With the earth’s population on the path to reaching close to 11 billion by 2100, as per the United Nations (UN), the construction sector around the world is growing. However, the overuse of fossil fuels to produce electricity has led to a surge in the amount of greenhouse gases (GHG) in the atmosphere, which is, in turn, resulting in global warming and the increasing cases of severe respiratory diseases. Therefore, the focus has shifted rapidly to energy efficiency, so that less fossil fuels are burned at power plants and air pollution can be controlled.
P&S Intelligence says that due to these reasons, the insulation market, which generated $52.3 billion in 2017, will reach $101.3 billion by 2025, at an 8.6% CAGR during the forecast period (2018–2025). Insulation prevents heat loss and gain, depending on the requirement. Thus, building insulation is expected to keep them warm in winters and cool in summers. Buildings that are not insulated properly consume more electricity than those that are, as in the former’s case, heating and cooling systems have to work harder to maintain the temperature due to excessive heat loss and gain.
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In fact, a key opportunity for the players in the insulation market is the increasing infrastructure development activities in Mexico, Russia, India, South Africa, Brazil, China, and numerous other emerging economies. This, complemented by the rising concerns regarding GHG emissions from the power sector and surging government focus on energy-efficient buildings, is expected to drive the consumption of insulating materials in these nations. With the booming population and increasing disposable income making these countries increasingly urbanized, the market for insulation will keep growing.
Therefore, with the rising concerns regarding GHG emissions, the energy conservation initiatives being implemented to check the same will drive insulation efforts.
Read More: https://www.psmarketresearch.com/market-analysis/insulation-market
