Global building space to grow by 26% between 2010-20
Buildings represent one of the main frontiers in the global challenge to increase efficiency and reduce overall energy consumption. Buildings are responsible for 49 percent of global energy consumption and 47 percent of greenhouse gas emissions.
The energy consumption of buildings will become even more important as total building space grows rapidly over the next decade, driven largely by urbanization and population growth in the developing world, said the research firm.
Eric Bloom, research analyst at Pike Research, said: â€œConstruction of new buildings will experience dramatic growth during the next 10 years.
â€œWhile the expansion of floor space within mature markets in North America and Western Europe will be relatively small, in the seven percent to eight percent range, the real story will be in urban centers of populous countries like China and India, where we anticipate building stock expansion of 61 percent and 51 percent, respectively, by 2020. This growth will be a major driver of surging energy demand.â€
Mr Bloom adds that, during the next decade, the fastest growing building category will be multi-unit housing, which will outpace the growth in single-family detached housing by a factor of 2.5 to 1.
In commercial building markets, the research firm forecasts that the biggest growth will come in retail space, following by education and office buildings. Today, the residential building stock is about three times the size of the commercial building stock.
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