Green building market size forecast at US$774 billion by
NEW YORK, May 25, 2022 (GLOBE NEWSWIRE) — The global green building market size is expected to reach a value of over US$774 billion by 2030, growing at a CAGR of over 11.8% over the next 8 years.
Green building is a philosophy and set of techniques that aims to make the creation and use of the built environment as environmentally friendly as possible. Green construction aims to limit negative effects on the environment and even add positive benefits from the design phase to the assembly phase to the functionality of the structure after its completion.
The transformation of building materials is one of the components of construction that has the greatest harmful influence on the environment. The production of wood, steel, concrete and other building materials can lead to deforestation, pollution, carbon emissions and other negative consequences. Green building can reduce this impact by looking at the materials they use and how they are produced, processed and disposed of in order to make more environmentally friendly decisions. Instead of heavily treated or potentially toxic materials, a structure could be built with more environmentally friendly natural materials. Another approach is to use higher quality materials that require fewer repairs or replacements.
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Green building involves many adjustments to the building process, both big and small. Using more environmentally friendly building materials, using modern and more fuel-efficient equipment to spend less fuel, and disposing of toxic materials in a deliberate and safe manner are all examples of approaches green building.
Global Green Buildings Market Growth Drivers
Green buildings were generally considered interesting experiments but unrealistic projects in the real world before a few years. The development of reliable building performance assessment and measurement systems for new construction and renovations has helped transform business attitudes towards sustainability. The US Green Building Council (USGBC) in Washington, DC, for example, has developed its rigorous Leadership in Energy and Environmental Design (LEED) rating system. Other rating systems include BREEAM (Building Research Establishment’s Environmental Assessment Method) in the UK and Green Star in Australia. These ranking systems have pushed the market leaders to focus more on green building, thus creating numerous growth opportunities for the market.
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Rising demand for reducing energy consumption in buildings, increase in construction activities and increase in expenditure in commercial and industrial sectors are some of the key green building market trends that are supporting the market growth.
However, the lack of awareness of the green concept in the construction industry, especially in emerging countries, the high cost of green building materials and the limited availability of environmentally friendly materials are negative aspects that limit the market growth. Additionally, stringent government regulations aimed at reducing the carbon footprint, especially in North America and Europe, would gain traction in the market and help the green building market revenue to flourish with a significant growth rate.
Segmentation of the global green building market
The green building market is divided into three categories: product, application and region. Based on product, the market is divided into indoor products (insulation and flooring), outdoor products (roofing, windows, siding and doors), building systems, solar products and others. Among them, the outdoor product segment occupied a considerable green building market share while the indoor product segment attained a significant growth rate during the forecast period 2022 – 2030.
Further, the application segment is categorized into residential buildings, non-residential buildings (industrial, commercial & office, institutional, hospitality & leisure) and others. Based on our analysis, the residential building segment occupied a considerable market size in 2021. However, the non-residential building segment is expected to gain momentum throughout the forecast period 2022-2030.
Interconnected reports Construction and manufacturing market
the global Construction Equipment Aftermarket accounted for US$20.9 billion in 2020 with a considerable CAGR of 5.1% during the forecast period of 2021 to 2028.
the global IoT in construction market is expected to grow at a CAGR of around 16.8% over the forecast period 2020 to 2027 and reach around US$26.7 billion by 2027.
Global modular construction market is expected to reach a market value of approximately US$180 billion by 2027 and is expected to grow at a CAGR of approximately 6.5% in terms of revenue during the forecast period 2020-2027.
the global heavy construction equipment market is expected to grow at a CAGR of around 7.6% in terms of revenue over the forecast period 2020-2027 and reach a value of around US$190 billion by 2027.
Regional position of the green building market
Regional segments of the market include North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. On the basis of regions, North America region dominated the market with the maximum share in 2021. This trend is expected to continue throughout the forecast period owing to favorable building regulations and laws surrounding the use of green building materials in the construction industry, as well as an increase in renovation projects. Additionally, in America, there is a strong push to make all buildings more energy efficient. As a result, in the post-pandemic world, the number of renovation projects in this region is increasing. However, the Asia-Pacific region is expected to experience the fastest growth throughout the projection period, due to growth in the residential construction sector as well as increased infrastructure development in emerging economies such as China and India.
The green building industry involves many key players. Leading companies in the Green Building Market profiled in the report are Binderholz Gmbh, Clark Construction Group, LLC, Bauder Limited, Gilbane Building Co., Certain Teed Corporation, DuPont, Alumasc Group Plc, Forbo International SA, Hensel Phelps, Turner Construction and The Whiting-Turner Contractor Company.
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Mr. Frank Wilson
Acumen Research and Consulting
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