Net-Zero energy buildings market to reach $47.4bn by 2026
A new study published by Global Industry Analysts Inc., (GIA) – Net-Zero Energy Buildings (NZEBs) – Global Market Trajectory & Analytics – says the global market will reach $47.4bn by 2026.
Amid the COVID-19 crisis, the global market for Net-Zero Energy Buildings (NZEBs) estimated at US$16.8bn in the year 2020, is projected to reach a revised size of US$47.4bn by 2026, growing at 18.7% over the analysis period.
HVAC systems, one of the segments analysed in the report, is projected to grow at a 18.4% to reach US$25.2bn by the end of the analysis period.
The report found that governments’ focus and emphasis on energy efficient buildings bodes well for market growth in the coming years. Various countries are embarking on regulatory action for reducing consumption of energy or other resources of buildings.
Governments have realised that local policies and actions are bound to share the energy future while mitigating global issues like climate change. Achieving energy-efficient buildings is a cost-effective and the fastest approach to reduce carbon emissions as well as ensure sustainable development. Rising focus of governments on energy-efficient buildings can be attributed to their numerous benefits such as social, economic and environmental development.
Efficient building construction and design are capable of remarkably improving energy-related affordability and access for low-income population in cities while providing people with better access to basic services including clean water, education and medical care. Energy-efficient buildings can considerably reduce the electricity demand along with related carbon emissions or other air pollutants. The benefit holds high relevance for emerging and developing countries. Despite these benefits there are certain barriers to achieve energy-efficient buildings, such as low investments and efficiency gap. These issues are driving policy intervention that is anticipated to increase participation of different stakeholders to ensure consistent improvements in energy efficiency of buildings.