According to a new report published by Allied Market Research, titled, “Zero Energy Buildings Market,” The zero energy buildings market size was valued at $71.7 billion in 2021, and is estimated to reach $403 billion by 2031, growing at a CAGR of 18.7% from 2022 to 2031.
Commonly observed components of zero energy buildings include lighting, HVAC systems, and others. Among these, the HVAC segment accounted for the largest zero energy buildings market share in 2021, owing to high demand for energy efficient HVAC systems.
Further, the building components segment under the solution, registered highest revenue in 2021, owing to large number of installations of building components in buildings, such as air conditioners, and heating appliances.
In addition, the market is analyzed among different applications of zero energy building components, which includes residential and non-residential. The market is mainly driven by combined global efforts for reducing greenhouse gas emissions and rise in building construction activities due to rapid urbanization. However, the high initial cost of zero energy building systems, is expected to restrain the growth of zero energy buildings market.
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In 2021, North America dominated the global zero energy buildings market, in terms of revenue. Moreover, the market in Asia-Pacific is expected to grow with high CAGR, owing to rise in urbanization.
The rise in global population and rapid urbanization propels the growth of the building construction sector; thereby, driving demand in zero energy buildings market. Further, various government initiatives that have incentivized the adoption of zero-energy buildings and its components is expected to positively influence zero energy buildings market growth.
Furthermore, on the basis of application, the residential segment is anticipated to grow rapidly during the forecast period, owing to rising urbanization.
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Key players in the market have adopted various strategies to sustain the competition in the market. For instance, in October 2020, Mitsubishi Electric Corporation, expanded its R&D facility by constructing ‘SUSTIE’, a net zero-energy building (ZEB) test facility. This facility will assist in development and testing of ZEB-compliant energy-conservation technologies.
However, various manufacturers and building contractors in the zero energy buildings market had to stop their business in countries such as Japan, the U.S., Europe, and Australia, during the pandemic lockdown. This break directly impacted the growth of zero energy buildings component manufacturing companies. In addition, lack of manpower and raw materials constricted supply of raw materials for zero energy buildings; and negatively influenced the growth of the market. However, after two years of COVID-19 outbreak and introduction of vaccinations, the severity of the pandemic has significantly reduced and key players in the market are recovering rapidly.
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Key companies profiled in the Zero energy buildings market forecast report include Altura Associates, Canadian Solar Inc., DABITRON GROUP – Canary Islands Canary Islands, Daikin industries Ltd., GreenTree Global, Honeywell Inc., Integrated Environmental Systems Solutions, Johnsons Pest Control International Plc, Kingspan Global Plc., Mitsubishi Electric Corporation, Neo Financial, Saint-Gobain (Sage glass), Schneider Electric, Siemens AG, Solatube International, SunPower Corp., and Trane Technologies plc.
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