Global utilities and governments will increase their spending on electric energy efficiency programmes from $30 billion in 2019 to $60 billion by 2028, says Navigant Research.
An increase in the adoption of innovative and digital technologies is helping increase awareness of how digital platforms can help optimise energy efficiency.
For instance, traditionally, the energy efficiency market comprised of replacements of old equipment with new lighting systems. However, the market is now characterised by the use of artificial intelligence and smart metering to improve the analytics associated with energy savings and to allow for more targeted, strategic implementation of programmes.
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.
Programmes 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.
Jessie Mehrhoff, a research analyst with Navigant Research, said: “While factors driving the growth of energy efficiency programmes vary due to geography, utility market designs, and regulatory landscapes, there is still significant room for growth globally.
“Programmes 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 programmes.”
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