An outlook Phase Change Materials Market growth is presented in this latest research report that reviews industry growth drivers, trends, regional factors & companies as well as provides forecasts for next few years.
Phase Change Materials Market research report by 2017 to 2024: Global Market Insights, Inc. Phase Change Materials Market from North America and Europe will be growing at prominent rates during the forecast period. Most of the countries in these regions have adopted advanced construction practices which utilize products such as phase change materials to improve the overall energy efficiency of structures. This contributes well in energy saving and ultimately aids in carbon footprint reduction. Phase change materials will experience surged demand in these regions over the forecast duration. Phase Change Materials Market size is forecast to exceed USD 4 billion by 2024; according to a new research report by Global Market Insights, Inc. Phase change materials (PCM) market is poised to witness substantial growth rate during the forecast period. This exponential growth can be attributed to increasing global emphasis on reduction of greenhouse gases. According to International Energy Agency, global energy consumption increased twice from 1973 to 2012, reaching to approximately 8,500 Mtoe (million tons of oil equivalent). This has led to increase in greenhouse gas emissions by 7.7% from 1990 to 2014. Thus, there is a pressing need for energy saving and corresponding hazardous gas emission. To achieve this objective new environmental friendly technologies and gadgets are required. PCMs utilize latent heat of phase change for controlling temperature within a set range. Use of PCMs in as many applications as possible will reduce the demand for coolers and heaters and subsequently reduce energy consumption. By incorporating phase change materials in applications such as building and construction, and HVAC, companies can earn 10-20 times more carbon credits compared to other greener insulating materials. © 2017 Global Market Insights Inc. All Rights Reserved www.gminsights.com