REPORT DESCRIPTION
As the world is transcending toward clean energy , it is becoming increasingly clear that efficiency can make the transition faster , cheaper , and beneficial across all the sectors . Energy efficiency is an important element in energy policies around the world . Globally , around two-third of the economic potential associated with energy saving remains untapped . Around 70 % of the energy use in the world is utilized without any energy efficiency and performance measures . For instance , nearly 2 / 3rd of the energy consumed from buildings across the world has no standards or code applied to it . The core imperatives of an energy policy such as decarbonization , energy security , and air pollution can be made achievable and accessible with the incorporation of proper energy standards and other energy efficiency measures .
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Growth in the industrial sector has encouraged companies to seek faster ways to lower energy consumption due to the high cost and strict environmental regulations . The industrial sector has been expanding steadily since the last few years . Opportunities for energy efficiency improvements are expected to increase constantly . There exists potential to adopt energy efficient technologies and measures that reduce the energy consumption in the industrial sector by an additional 15-30 % by 2025 . Governments across the globe are increasingly focusing on adopting energy efficient practices . This is the primary driver of the global energy efficient services market . The European Union devised the Energy Efficiency Directive ( EED ) in order to lower energy consumption by 20 % and maintain transparency in the overall billing process . The U . K . has set up the Energy Savings Opportunity Scheme ( ESOS ), an energy audit program that mandates industrial facilities to identify , evaluate , and report energy efficiency opportunities in their organizations every four years . Similarly , the Indian Energy Conservation Act also mandates energy intensive industries in the country to conduct energy audits and consulting . The Government of India offers tax incentives to companies for energy efficient plants and for keeping a tab on energy requirements diligently . Many companies are already striving to become more energy efficient . For instance , equipment manufacturers Alstom , ABB , Schneider , and Johnson Controls offer energy saving equipment and process optimization services linked to their products . Large IT companies such as SAP , IBM , Cisco , and Microsoft have devised programs to collect ,