Energy mandates boost performance contracting
A
Frost and Sullivan product story
Edited by the Engineeringtalk editorial team
Jan 11, 2007
Report finds that the European performance contracting market earned revenues of Eur 706 million in 2005 and estimates this to reach Eur 1.39 billion in 2012.
Rapidly rising energy prices and, more importantly, the intensifying effects of climate change are compelling the EU and its member states to promote various energy efficiency measures.
This situation is driving the performance contracting market in Europe, since service providers can help customers achieve energy efficiency, saving money and reducing emissions in the process.
Frost and Sullivan finds that the European performance contracting market earned revenues of Eur 706 million in 2005 and estimates this to reach Eur 1.39 billion in 2012.
"Even if energy prices fall in the long term as a result of a more tranquil political and economical situation at a global level, concerns about the effects of climate change will not fade away", notes Frost and Sullivan Research Analyst, Reka Szanto.
"Although energy prices currently play the most significant role in driving the market for performance contracting, in time the importance of social responsibility towards climate change will overtake the former to push market development".
Since the performance contracting market is relatively new in Europe, end-user awareness remains low.
Besides the lack of experience and information, there is also limited understanding regarding benefits of energy efficiency and performance contracting.
"There is a lack of experience about the market as well as some scepticism among potential customers", says Szanto.
"Moreover, it is a low interest area for senior management of many organisations, where energy management is a noncore activity and managers can neglect educating themselves".
To overcome these challenges, service providers might have to expend substantial amounts of money and time to market and eventually sell their services.
In time, as more references become available to the public, the need for education will lessen, although it will never completely disappear.
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