Opportunities abound for de-carbonization technologies according to a new report by Navigant research that focuses on commercial buildings which generate approximately 40 percent of global greenhouse gas emissions and account for 36 percent of global energy use. In addition, nearly two-thirds of global energy consumption from buildings is from fossil fuels. These significant numbers associated with the built environment are prompting innovation to make builds more energy efficient to reduce their carbon consumption.
According to Navigant, electric energy efficient HVAC and water heating equipment, associated HVAC controls hardware, energy efficient building envelope, and energy efficiency services such as installation and commissioning are four major areas that can positively contribute to decarbonizing modern buildings. They are core to the report titled “Energy Efficient Buildings Overview,” that offers a 10-year market revenue forecast for building de-carbonization that projects global annual revenue to reach $269 billion in 2028.
Market expansion will occur as more consumers buy into intelligent building management systems, energy storage, onsite generation, and energy as a service models though the report cautions that cost and split incentives will act as traditional barriers to success.
“Commercial buildings offer significant opportunities for GHG emission reductions through energy efficiency and electrification,” says Sasha Wedekind, research analyst with Navigant Research. “Products and services for building decarbonization, such as highly energy efficient electric HVAC systems, associated controls, building envelope measures, and installation and commissioning services, are poised for consistent growth over the next decade.”
