BOULDER, CO -- As new home sales in the United States declined and the home remodeling market slowed in recent years, many residential product and service categories have experienced a significant drop in business. However, out of the recession is emerging a positive outlook for growth in energy efficient products and services for homes, according to a new report from Pike Research. This sector, which comprises energy efficient home improvements, high-efficiency appliances, and home energy auditing services, holds the potential to generate significant new revenue opportunities as well as creating a large number of new green collar jobs.
“Energy efficiency is stepping into the light after a long period of obscurity,” says managing director Clint Wheelock. “A number of factors are converging to make energy efficient residential products and services a hot sector over the next several years. These drivers include increased environmental awareness among consumers, government incentives, utility energy efficiency programs, and new offerings and rebates from product manufacturers.”
Pike Research’s analysis highlights growth potential for several key residential energy efficiency categories in the United States:
The home energy auditing business is a strong indicator of the coming of age for energy efficient homes. Pike Research forecasts that this market will nearly triple in size, from $8.1 billion in 2009 to $23.4 billion by 2014.
The energy efficient home improvement market is forecast to increase from $38.3 billion in 2009 to $50.2 billion by 2014. This category includes upgraded electrical systems, appliances and major equipment, HVAC systems, roofing replacements, and window/door replacements.
- Energy Star certified refrigerators and clothes washers will generate revenues of $21.9 billion during the period from 2009 to 2014, under a business-as-usual scenario. In a scenario that includes increased penetration of these high-efficiency appliances, Pike Research estimates that another $11.3 billion could be added to this total.
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 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.