The net zero energy buildings market is predicted to value $2,106.6 million in 2024, growing from $896.6 million in 2018 at a healthy 15.6% CAGR during forecast period.
Of the residential and commercial bifurcations within the application segment, the industry was dominated by the commercial bifurcation in 2018. Compared to residential buildings, the floor count and floor area of commercial buildings are more, which makes the former more lucrative for infrastructure developers, in terms of the rent received; this is why more commercial NZEBs than residential NZEBs are being built. During the forecast period, the residential bifurcation will display the faster advance, driven by governments’ energy efficiency initiatives and the public’s rising awareness about environmental degradation.
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The key driver for the net zero energy buildings market is the government regulations aimed at reducing the usage of electricity. For instance, as per the California Long-Term Energy Efficiency Strategy Plan of the California Public Utilities Commission (CPUC), only the construction of residential and commercial NZEBs is allowed from 2020 and 2030 onward, respectively. With the increasing construction of such infrastructure, the demand for the various components and materials that go into them will surge too, as they are designed to minimize heat loss and gain, reduce electricity usage, and produce renewable energy.
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Market Size Breakdown by Segment
- Insulation Panels
- Lighting Systems
- HVAC Systems
- Solar PV Panels