. Integrating these systems with IoT and analytics is enabling real-time monitoring and optimizing energy consumption.
Market Trends
1. Building energy management systems are gaining traction as they allow remote monitoring and control of energy usage across various building systems. Cloud-based BEMS further enhance connectivity and usability.
2. Green building certifications such as LEED and Energy Star are prompting owners to undertake audits and retrofits to qualify for certifications. This is driving demand for performance benchmarking and retro-commissioning services.
Market Opportunities
1. Developing countries in Asia Pacific and Latin America offer significant growth opportunities driven by rapid urbanization and infrastructure development.
2. Integrating on-site clean energy generation via solar PV, wind turbines along with energy efficiency upgrades provides a broader value proposition for service providers to tap into.
Impact of COVID-19 on Dental Suture Market Growth
The COVID-19 pandemic has significantly impacted the growth of the global dental suture market. Governments across the world imposed lockdowns to contain the spread of the virus which led to the temporary closure of all non-essential businesses including dental clinics and hospitals. This resulted in cancellation or postponing of various dental procedures that utilize sutures. Consequently, the demand and sales of dental sutures declined considerably during the initial lockdown phases. However, with the resumption of dental services, the market is expected to gradually recover over the coming years. Nonetheless, key players foresee a longer-term impact of the pandemic on the market growth as some patients may delay routine dental treatments owing to fears of contracting the virus or economic challenges. The dental suture manufacturers will need to focus on providing adequate protective equipment and implement strict safety guidelines in clinics to boost patient confidence and regain the pre-COVID sales levels. Teleconsultations and teledentistry are emerging as viable options to sustain business continuity while maintaining social distance norms.
With regards to geographical concentration, North America dominated the global dental suture market in terms of value before the pandemic owing to the large patient pool undergoing various dental procedures in the region. However, the sudden lockdowns stalled the market growth significantly in North America in 2020. On the other hand, Asia Pacific has been the fastest growing regional market for dental sutures over the past few years due to improving access to dental care and rising medical tourism in nations like India, China and South Korea. Despite facing initial setbacks, the resurgence of economic activities and increasing emphasis on oral healthcare is likely to aid the market recovery in Asia Pacific post COVID-19 crisis. The region is anticipated to witness accelerated growth on account of expanding healthcare infrastructure along with a steadily growing middle-class population with higher disposable incomes.
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