Residential energy efficiency market to touch nearly $84 billion per year by 2020, says Pike Research


Residential energy efficiency market to touch nearly $84 billion per year by 2020, says Pike Research

Greentech Lead America: The energy efficient housing
sector will expand rapidly over the remainder of the decade, growing from an
annual market value of $14 billion in 2012 to almost $84 billion in 2020,
according to Pike Research.

Globally more than half of the energy consumption in
buildings currently comes from residential buildings. With energy consumption
in buildings expected to rise from 31,983 terawatt-hours (TWh) to 51,253 TWh by
2050 –according to International Energy Agency (IEA) — this would have deep
impact on global economy.

More than 118 billion square feet of energy efficient
residential space will be created over that time period, according to the

“The dynamics of the energy-efficient housing market vary
widely across regions and countries,” said research analyst Brittany Gibson.
“It has yet to be determined whether or not energy efficient homes – and all
the products and services used in them – can be a savior for sluggish housing
markets in Organization for Economic Co-operation and Development (OECD)
countries, or provide a demand-side tool to help control rising electricity
demand, as it might be for rapidly growing economies like China and India.”

Adding to the complexity of this sector is the fact that
definitions and characteristics of energy efficient housing vary widely, as
well. The strategies for designing and constructing energy efficient homes can
employ a wide range of technologies and services, according to the report,
making each energy efficient home potentially different from the next.

However, the International Code Council has established a
set of design principles which help define energy efficiency in homes and seek
to advance its incorporation globally. The International Energy Conservation
Code (IECC) sets minimum design energy performance standards for a variety of
global climate zones.