BOULDER, Colo. - 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 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, is said to hold the potential to generate significant revenue opportunities.
“Energy efficiency is stepping into the light after a long period of obscurity,” said 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.”
According to Pike Research’s analysis, home energy auditing is a strong indicator of the coming of age of the residential energy efficiency market. It 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.
Feb. 8, 2010: Residential Energy Efficiency Market Poised for Strong Growth, Says Study
February 8, 2010