from $896.6 million in 2018, the NZEB market is
projected to grow to $2,106.6 million by 2024, at a 15.6% CAGR during 2019–2024
(forecast period). Such buildings only use the electricity they generate on
site, primarily from renewable sources, such as wind and the sun. Zero net
energy (ZNE) buildings are either certified as ZNE-verified or ZNE-emerging.
Both these types of infrastructure are constructed for residential as well as
commercial purposes. Of these, more such buildings were built for commercial
purposes during 2014–2018, as these boast a larger floor space, which raises
their value.
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An NZEB uses solar photovoltaic (PV) Panels, insulation
panels, and efficient lighting and heating, cooling, and air conditioning (HVAC)
Systems to be energy-efficient. Historically, the largest demand was generated
for solar PV panels, as most such buildings use the sun to create electricity,
which is consumed in high amounts every day. During the forecast period, the
usage of all components, including solar PV panels, will continue increasing,
due to the rise in the construction of such infrastructure.
Across the world, North America is currently the largest market for NZEBs, on account of the stiff target in the region to reduce non-renewable energy usage as well as the associated GHG emissions. Even during the forecast period, the continent would account for the highest number of such projects and sale of the required components. Within the region, the net zero energy buildings market in the U.S. is larger, since such infrastructure is being rapidly built in its south-western and north-eastern regions. The NBI says that in the country, 482 buildings were certified ZNE-verified or ZNE-emerging, in 2018.
Across the world, governments are under pressure to
control global warming. The Intergovernmental Panel on Climate Change has
claimed that in order to reduce the average worldwide temperature increase by
1.5 °C, countries must achieve net-zero GHG emissions by 2050. Similarly, in
2019, the government of Vancouver, Canada, mandated a 40% reduction in the
embodied carbon in new buildings, by 2030. Considering that electricity
generation accounts for a large portion of these emissions, governments are
actively working to reduce the wastage of energy as well as create it from
renewable sources.
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For instance, the California Long-Term Energy
Efficiency Strategy Plan has been initiated by the public utilities body of the
state, to ensure that all residential buildings being constructed by 2020 and
all commercial ones by 2030 are NZEBs. Additionally, as per the New Buildings
Institute (NBI), California had 214 zero-energy projects in 2018, which
increased by 131% from 2014. Further, the state will also retrofit existing
commercial and state buildings, to achieve 100% net-zero energy consumption by
2050.
Hence, as the focus on reducing the electricity usage
and harmful emissions increases, so would the construction of NZEBs.
