Pune, April 16, 2021 (GLOBE NEWSWIRE) -- Energy Efficient Building Market Analysis
Market Research Future (MRFR) expects the global energy efficient building market to register a 8.15% CAGR from 2020 to 2027 (forecast period).
The energy efficiency of a building is characterised as the rate at which energy is lost through the physical structure of the building and the rate at which energy is used to meet the energy requirements. The energy efficient buildings are providing the greatest potential for achieving significant GHG emission reduction at a low cost in developed and developing countries.
Green or sustainable structures, as opposed to conventional buildings, emit little to no greenhouse gases and play an important role in environmental preservation. Zero-energy buildings generate more energy than they consume, reducing reliance on nonrenewable energy sources and lowering carbon emissions.
The growing emphasis of governments around the world on energy conservation has resulted in high demand for energy efficient buildings. The popularity of energy efficient buildings has risen rapidly in recent years due to an increase in the number of initiatives undertaken by infrastructure and development organizations. This pushes manufacturers and building developers to prioritize green building projects. The global energy efficient building industry is expected to expand steadily due to a variety of factors, including a rise in the number of green buildings, an increased need for proper building energy management, and the adoption of smart building and sustainable solutions. Governments all over the world are now encouraging energy efficiency and resource conservation, which is propelling the market forward.
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Green building codes, policies, and programs are constantly tailored and updated to encourage the adoption of energy efficient buildings as well as the transformation of existing and newly constructed buildings. Increasing environmental issues, strict building code regulations, and a growing need to conserve natural energy are only a few of the factors that are providing lucrative opportunities to vendors operating in the global energy efficient building market.
However, the high operating costs of renovating the buildings could inhibit market development. Modernization in technologies, as well as government rules and regulations, creates new opportunities in demand for energy efficient buildings.
COVID-19 Impact on the Global Energy Efficient Building Market
The global outbreak of a new coronavirus pandemic is likely to trigger a small downturn in the industry. Owing to labor shortages, manufacturing activities have come to a halt. As a result, demand from end-use industries has decreased significantly.
The worldwide energy efficient building industry has been segmented based on building type and components.
By building type, the global energy efficient buildings market has been segmented into residential, commercial, and industrial. Because of the global expansion of the corporate sector, the commercial segment is projected to expand at the fastest pace in the worldwide market during the forecast period. In addition, commercial buildings are adopting the eco-building trend. Business owners are also centered on sustainability, which has further increased the demand for energy efficient buildings.
Based on components, the global energy efficient building market has been segmented into ventilation systems, lighting technologies, energy management systems, and controls. The energy management segment is anticipated to register the highest growth during the assessment period owing to the increasing demand for highly equipped systems from the end-users.
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Region-wise, the global energy efficient building industry has been segmented into five key regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Europe and North America held large shares of the global market in 2019, owing to stringent energy efficiency regulations aimed at achieving sustainable development. Sustainable development in terms of energy efficiency is a top priority in these two countries, propelling demand for energy efficient buildings. Furthermore, the expansion of Europe's construction industry, which includes high-tech constructions and renovation activities, has generated a lucrative market for intelligent building solutions. This high rate of adoption can be linked to the rising per capita expenditure on energy prices for majorly in commercial and industrial buildings.
The Asia Pacific market is projected to rise at the fastest pace in the energy efficient buildings market during the forecast period. This is due to the high demand for energy efficiency in developing countries like China, India, and ASEAN.
Furthermore, large-scale construction activity in the Middle East and Africa is expected to help and significantly contribute to the regional energy efficient building market's development. The development of the market in the region can also be linked to the rising energy requirement. Furthermore, the growing number of construction activities is expected to increase the demand for energy efficiency.
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Because of the involvement of many vendors offering a variety of smart building systems and services, the market tends to be highly fragmented. Vendors include a wide range of intelligent building systems as well as turnkey building solutions. The market is currently dominated by large players with a diverse product range of energy efficient building products that can be tailored to meet the needs of the client. The market is highly competitive, and the existence of well-established players makes it difficult for medium and small-scale vendors to develop a market presence.
The key players in the worldwide energy efficient building industry are Cleantech Group, Architectural Energy Corporation, Johnson Controls, Serious Energy Inc., Ameresco Inc., Knauf Insulation, and KMC Controls Inc.
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