Growing Demand for Energy Efficiency Propels Net-Zero Energy Buildings Market to $37.66 Billion by 2024
Net-Zero Energy Buildings Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What are the Projections for Net-Zero Energy Buildings Market Size?2
The net-zero energy buildings market size has grown rapidly in recent years. It is envisioned to grow from $31.80 billion in 2023 to $37.66 billion in 2024 at a compound annual growth rate CAGR of 18.4%. The growth in the historic period can be attributed to factors such as rising urbanization, growing emphasis on lowering greenhouse gas emissions and battling climate change, growing environmental awareness, increasing adoption of net-zero energy buildings in the commercial sector, and a growing need for energy efficiency.
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Does the Future Hold Further Potential for Net-Zero Energy Buildings?
The net-zero energy buildings market size is set to see rapid growth over the next few years. It is projected to soar to $74.57 billion in 2028 at a compound annual growth rate CAGR of 18.6%. The growth in the forecast period can be credited to a growing emphasis on sustainability and environmental protection, rising environmentally friendly construction solutions, increasing government initiatives to reduce carbon emissions, increasing temperature, and rising population. Innovations in energy-efficient building techniques, advancements in renewable energy technology, innovations in sustainable building techniques, green technologies, and integration of advanced building design concepts are some of the major trends observed in the forecast period.
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What's Driving the Growth of the Net-Zero Energy Buildings Market?3
The increasing demand for renewable energy sources is set to propel the growth of the net-zero energy buildings market. Renewable energy sources, such as solar, wind, and hydropower, can be naturally replenished over time. The heightened demand for these sources stems from social contagion, decentralized energy generation, corporate commitments, public health awareness, and climate change mitigation. Net-zero energy buildings minimize energy consumption via efficient design and construction, by generating on-site renewable energy to offset their energy needs. These buildings set a benchmark for energy efficiency and environmental stewardship, thereby playing a pivotal role in transitioning to a more sustainable future. In particular, in 2022, the Department of Energy, a U.S.-based government organization, projected the domestic solar energy generation to rise by a substantial 75% from 163 billion kilowatt-hours kWh in 2023 to 286 billion kWh in 2025. This indicates how the increased adoption and demand for renewable energy sources fuels the growth of the net-zero energy buildings market.
What Are Major Companies In The Net-Zero Energy Buildings Market Doing To Stay Competitive?
Major companies operating in the net-zero energy buildings market are focusing on developing innovative solutions such as open AI-enabled suites for net-zero buildings. These tools enhance energy efficiency, streamline building management, and reduce carbon emissions. For example, in June 2022, Siemens AG, a Germany-based automation company, introduced an innovative open AI-enabled suite named Building X, designed to promote the development of net-zero buildings. As part of the Siemens Xcelerator initiative, this suite helps streamline digital transformation across various sectors, including building management. It embodies a modular and scalable structure, facilitating the smooth integration of various building systems and supports the transition toward net-zero emissions.
How Is the Net-Zero Energy Buildings Market Segmented?
The Net-Zero Energy Buildings market is categorized by:
1 Equipment: Lighting, Walls And Roofs, Heating, Ventilation, And Air Conditioning HVAC Systems, Other Equipment
2 Service: Software, Consulting And Designing
3 Construction Phase: New Construction, Renovation Or Retrofit, Hybrid Approach
4 Technology Integration: Passive Design Strategies, Energy-Efficient Systems, Renewable Energy Sources
5 End-User: Residential, Non-Residential
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