Global Energy Efficient Building Market, By Building Type (Residential, Commercial, Industrial), By Component Type (Ventilation Systems, Lighting Technologies, Energy Management Systems, and Controls), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global energy efficient building market in 2020 is estimated for more than US$ 235.7 Bn and expected to reach a value of US$ 476.4 Bn by 2028 with a significant CAGR of 9.2%.
The first thought that might spring up in one’s mind after hearing the term ‘energy efficient building’ or ‘smart building’ is why do buildings matter? Eminently, they matter a lot as we, as a whole community, spend most of our lives in a building - no matter it is our residence, workplace or any other space. The building sector, worldwide, reports for more electricity usage in comparison to any other sector, 42 percent.
Keeping in mind the constantly soaring population, across the globe, as well as the rapid pace of urbanization is foreseen to uprise the demand for number and size of buildings globally, which in turn will accelerate the demand of electricity together with other forms of energy which is generally employed in buildings.
Therefore, the novel concept of energy efficient building is emerging rapidly in the present times that are designed in a way to offer a considerable downsizing of the energy required for heating and cooling, irrespective of the equipment and the energy that will be preferred to cool or heat the building.
The energy efficient building has a bioclimatic architecture, which means the orientation and shape of the building is made energy efficient along with solar protections and passive solar systems. Moreover, it consists of high performing glazing and windows, thorough insulation, as well as air-sealed construction, which further makes it much more energy efficient. Owing to which, the global energy efficient building market is expected to rise positively in the forthcoming future.
In addition to that, the rising focus of regulatory authorities across the world on energy efficiency has further led to an enormous upsurge in demand for energy-efficient buildings. Together with the rise in the count of initiatives taken by infrastructure and development organizations in the recent past years, the energy-efficient buildings are gaining massive traction in the global markets, attributing to which the global energy efficient building market is estimated to grow substantially over the upcoming years.
Having said that, the high operational cost of renovating the existing traditional buildings is likely to hinder the growth of the global energy efficient building market in the given timeframe.
MMC Study identifies some of the key participating players in the energy efficient building market globally are Cleantech Group, Johnson Controls, Ameresco Inc., Serious Energy Inc., Knauf Insulation, Architectural Energy Corporation, KMC Controls Inc., among others.
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