Revenue for Fully Electrified Home Technologies Expected to Experience a 20% Compound Annual Growth Rate from 2020-2029
A new report from Guidehouse Insights (formerly Navigant Research) 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. According to the 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. More information is available on the Guidehouse Insights website.
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