NEW YORK, May 25, 2022 (GLOBE NEWSWIRE) -- The global green construction market size is expected to reach a value of more than US$ 774 billion by 2030 increasing at a CAGR of more than 11.8% over the next 8 years.
Green construction is a philosophy and set of techniques that aim to make the creation and use of the built environment as environmentally friendly as possible. Green construction focuses on limiting negative effects on the environment and even adding some positive benefits from the design stage to the assembly stage to the functionality of the structure after completion.
The processing of building materials is one of the components of construction that has the greatest detrimental influence on the environment. The production of wood, steel, concrete, and other construction materials can result in deforestation, pollution, carbon emissions, and other negative consequences. Green construction can reduce this impact by examining the materials they use and how they are produced, processed, and disposed of in order to make more ecologically friendly decisions. Instead of intensively processed or potentially poisonous materials, a structure could be constructed with more environmentally friendly natural materials. Another approach is to utilize higher-quality materials that require fewer repairs or replacements.
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Green construction entails numerous adjustments to the construction process, both large and little. Employing more ecologically 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 green construction approaches.
Global Green Constructions Market Growth Factors
Green buildings were usually viewed as interesting experiments but unrealistic projects in the real world before few years. The development of reliable building rating and performance-measurement systems for new construction and renovations has aided in the transformation of business attitudes toward sustainability. The US Green Building Council (USGBC) in Washington, DC, for example, developed its stringent Leadership in Energy and Environmental Design (LEED) grading scheme. Other rating systems include BREEAM (Building Research Establishment's Environmental Assessment Method) in the United Kingdom and Green Star in Australia. These grading systems have driven market leaders to focus more on green construction, thereby creating numerous growth opportunities for the market.
The growing demand for reduced energy consumption in buildings, surge in construction activities, and increased spending in commercial and industrial sectors are some of the prominent green construction market trends supporting the market growth.
However, lack of awareness about the green concept in the construction industry particularly in emerging countries, the high cost of green construction materials, and the limited availability of eco-friendly materials are negative aspects that are restricting the market to grow. Furthermore, strict government regulations to reduce carbon footprint, especially in North America and Europe would gain traction in the market and help the green construction market revenue to flourish with a significant growth rate.
Global Green Constructions Market Segmentation
The green construction market is divided into three categories: product, application, and region. Based on the product, the market is split into interior products (insulation and flooring), exterior products (roofing, windows, siding, and doors), building systems, solar products, and others. Among them, the exterior products segment occupied a considerable green constructions market share while the interior products segment achieved a significant growth rate during the forecast timeframe 2022 – 2030.
Moreover, the application segment is classified into residential buildings, non-residential buildings (industrial, commercial & offices, institutional, and hospitality & leisure), and others. Based on our analysis, the residential buildings segment occupied a considerable market size in 2021. However, the non-residential buildings segment is anticipated to gain significant momentum throughout the forecast timeframe 2022 – 2030.
Interconnected Reports Construction and Manufacturing Market
The global Construction Equipment Aftermarket accounted for US$ 20.9 Bn in 2020 with a considerable CAGR of 5.1% during the forecast period of 2021 to 2028.
The global IoT in construction market is anticipated to grow at a CAGR of around 16.8% during the forecast period 2020 to 2027 and to reach around US$ 26.7Bn by 2027.
Global modular construction market is expected to reach the market value of around US$ 180 Bn by 2027 and is anticipated to grow at a CAGR of around 6.5% in terms of revenue during the forecast period 2020 – 2027.
The global heavy construction equipment market is anticipated to grow at a CAGR of around 7.6% in terms of revenue during the forecast period 2020 – 2027 and to reach value of around US$ 190 Bn by 2027.
Green Constructions Market Regional Stance
The market's regional segments include North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. Based on regions, the North America region dominated the market with the maximum share in 2021. This trend is projected to continue throughout the forecast period due to building rules and favorable laws surrounding the use of green building materials in the construction industry, as well as increased renovation projects. In addition, 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 grow at the quickest rate throughout the projection period, owing to a growing residential building sector as well as increased infrastructure development in emerging economies such as China and India.
Major Players
The green construction industry involves many key players. The top green construction market companies presented 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 Contracting Company.
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