BOULDER, Colo.--(BUSINESS WIRE)--As total residential energy consumption continues to rise, creating greater demands on power infrastructure and contributing to greenhouse gas emissions, interest in energy efficient homes is growing deeper and more widespread. Globally, energy efficient residential design, construction, and retrofits can take on many guises – as an unrealized aspiration, a nearly cost-prohibitive endeavor, or a branding strategy. According to a new report from Pike Research, though, market dynamics will drive strong growth in the development of energy efficient homes through the remainder of this decade. Construction of new energy efficient homes, and retrofits of existing buildings, will increase at a compound annual growth rate (CAGR) of 42% from 2012 to 2020, the cleantech market intelligence firm forecasts, producing 118.6 billion square feet of energy efficient residential space and driving an annual market value of $84 billion by 2020.
“Pike Research defines energy efficient homes as properties that are built to exceed the 2009 International Energy Conservation Code by at least 15% on a kilowatt-hour per square foot basis,” says research analyst Brittany Gibson. “Achieving such energy savings, in new construction or in existing building stock, is a design problem complicated by factors such as local climate, availability of materials, funding, and legislation. In order to achieve this level of energy savings, home builders and retrofitters must adopt a systems approach to home design and construction, integrating all aspects of home assembly and operation.”
The global financial crash of 2008-2009 continues to have a strong effect on residential real estate markets, including energy efficient homes. Rising economic prosperity is driving soaring residential construction in Asia Pacific, and the region stands to experience significant growth in energy efficient homes, if appropriate regulatory and financing programs can be implemented. The European Union, meanwhile, represents the most mature market for energy efficient homes globally but will still see the strongest growth through 2020, at a regional CAGR of 44%, driven primarily by energy efficiency and carbon mandates. Growth will be slowest in North America, where the existing building stock remains largely unaddressed at the moment.
Pike Research’s report, “Energy Efficient Homes”, analyzes the global market opportunity for energy efficient homes, including a focus on key market segments such as building envelope improvements, lighting, HVAC and major appliances, water heating, energy audits, and soft costs associated with energy efficiency. Market forecasts are provided through 2020 for both new and existing building stock across five world regions. Details of local, regional, and supranational market drivers and barriers are discussed in depth, and a cross-section of key industry players are profiled, highlighting their product and services offerings. An Executive Summary of the report is available for free download on the firm’s website.
Pike Research is a market research and consulting firm that provides in-depth analysis of global clean technology markets. The company’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Grid, Smart Transportation, Smart Industry, and Smart Buildings sectors. For more information, visit www.pikeresearch.com or call +1-303-997-7609.