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Green Building Market Powers Up

Tuesday, December 16, 2014

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The $307.3 billion global market for commercial energy-efficient buildings will more than double in the next several years, a new report projects.

Spurred by new government policies, regulations and building codes, revenue is expected to expand sharply, reaching an estimated $623 billion in 2023.

contractors
U.S. Department of Labor

New building codes are fueling growth in the energy efficient building market.

The new market forecast by Navigant Research includes revenue analyses broken out by product and service, building type, construction type, and region, through 2023.

The increase in the worldwide market for commercial building energy-efficient products and services reflects a Compound Annual Growth Rate of 8.2 percent, Navigant notes.

Largest Segment

According to the Boulder, CO-based research firm, the largest market segment is currently building-envelope technologies, including building materials.

Navigant
Navigant Research

Building-envelope technologies account for, and will remain, the largest segment in the market, according to Navigant.

Other noteworthy product technologies and services in the market include:

  • Heating, ventilation and air conditioning (HVAC);
  • Lighting;
  • Controls;
  • Water efficiency;
  • Water heating;
  • Commissioning services; and
  • Installation services.

And an "other" category includes renewable energy systems and energy management software.

Growth in Regions

Worldwide, Western Europe is the largest region for energy-efficient building, driven by high energy prices and stringent energy codes.

North America and Asia Pacific also represent major markets as energy efficiency joins the mainstream, according to the report.

Efficiency Boom

Concerns about increasing energy costs are driving many organizations to look at their existing building stock for ways to reduce operating costs, according to Navigant.

Meanwhile, corporate and government efforts to reduce carbon emissions and manage assets more strategically have produced global market opportunities that are supported by national and regional initiatives. 

“Services that would have seemed costly or unnecessary to building owners five to 10 years ago—such as corporate sustainability initiatives focused on energy efficiency—are becoming increasingly mainstream,” according to Noah Goldstein, research director with Navigant Research. 

Cedar Rapids U.S. Courthouse
U.S. General Services Administration

Energy-efficient technologies can help governments and businesses their reduce carbon footprints. The Cedar Rapids U.S. Courthouse in Iowa features sustainability features include blast-resistant glazing, solar panels, rain harvesting, and a green roof.

“Energy efficiency can help governments to reduce the carbon intensity of local and national economies and corporations reduce costs as well as their carbon footprints.”

Cost Barriers

A number of barriers hamper broad adoption of energy efficiency. Generally, they center around cost, according to the report.

In many countries, energy costs remain less than $0.10 per kilowatt-hour for commercial customers, rendering the paybacks of many energy efficiency measures difficult to justify within stringent investment criteria. 

Outside of developed economies, energy efficiency tends to be low on the list of priorities, even with significant new construction in regions such as Southeast Asia, Latin America, and the Middle East, according to the report.

   

Tagged categories: Building codes; Energy efficiency; Green building; Market

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