“Despite the 2015 (Paris) agreement, global carbon emissions increased 1.7 percent in 2017 and a further 2.7 percent in 2018; it has been estimated that the rate of increase in 2019 will be among the highest on record.”, said the National Geographic Society in a September 2019 article. In yet another article published in 2019, the society had said, “...their (greenhouse gases) levels are higher now than at any time in the last 800,000 years.”

 

In addition, as per the Environmental Protection Agency of the U.S., in 2018, the commercial and residential sectors were together responsible for 12.3% of all GHG emissions, and electricity production generated 26.9% of them. Since the residential and commercial sectors are major electricity consumers, they bear a strong responsibility to conserve energy and, in turn, lighten the load on coal-, oil-, and gas-fired power plants, so that less fossil fuels are burned and GHG emissions come down.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Due to the rising awareness about this issue, 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.

Commercial and residential are the two bifurcations of the net zero energy buildings market, on the basis of construction, of which commercial was the larger bifurcation in 2018. As NZEBs are more expensive to construct than traditional buildings, a larger number of commercial NZEBs are built, as they have more floor area, which means more occupants and rent, which helps better recover the construction cost. During the forecast period, the residential bifurcation will observe the faster growth, on account of the sustainability targets and increasing environmental awareness in developed countries.

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