Air source heat pumps, heat pump water heaters, and induction cooking technologies can help reduce residential end-use energy consumption
BOULDER, Colo.--(BUSINESS WIRE)--#Electrification--A new report from Guidehouse Insights examines the global market for fully electrified homes (FEHs) in five major regions, presenting a 10-year forecast and market sizing from 2020-2029.
In a FEH, space heating, water heating, and cooking are electrified through the use of air source heat pumps (ASHPs), heat pump water heaters (HPWHs), and induction cooking technologies to reduce energy use. These technologies are rapidly becoming more cost-effective and more reliable than fossil fuel systems in a variety of planning scenarios and climates. Click to tweet: According to a new Guidehouse Insights report, global revenue for FEH technologies in the residential sector is expected to increase from $2.4 billion in 2020 to $12.9 billion in 2029 at a compound annual growth rate (CAGR) of 20.4%.
“The electrification of all residential energy end uses is desirable for many consumers and is expected to increase substantially on a 10-year timeline,” says Daniel Talero, research analyst with Guidehouse Insights. “Regulatory developments also stress decarbonization and therefore favor full electrification as a low emissions building approach.”
While promising, full electrification faces high transaction costs, low consumer awareness, regional stock unavailability, and other barriers, according to the report. Regional fuel prices and capital costs of equipment and installation are particularly strong determinants of economic competitiveness for electrified technologies.
The report, Home Electrification, provides forecasts for the number of FEHs in four key segments, including new construction, renovations, single-family, and multifamily. This report includes revenue forecasts for electrification-enabling technologies and looks at emerging drivers, barriers, market trends, and policy and technology issues related to this market. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges with a focus on markets and clients facing transformational change, technology-driven innovation and significant regulatory pressure. Across a range of advisory, consulting, outsourcing, and technology/analytics services, we help clients create scalable, innovative solutions that prepare them for future growth and success. Headquartered in Washington DC, the company has more than 7,000 professionals in more than 50 locations. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Home Electrification, is a summary and reflects the current expectations of Guidehouse Insights 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 Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.