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,