Net Zero Energy Buildings (NZEBs) Market Research Report: By Construction (Residential, Commercial), Equipment (Solar PV Panels, Insulation Panels, Lighting Systems, HVAC Systems)
NEW YORK, Jan. 20, 2020 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the global net zero energy buildings market share was valued at $896.6 million in 2018 and is expected to reach $2,106.6 million by 2024, advancing at a CAGR of 15.6% during the forecast period (2019–2024). The increasing adoption of net zero energy concept, particularly in commercial spaces of the North American region, has provided a significant boost to the market in the past years.
The commercial construction category dominated the net zero energy buildings market (NZEBs) with a share of 98.4% in 2018. The Residential category is likely to show a faster CAGR during the forecast period, owing to increase in government targets and plans to achieve sustainable energy consumption.
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At present, greenhouse gas (GHG) emission is increasing in electricity consumption. The burning of fossil fuels for generating electricity leads to emission of harmful GHGs, thereby leading to global warming. World Green Building Council reports that the construction industry accounts for more than 35% of global energy use and nearly 40% of energy-based carbon dioxide emissions. In order to curtail nonrenewable energy consumption, countries across the globe are shifting toward adoption of NZEBs. Therefore, such factors are likely to boost the net zero energy buildings market in the coming years.
Browse report overview with 48 tables and 32 figures spread through 114 pages and detailed TOC on "Net Zero Energy Buildings (NZEBs) Market Research Report: Global Industry Size, Share, Trends and Growth Forecast to 2024" at: https://www.psmarketresearch.com/market-analysis/net-zero-energy-buildings-market
The residential construction category is projected to witness faster growth during forecast period, owing to increasing government regulations and targets regarding nonrenewable energy usage. In addition, rising environmental concerns are creating an awareness in developed nations, such as U.S. and Canada, to adopt NZEBs.
The solar photovoltaic (PV) panels category held the largest share, of over 55%, in net zero energy buildings market, in 2018, and is expected to witness a significant growth during the forecast period. This can be attributed to no harmful emissions from panels and their availability at affordable price.
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North America held the largest share in the net zero energy buildings market in 2018. Moreover, the market in the region is expected to witness the highest CAGR, of 16.0%, during the forecast period. This growth can be attributed to the targets set by governments of U.S. and Canada to attain sustainable energy consumption. In addition, NZEBs can reduce the pollution during the building construction phase and ensure carbon neutrality, which can help in achieving a net zero carbon status.
Leading players in the net zero energy buildings market include Rockwool Group, Xtratherm Limited, Solatube International Inc., Kingspan Group plc, and Daikin Industries Ltd.
Companies in the global net zero energy buildings market are involved in a number of strategic developments in order to garner large market share. For instance, in November 2018, SunPower Corporation completed the acquisition of SolarWorld Americas Inc. for $26.0 million. This strategic acquisition would increase the company’s solar panel manufacturing capacity in the U.S. With this acquisition, SolarWorld’s Hillsboro, Oregon, facility would manufacture SunPower’s P-Series panels.
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