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According to The Business Research Company’s nonresidential green buildings market report, the global nonresidential green buildings market size reached a value of nearly $784.89 billion in 2019, having increased at a compound annual growth rate (CAGR) of 29.2% since 2015. The market is expected to register slow growth from $784.89 billion in 2019 to $809.69 billion in 2020 at a rate of 3.2%. The slow growth is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The pandemic has reduced economic activity across the world, thereby decreasing short-term potential growth opportunities for the nonresidential green building industry. Construction activity reduced significantly as workers stayed indoors and supply of construction materials was affected. As countries lifted lockdown restrictions, construction activity resumed slowly. The market is then expected to recover and grow at a CAGR of 12.4% from 2021 and reach $1.13 trillion in 2023. The global non-residential green buildings market is expected to reach $1.39 trillion in 2025, and $2.30 trillion in 2030.
Rising demand for eco-friendly alternatives is expected to boost the growth of the nonresidential green building market. According to the USGBC (U.S. Green Building Council) report, green buildings can reduce carbon emission by 34% and consume 25% less energy than conventional buildings. It has now become essential for commercial construction companies to give priority to sustainable design and construction techniques to utilize our planets finite resources in a sensible way. Encouraging sustainable business practices is an important reason for building green in most countries for conservation of energy and protecting natural resources. Moreover, increased concerns of global warming resulted in sustainable and ecofriendly activities, which thereby increased the demand in the nonresidential green building market. Rapid growth in investments in renewable power generation capacities is expected to drive the market as well as a large number of power generation companies are investing in renewable energy sources, especially in the USA and European countries. In December 2017, EDF Energy announced an investment of more than €25 billion in solar power infrastructure. Further, governments globally are also promoting renewable energy sources by offering incentives and subsidies to renewable power generation companies. The Australian government offered $600 million in subsidies to wind power generators. This is expected to boost the development and sale of nonresidential green buildings.
The Business Research Company’s report titled Nonresidential Green Buildings Market Global Report 2020-30: COVID-19 Growth And Change covers major nonresidential green buildings companies, nonresidential green buildings market share by company, nonresidential green buildings manufacturers, nonresidential green buildings infrastructure market size, and nonresidential green buildings market forecasts. The report also covers the global nonresidential green buildings market and its segments.
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The increasing investments in the global nonresidential green buildings market is supported by the large consumer population in both developed and developing countries, growing demand for renewable energy and high spending on technology improvements. North America and Europe are well-established and mature markets where there is an increased investment for green building technology and where the major companies of the market are located. North America accounted for 50.3% of the total global market share in 2019. The nonresidential green building industry in North America is mainly supported by increased awareness about using sustainable technologies for building construction and presence of big players in the green building construction industry, such as AECOM, in the region. The market in the region is also supported by government initiatives. In 2019, the New York City Council has been drafting policies that would require buildings to reduce their carbon emissions by 20% by 2030. The new green mandate will apply to commercial and residential spaces, which will then be checked against a metric that is yet to be established. In July 2020, Canada Green Building Council launched a new initiative to rally support for green recovery that includes construction of green buildings. Such initiatives, investments, and increasing awareness on the importance of sustainable design are expected to drive the market in the forecast period.
Nonresidential Green Buildings Market Global Report 2020-30: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Here Is A List Of Similar Reports By The Business Research Company:
Multi-Family Housing Green Buildings Market Global Report 2020-30: COVID-19 Growth and Change
Single-Family Housing Green Buildings Market Global Report 2020-30: COVID-19 Growth and Change
Smart Buildings (Nonresidential Buildings) Market Global Report 2020-30: COVID-19 Growth and Change
Nonresidential Building Construction Global Market Report 2020-30: COVID-19 Impact and Recovery
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