The market is expected to be dominated by cooling systems, which are estimated to account for more than eight deciles of the overall industry growth. Of the different macroeconomic and microeconomic factors influencing the growth trends worldwide, rise in the number of new households, increase in disposable income, surge in demand for energy efficient and environment friendly products, and need of product upgrade or replacement demand are seen as key determinants.
Growing demand for electrical efficiency and increasing investment in modernization of infrastructure will drive the global VFD (variable frequency drives)/VSD (variable speed drives)/ASD (adjustable speed drives)/inverters market to $18,854 million by 2017, with a CAGR of 8.7% from 2012 to 2017.
This Market Update analyses the UK electricity market, covering the four main elements of the industry: generation; transmission; distribution and supply. Electricity generation is achieved through the conversion of fuels, such as coal, natural gas, petroleum, wind power, hydro and solar power, and nuclear energy.
New Yorkers recognize the value of switching from incandescent light bulbs to more energy-efficient options, according to a recent survey conducted for the New York State Energy Research and Development Authority (NYSERDA).
According to recent research, 40% of UK residents don’t understand energy efficiency measures, 90% are concerned about increasing energy prices, and two thirds admit they will struggle to pay bills this winter.
The total United States lighting controls market is estimated to be well over $1 billion by the end of 2013. This figure includes lighting controls, devices, systems and gears. The market is expected to show a considerable growth through the forecast period. The systems market is expected to grow at a much faster rate.