Green Buildings Market are structures constructed by adhering to the surrounding environment. The buildings adhere to codes outlined by leading agencies and focus on low energy consumption, low wastage, improved air quality, and sustainable development. The global green building construction market report focuses on growth drivers and challenges to be faced by the industry and its outlook for the period of 2018 to 2023 (forecast period). The COVID-19 outbreak and its effects on the industry form a major portion of the report.
The global green buildings market is projected to enjoy an impressive 10.26% CAGR throughout the forecast period. Efforts by governments for introducing energy-efficient buildings and use of green materials for saving on construction costs are prime factors driving the market. This is facilitated by sustainability development efforts by nations globally for reducing soaring carbon emissions. Certifications by the Leadership in Energy and Environmental Design (LEED) can add value to these buildings and encouragement of energy conservation subsidies and schemes will attract customers.
Green building materials have a low carbon footprint and consume less water compared to its counterparts. Rise in construction activities and rollout of green codes in the U.S., Canada, Brazil, India, and South Korea can assist in the market demand. Conservation of natural resources and shift to renewable energy can widen the potential of green buildings in the coming years.
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By product, the global green building market can be segmented into exterior products and interior products. With 79.6% of the worldwide market share, exterior products are currently dominating the segment. The segment can quickly climb to a valuation of USD 268,573.8 million during the forecast period by recording a stellar CAGR of 10.76% by 2023. Exterior products can be further segmented into smart lighting, HVAC systems, solar products, building systems, and others. Interiors include roofing and flooring. On the other hand, interiors can capture a significant market share owing to roofing materials being manufactured from slag, rubber, and stone granules.
Application-wise, the market can be segmented into residential and non-residential. The residential segment has the upper hand with a market share of over 60.9% and stood at a market value of USD 123,401.5 million in 2018. This is expected to rise to USD 206,855.7 million by 2023 at a healthy CAGR of 10.88% over the forecast period. However, the non-residential segment can expect to reach a valuation of USD 121,270 million with a CAGR of 9.25%. Rise of energy prices in the near future and eco-awareness can drive developers in constructing commercial green buildings.
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North America dominates 29.41% of the market, whereas, Europe has over 25.3%. In 2018, the market value of North America has been estimated at USD 59,537 million and can rise up to USD 99,805.5 million during the forecast period at the fastest CAGR of 10.89% during the forecast period. Technological advancements and awareness regarding the environment are spurring the market growth. Favorable energy policies and inclination towards sustainable energy can drive the regional green building market demand.
Europe is currently holding the second position in the market with its market value estimated at USD 51,030.1 million in 2018. Strict government regulations regarding the environment and technological advances are giving the market the much-needed tailwind. The aims of European countries for achieving climate goals and reducing reliance on electricity through renewable energy can drive the regional market.
Green Building Store, Ginkgo Sustainability, E. I. du Pont de Nemours and Company, Bauder Limited, Weinerberger AG, SGS, Saint Gobain S.A., NATiVE, Kingspan Group plc, and Green Build Products (I) Pvt Ltd are prominent players in the global green building construction market. Collaborations and expansions are prime strategies of these players for sustaining their position in the industry.
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