[Update Available] Zero Energy Buildings Market Expected to Reach $403 Billion by 2031

In a recent report released by Allied Market Research titled "Zero Energy Buildings Market," the market size for zero energy buildings reached $71.7 billion in 2021 and is forecasted to attain $403 billion by 2031, exhibiting a notable CAGR of 18.7% from 2022 to 2031.

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The growth of the zero energy buildings market over the past decade is attributed to increased awareness of global warming and augmented investments in building construction across both developed and developing nations. Several industry players are strategically expanding their operations to solidify their presence on the global stage. The HVAC system segment took precedence in 2021 in terms of revenue among the components, driven by substantial demand. Within the solution category, the building components segment reported higher revenue in 2021. The residential segment is expected to experience a higher CAGR during the forecast period due to escalating urbanization.

Key components of zero energy buildings encompass lighting, HVAC systems, and others. The HVAC segment, witnessing a high demand for energy-efficient systems, commanded the largest market share in 2021. Moreover, the building components segment, particularly with installations like air conditioners and heating appliances, secured the highest revenue in 2021. The market analysis spans various applications of zero energy building components, including residential and non-residential, driven by global initiatives to reduce greenhouse gas emissions and the surge in building construction activities amid rapid urbanization. Nevertheless, the high initial cost of zero energy building systems poses a potential constraint on market growth.

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In 2021, North America emerged as the dominant player in the global zero energy buildings market in terms of revenue, while the Asia-Pacific region is anticipated to exhibit a high CAGR due to rising urbanization.

The upward trajectory of the building construction sector, fueled by global population growth and rapid urbanization, is propelling demand in the zero energy buildings market. Government initiatives incentivizing the adoption of zero-energy buildings and associated components further contribute to the positive trajectory of the market.

Despite challenges faced during the pandemic, where business operations were halted in countries like Japan, the U.S., Europe, and Australia, leading to a direct impact on zero energy building component manufacturers, the market is witnessing a recovery. The severity of the pandemic has significantly reduced, and key players in the market are rapidly recovering.

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Key market players, including Altura Associates, Canadian Solar Inc., Daikin Industries Ltd., Honeywell International Inc., Mitsubishi Electric Corporation, Schneider Electric, and others, have implemented various strategies to remain competitive. For instance, in October 2020, Mitsubishi Electric Corporation expanded its research and development facility with the construction of 'SUSTIE,' a net zero-energy building (ZEB) test facility aimed at developing and testing ZEB-compliant energy-conservation technologies. The report offers a detailed analysis of these key players, providing insights into their strategies, recent developments, and business performance. Additionally, it highlights the robust findings of the study, offering an extensive analysis of current and emerging trends and dynamics within the zero energy buildings market, including component dominance, solution preferences, application growth, regional outlook, and the strategies of key market players.

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