The global green building market is anticipated to grow at a lucrative rate during the forecast period. Green building or sustainable construction is referred to structures that are environmentally responsible and energy-efficient throughout its life cycle. Green building practices aim to reduce the environmental impact of a building. Most of the materials used in green buildings such as lumber, recycled metal, fiberglass, and mineral wool are renewable and non-toxic in nature. Green buildings use onsite generation of renewable energy through biomass, solar power, hydropower and wind power. These practices make a building reduce its operating energy usage. Furthermore, low energy consumption appliances are used in green buildings to keep energy costs low. Most of the green building materials including cellulose and fiberglass are being used in green buildings owing to their superior insulating properties. Methods such as rainwater harvesting are adopted in green buildings to conserve reduce wastage of water. Green buildings also seek to reduce wastage of energy and materials thus reducing the overall environmental impact. Green buildings are widely used for residential, commercial, and industrial purposes owing to their low operational costs, energy efficiency, and low carbon footprint.
The global market for green buildings is expected to witness steady growth owing to increasing environmental concerns and stringent government regulations. The demand for green buildings in the industrial sector is expected to grow owing to its low operational and maintenance costs. Growing demand for energy-efficient technologies is expected to propel the demand for green buildings in the market. Growing preference for green buildings in residential and commercial sectors is expected to be a major factor driving the growth of the market over the forecast period. However, high material cost is expected to be a major restraint to the green building market.
North America and Europe are major markets for green buildings. The market in this region is characterized by increasing awareness regarding sustainable construction and growing demand for low energy consumption systems. However, Asia Pacific is expected to be the fastest-growing region owing to the growing industrial sector and rapid urbanization in emerging economies such as India and China. Additionally, increasing industrial pollution coupled with strict environmental regulations in the region is expected to drive the growth of the market in the industrial sector. Some of the major participants in the global green building market include Alumasc Group Plc, Bauder Ltd., Binderholz GmBH, Certain Teed Corporation, Forbo International SA, Clark Group, The Turner Corp., Hensel Phelps, Gilbane Building Co., and The Whiting-Turner Contracting Co.
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The global construction industry once booming due to the residential and commercial construction in China and the U.S., has been affected by the suspension of the construction activities across the impacted economies. The construction industry in the U.S. is expected to take a major hit due to labor shortages and the lockdown imposed by the government during COVID-19, which is expected to be aggravated by the resulting supply chain issues and financing pressures due to the non-adherence to the completion times. The report will account for Covid19 as a key market contributor.