Energy Efficiency Building Market Set To Grow
THE global energy-efficient building market 2016-2020 report from Sandler Research states rising energy prices will be a key trend for market growth.
Commenting on the report, one of the analyst said: "Rising energy prices will be a key trend for market growth. Constant depletion of energy from natural resources without replenishment and a simultaneous increase in energy demand from various residential and commercial operations have resulted in a marked increase in energy cost over the years. For example, in the US, average electricity price for retail and residential sectors notched up a 2.3% annual growth rate from 2008-2015. This has led to the growing demand for energy-efficient buildings worldwide. The focus has shifted from energy generation to energy conservation. The aim of designing these buildings is to improve the operational efficiency and slash overall energy costs. Moreover, they are also designed to help in the conservation of fossil fuels, thereby reducing the overall impact on the environment.”
According to the report, one of the key drivers will be the need to enhance energy efficiency in existing buildings. The purpose of having green buildings is to ensure a sustainable energy resource for efficient operations.
These energy-efficient buildings utilise renewable and recyclable energy and also focus on conserving the energy wherever possible. The gap between green and non-green buildings can be filled up by improving the efficiencies of the existing non-green buildings by a process called retrofitting. It essentially involves insulating the buildings and installing energy efficient fixtures. LEED EBOM, in the US, specialises on improving the energy efficiency of the existing buildings.
Further, the report states that one of the challenges for the market will be low consumer awareness about energy-efficient buildings. Low consumer awareness regarding energy-efficient buildings is a major deterrent to the potential growth of the market. End-users are unaware of the benefits that green buildings offer. In quite a few cases, end-users are required to perform complicated calculations to understand the financial benefits of the energy-efficient project. The attention of consumers is yet to be drawn toward the importance and benefits of energy-efficient buildings. Until the time its value is realised, it continues to be an obstacle to the market growth.
Monday 15th August 2016