Global Electric Energy Efficiency Spending Is Expected to Near $60 Billion by 2028
Programs continue to reach new utility customers in Asia Pacific, Latin America, and the Middle East & Africa, while North American utilities work to drive deeper savings
A new report from Navigant Research examines the utility and government energy efficiency market, providing global market forecasts for programmatic spending and annual capacity by region and customer segment through 2028.
Where traditional energy efficiency programs focused on replacing lighting systems and appliances, machine learning, artificial intelligence, and advanced metering infrastructure (AMI) are improving the analytics associated with energy savings and allowing for more targeted, strategic implementation of programs. This approach allows the benefits of energy efficiency to move from overall load shaping to targeted relief of transmission and distribution (T&D) infrastructure at critical points on a utility’s energy grid. Click to tweet: According to a new report from @NavigantRSRCH, global electric energy efficiency spending by governments and utilities is anticipated to increase from nearly $30 billion in 2019 to nearly $60 billion by 2028.
“While factors driving the growth of energy efficiency programs vary due to geography, utility market designs, and regulatory landscapes, there is still significant room for growth globally,” says Jessie Mehrhoff, research analyst with Navigant Research. “Programs continue to expand and touch new utility customers in Asia Pacific, Latin America, and the Middle East & Africa, and although program expansion is less of a focus in North America and Europe, utilities are working to design new programs and drive deeper savings in existing programs.”
According to the report, in some regions, new data streams are identifying technologies that could benefit from participation in energy efficiency programs, while new technologies allow for more targeted advertisement of energy efficiency programs to customers more willing and able to participate. In other regions, data streams are finding locational value on the grid to drive energy efficiency as a more widespread approach to load-shaping.
The report, Market Data: Global Energy Efficiency Spending, examines the global energy efficiency market. The study provides an analysis of market issues including drivers and barriers associated with global energy efficiency development. Regional overviews of key energy efficiency developments are included. Global market forecasts for programmatic spending and annual capacity are provided by region and customer segment through 2028. An executive summary of the report is available for free download on the Navigant Research website.
*The information contained in this press release concerning the report, Market Data: Global Energy Efficiency Spending, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.