Energy Efficient Technology Diffusion Factors: A Systematic Review
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Due to the escalating population and the resulting increase in energy use, the world is faced with the challenge of energy crisis. To mitigate the rise in energy crisis, innovation, adoption, and diffusion of energy efficient technologies is imperative. Review of available literatures indicates that expected improvement in energy consumption has not been achieved in spite of the innovation and improvement in energy efficient technologies. This imbalance points towards the lack of proper adoption and diffusion of these technologies. This paper has looked into prior arts to determine the factors responsible for this diffusion process. Upon identifying the factors, it is evident that some factors can be improved to act as accelerators to the diffusion process. The other set of factors tend to remain as hindrances which can be reduced to an extent, but not removed completely. The paper further investigates the reasons behind these factors and categorizes them under three groups – financial, informational, and behavioral. Findings prove that most of the factors can be attached to a financial cause. Thus research and development alone is not the answer to the rising energy demand, but effective economic motivation is necessary to curb the demand. Future research will look into the present energy policies and group them based on their targeted sector. This will enable to locate the gaps in the policies already implemented and subsequently help in the creation of new policies.
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