The global net-zero energy buildings market is set to grow to $2,106.6 million by 2024 from $896.6 million in 2018, at a substantial CAGR, of 15.6%, between 2019 and 2024. There are two major ideas central to NZEBs: one, they must consume as little electricity as possible, and two, they must only consume energy that they produce themselves, so that their net electricity consumption is nil.
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Government bodies around the world are mandating that as many NZEBs as possible are constructed, in order to save the environment from deterioration. For instance, the California Long-Term Energy Efficiency Strategy Plan of the California Public Utilities Commission (CPUC) aims to ensure that only NZEBs are constructed in the state 2030 onward. In this regard, all residential buildings being built 2020 onward must be NZEBs, while all commercial buildings being built 2030 onward must be NZEBs.
Currently, North America dominates the net zero energy buildings market, due to the stringent emission reduction targets in the U.S. and Canada. Being developed countries, the U.S. and Canada account for considerably higher carbon emissions than developing countries, which is the need for reducing energy consumption is among the strongest here. Following it is Europe, which, together with North America, holds almost the entire market share, because Europe too is majorly developed, therefore accounts for high GHG emissions.
Hence, as GHG emissions soar, the demand for constructing NZEBs will rise, which will lead to an increase in the requirement for all the components that go into them.
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