The global green buildings market is anticipated to grow at a healthy 14.3?GR in the forecast period (2020- 2027), states the current Market Research Future (MRFR) report. Green building, put simply, is a technology to develop an eco-friendly infrastructure. Its goal is to reduce the negative effects of commercial and residential constructions on the environment and human health through better construction, site selection, maintenance, design, and disposal at the most along the green building materials’ full life cycle. These buildings offer several benefits such as they are an effective means to attain various global goals like driving economic growth, creating thriving and sustainable communities, and addressing climate change. The specialty of these buildings is that they reduce the negative effects of the environment by using less natural resources, less energy, and less water. Economic green buildings provide several financial or economic benefits that comprise job creation, high property value for building developers, low construction costs, and cost savings on utility bills for households or tenants.
Alluring Features that Spur Market Growth
According to the MRFR report, there are numerous factors that are propelling the green buildings market growth. Some of these entail supportive government policies that encourage the construction of green buildings, sustainable certifications such as LEED (Leadership in Energy Environmental Design), the high resale value of such properties that is kickstarting the construction of such buildings in India, and rising consumer awareness about the benefits of living in such buildings such as low operating and maintenance costs. The additional factors adding market growth include supportive regulations related to the usage of such materials in construction, growing construction industry, abundant raw material availability, large number of manufacturers, and increasing concerns about growing environmental pollution.
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On the contrary, market barriers, cost concerns, and the time needed to acquire LEED certifications may limit the global green buildings market growth over the forecast period.
The global green buildings market has faced the brunt of the ongoing COVID-19 pandemic. This is chiefly owing to the halt in the commercial and residential construction applications that are accountable for the huge demand. Besides, disruptions in supply chains and shutdown of productions too have led to a downgraded outlook for the green building material production that will have short-term effects on market sales which may have lasting effects. Though the market expects things to get back to normal soon but the negative demand shock arisen by the crisis is likely to last.
The MRFR report highlights on an inclusive analysis of the global green buildings market based on application and product.
By product, the green buildings market is bifurcated into exterior products and interior products. Of these, the exterior products segment will lead the market over the forecast period.
By application, the global green buildings market is segmented into non-residential and residential. Of these, the residential segment will dominate the market over the forecast period.
Browse In-depth Market Research Report (111 pages) on Green Buildings Market
North America to Remain Driving Force in Green Buildings Market
Geographically, the global green buildings market is bifurcated into Europe, the Asia Pacific (APAC), North America, and Rest of the World (RoW). Of these, North America will remain the driving force in the market over the forecast period. The presence of good infrastructure, advances in technology, growing awareness about the environmental hazards, people’s greater disposable income, consumer’s high purchasing power, the ability to install costly solutions offered by the industry, and regulations and government efforts to make the use of green building materials mandatory and also raise awareness are adding to the global green buildings market growth in the region. The USA and Canada hold the utmost market share owing to rising number of constructions.
Europe to Hold Second-Largest Share in Green Buildings Market
In Europe, the global green buildings market is predicted to hold the second-largest share over the forecast period. Increasing awareness about sustainable construction, growing demand for low energy consumption systems, rapid climatic changes, stringent regulations to limit GHG emissions from buildings, the introduction of various directives towards the promotion of energy efficiency activities, the aim to ensure zero energy building emission by 2030, low operating cost, low payback period, improved construction material, rising number of non-residential and residential activities, and the increasing awareness about the benefits of living in green buildings are adding to the global green buildings market growth in the region.
APAC to Grow at Fast Pace
In the APAC region, the global green buildings market is predicted to grow at a fast pace over the forecast period. Growing industrial sector, rapid urbanization in emerging economies like China and India, increasing industrial pollution, strict environmental regulations, increasing population, growing government concerns and measures towards clean energy promotion, increasing RD activities, environmental regulations to support healthy building, reduce conservation of energy, and reduce pollution, adoption of sustainable building practices, growing concerns over national energy security, and environmental degradation in several countries like Indonesia, Singapore, Malaysia, Hong Kong, and Thailand, are adding to the global green buildings market growth over the forecast period.
In RoW, the global green buildings market is predicted to have sound growth over the forecast period.
The leading players profiled in the global green buildings market report include Green Building Store (U.K.), Weinerberger AG (Austria), E. I. du Pont de Nemours and Company (U.S.), SGS (Switzerland), Saint Gobain S.A. (Germany), Green Build Products (I) Pvt Ltd (India), Kingspan Group plc (Ireland), Ginkgo Sustainability (Canada), Bauder Limited (U.K.), and NATiVE (U.S.).
The global green buildings market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
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April 2021- Invesco has launched the world’s first green building ETF to fill a gap in portfolios in a world that is increasingly focused on climate change.
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