Energy-efficient commercial buildings may not have seemed worth the effort a decade ago, but times have changed. Nowadays, sustainability initiatives are common and expected of corporations looking to reduce operating costs and minimize their carbon footprint.

A new report from Navigant Research,, Boulder, Co., says energy-efficient commercial buildings could generate up to $623 billion in annual revenue by 2023. This is up from slightly more than $307 billion in 2014.

According to Navigant’s report, “Energy Efficient Buildings: Global Outlook,” which summarizes market drivers and hurdles for energy-efficient products and services, demand for advanced HVAC (heating, ventilating, and air conditioning) systems, lighting, water-efficiency technologies, building controls, and energy-management systems are on the rise thanks to corporate and government strategies to reduce carbon emissions and strategically manage assets.

In fact, Navigant says government policies and rising energy prices have jointly created a need for businesses to adopt technology that can help monitor and control energy use in their buildings. As more owners and operators leverage technology to collect data, analyze it, and use these insights to lower operating costs and add visibility into building operations, the more widespread energy-efficient technology adoption will become.

Even as more companies realize the value of these solutions, Navigant’s report suggests several existing barriers to constructing and retrofitting energy-efficient buildings. Cost remains the most notable hurdle, the company says. However, as organizations across the globe continuously search for ways to reduce operating costs, it seems technology is how they will achieve energy efficiency in constructing and maintaining commercial structures.

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