Energy efficient residential buildings market to grow to $84 billion by 2020

According to World Business Council for Sustainable Development, buildings account for 40 % of the world’s energy use. According to the Energy Information Administration n the U.S.in 2011 71% of electric power was consumed by buildings, residential (37%) and commercial (34%).  Not surprisingly increasing the energy efficiency of buildings is a prime target of government and private initiatives around the world.

A new report Energy Efficient Homes from Pike Research analyzes the global energy efficient homes market, including building envelope improvements, lighting, HVAC and major appliances, water heating, energy audits, and soft costs associated with energy efficiency.

Globally, the total energy consumed by buildings is projected by the IEA to rise from 31,983 terawatt-hours (TWh) to 51,253 TWh by 2050.  More than half of the energy consumed by buildings is consumed by residential buildings.  

Pike Research projects that the energy efficient housing sector will grow from an annual market value of $14 billion in 2012 to almost $84 billion by 2020 and that more than 118 billion square feet of energy efficient residential space will be built over that period.

The definition and what constitutes an energy efficient home varies widely across the world, though there are international efforts to standardize some aspects of energy efficient building.  The International Code Council has released the International Green Construction Code (IgCC) which creates a regulatory framework for new and existing buildings and establishes minimum green requirements for buildings and the International Energy Conservation Code (IECC) which sets minimum design energy performance standards for several global climate zones.