NEWARK, Del, Nov. 02, 2023 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the global weatherization service market is anticipated to reach a valuation of US$ 36,399.0 Million in 2023, driven by health and environmental concerns. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 3.8% between 2023 and 2033, and reaching a total valuation of approximately US$ 52,852.1 Million by 2033.
One of the major factors contributing to the growth of the weatherization service industry is the use of digital platforms for weatherization service providers, which can streamline operations, improve customer engagement, and create growth opportunities. Weatherization can enhance the resilience of buildings against the impacts of climate change, such as floods, storms, and extreme temperatures, which is becoming a significant consideration for property owners.
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The focus on health and environmental certifications like WELL Building Standard and Fitwel is promoting weatherization efforts that contribute to healthier indoor environments. The availability of green financing options, including green mortgages and energy efficient loans, is making it easier for property owners to invest in weatherization.
Energy performance contracts, where service providers guarantee energy savings, are becoming more common, providing financial security for property owners. The use of data analytics and monitoring tools to assess building performance is growing, leading to opportunities for service providers to offer data driven weatherization solutions.
The development of specialized training and certification programs for weatherization professionals can improve the quality of services and create opportunities for skills development. There are opportunities for companies to expand their weatherization services to international markets, as awareness of climate change and energy efficiency grows globally.
Key Takeaways from the Market Study:
- The global weatherization service market was valued at US$ 35,007.0 Million by 2022 end.
- From 2018 to 2022, the market demand expanded at a CAGR of 3.3%.
- The market in China is expected to expand at a CAGR of 5.4% through 2033.
- By construction type, the new construction segment to account for a share of 70.8% in 2023.
- From 2023 to 2033, weatherization service industry is expected to flourish at a CAGR of 3.8%.
- By 2033, the market value of weatherization service is expected to reach US$ 52,852.1 Million.
“More stringent building codes and regulations that require higher energy efficiency in new construction projects can drive demand for weatherization services,” opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Key Companies Profiled:
- TopBuild Corp
- Insulated Building Products, Inc.
- Builders FirstSource, Inc.
- Takashima & Co., Ltd.
- Dyson Energy Services Ltd
- HomeWorks Energy, Inc.s
- USA Insulation
- Banker Insulation
- Anderson Insulation
- Tripolymer Inc.
- Dr. Energy Savers
- RetroFoam of Michigan Inc.
Recent Developments:
- In 2023, Enercare, a leading provider of energy services in Canada, announced its expansion into the weatherization service industry in the United States.
- In the same year, Ecobee, a smart thermostat manufacturer, announced its partnership with HomeWorks Energy to offer customers a bundled package of weatherization services and smart thermostat installation.
- In 2022, GreenSky, a leading provider of home improvement financing, announced its partnership with HomeWorks Energy to offer customers financing options for weatherization services.
- In the same year, NRG Energy, a leading energy company in the United States, announced its launch of a new program to offer weatherization services to its customers.
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More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global weatherization service industry, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the weatherization service market, the market is segmented on the basis of application (attic insulation, sidewall insulation, floor insulation, HVAC, doors & windows frame, and others), type (retrofit, and new construction), and end use (residential, and commercial), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa).
Weatherization Service Industry Segmentation Analysis:
By Application:
- Attic Insulation
- Sidewall Insulation
- Floor Insulation
- HVAC
- Doors & Windows Frame
- Others
By Type:
- Retrofit
- New Construction
By End Use:
- Residential
- Commercial
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
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About the Industrial Automation Division at Future Market Insights:
The industrial automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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