Net Zero Energy Buildings (NZEB) Market to Witness Over Two-Times Growth during 2019-2024

Over 35% of the world's total energy consumption and 40% of its greenhouse gas (GHG) emissions are generated by buildings and the construction sector, as per the World Green Building Council. Since these emissions cause air pollution, there is a growing need to limit them. Another problem with high energy usage is that since most of it is produced from fossil fuels, their reserves are depleting at a high pace, which is leading to the sky-rocketing prices of coal and crude oil. To deal with such issues, the construction of net-zero-energy buildings (NZEB), also termed zero net energy buildings, is being strongly encouraged in nations across the world

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This is why, 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.

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.

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