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The Middle East Performance Contracting Market to Grow Amid Interest in Green Buildings Says Frost & Sullivan - Subsidized electricity makes end-users reluctant about energy efficient investments despite rising energy costs
The Middle East Performance Contracting Market to Grow Amid Interest in Green Buildings Says Frost & Sullivan

 

PRZOOM - /newswire/ - Dubai, UAE, United Arab Emirates, 2011/04/27 - Subsidized electricity makes end-users reluctant about energy efficient investments despite rising energy costs.

   
 
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The performance contracting (PC) market in the Gulf Cooperation Council (GCC) countries is expected to grow significantly over the next five years, mainly due to the growth in the infrastructure and increased interest in sustainability. The market is forecast to grow at a marginal rate during the first half of 2012 till 2014 due to expectations of stronger concern over energy efficiency/saving at the cost of depleting oil reserves.

New analysis from Frost & Sullivan (buildingtechnologies.frost.com), Analysis of Performance Contracting Market in Middle East, finds that the market earned revenues of $78.8 million in 2009 and estimates this to reach $96.4 million in 2014 growing at a compound annual growth rate (CAGR) of 4.1 percent.

While electricity is subsidized in the GCC countries, end-user concerns are growing over rising energy tariff rates and depleting energy reserves. PC is emerging as the best way to guarantee energy savings. Though the embryonic market has very few participants currently, the booming real estate market will continue to bolster growth.

"The need for saving energy, growing awareness on environment sustainability, increasing trend in electricity tariff, mitigating measures towards carbon footprint reduction are considered as strong growth boosters for GCC PC market in the next 5 years," says Frost & Sullivan Building Technologies Research Analyst.

Demand from commercial and industrial sectors are expected to rise due to increase in construction activities, as the economy shows signs of recovery.

Performance contracting, being a core business proposition of energy service companies (ESCOs), offers attractive ways and means to conserve energy and pave the way toward sustainability. Developing technology in the field of energy conservation is expected to increase the demand for performance contracting.

"However, subsidized electricity makes users ignore energy saving measures; hence energy-efficient investment becomes unattractive," observes the Analyst. "Even though there has been marginal increase in energy tariff rates by 10 percent over the last 5 years to the non-household user, end users are reluctant in energy efficient investment."

Nonetheless, success stories of mature markets, such as the U.S, the EU nations, and Asia Pacific countries can be demonstrated to encourage confidence amongst end users. Energy-saving measures enhance sustainability, which has become the central theme for global carbon footprint reduction.

These avenues can be translated into business opportunity by the investment firms/commercial banks by funding energy-efficient projects. Building automation/management system (BAS/BMS) companies are becoming active in setting up PC services as a part of their offering. PC can be bundled as a service with energy-efficient equipment supplies and BAS/BMS companies can bank on their brand name and value chain to establish themselves in the PC market.

In addition, strong GCC regional knowhow, high risk appetite with strong cushion toward financial burden, and in-house capabilities to fund energy efficiency projects are some of the key competitive factors in the PC market in the Middle East.

"To gain a competitive advantage amongst competitors, it is important for an ESCO to offer one-stop solutions sprawling from engineering design and energy audits to funding the energy-efficient projects," suggests the Analyst. "ESCOs need to aggressively look into energy saving opportunity and demonstrate their successful project."

If you are interested in more information on this study, please send an email with your contact details to Tanu Chopra / Deepshri Iyer, Corporate Communications, at tanu.chopra[.]frost.com / deepshrii[.]frost.com

Analysis of Performance Contracting Market in Middle East is part of the Building Management Technologies Growth Partnership Services program, which also includes research in the following markets: Indian Facility Management Services Market, Middle East Facility Management Services Market, Middle East Mechanical, Electrical and Plumbing Services Market, Indian Lighting Controls and Systems Market, Middle East District Cooling Market, Indian Fire Suppression Systems Market, and Middle East Fire & Gas Detection Market. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.

About Frost & Sullivan
Frost & Sullivan (frost.com), the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages 50 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 40 offices on six continents.

Analysis of Performance Contracting Market in Middle East / P3F3

Contact:
Ravinder Kaur
Corporate Communications - South Asia
P: +91 44 4204 4760 / F: +91 44 24314264 / E: ravinder.kaur[.]frost.com.

Nimisha Iyer
Corporate Communications - Middle East
P: +91 98200 50519 / F: +91 22 2832 4713 / E: niyer[.]frost.com.

 
 
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The Middle East Performance Contracting Market to Grow Amid Interest in Green Buildings Says Frost & Sullivan

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Contact: Tanu Chopra / Deepshri Iyer 
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