Net Zero Energy Buildings Market Growth, Segment Analysis and Future Scope

The net zero energy buildings market is projected to reach $2,106.6 million by 2024 by P&S Intelligence.
By: P&S Intelligence
 
NEW YORK - March 31, 2021 - PRLog -- The net zero energy buildings market was valued at $896.6 million in 2018, and it is projected to reach $2,106.6 million by 2024. As per P&S Intelligence, this expansion will be at a CAGR of 15.6% during 2019–2024.

Due to the growing concerns regarding the adverse effects of climate change and need to reduce the dependence on fossil fuels, the construction of residential and commercial NZEBs is gathering wind. Commercial buildings generally have more floor space, which increases their construction value. To curtail energy generation through fossil fuels, governments across the globe are initiating policies to increase the construction of NZEBs. Owing to the growing interventions by governments to reach the set targets of renewable energy usage, NZEBs will become popular in the residential sector too.

To construct NZEBs to reduce the carbon footprint and preserve the environment, an array of equipment is required. This includes lighting systems, insulation panels, heating, ventilation, and air conditioning (HVAC) systems, and solar photovoltaic (PV) panels. Of these, the demand for solar PV panels is increasing tremendously in commercial NZEBs, as the latter require a substantial amount of energy for all the apparatus inside. PV is the most-cost-effective and easy-use technology to produce clean energy, which is why it remains ever popular.

Considering the performance and future of the net zero energy buildings market (https://www.psmarketresearch.com/market-analysis/net-zero...), North America generated the maximum revenue in the past, and it is expected to retain its dominance during the forecast period. This is primarily due to the rising awareness about keeping the energy consumption low and increasing focus on the reduction of greenhouse gas emissions. This is why Canada and the U.S. are taking numerous initiatives to attain sustainable energy consumption. For instance, all residential and commercial buildings in California are to be NZEBs by 2020 and 2030, respectively.

Therefore, the rising awareness about global warming and the impact of fossil fuel consumption will increase the construction of NZEBs, which is also backed by the strong government regulations and construction targets set by international associations.

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Tags:Net-zero energy buildings
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