Global Green Building Market Subjected to Expand to Showcase Rampant Growth by 2022
According to Market Research Future (MRFR), the global green building market is expected to acquire an impressive 10.26% CAGR from 2018 to 2023 (forecast period). The report presents a thorough description of the effect of COVID-19 on the global green building market. The in-depth analysis provides information on the effects of the outbreak on the economic and market situations, trends, and forecasts of the global green building market.
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Green
building or sustainable construction refers to structures that are
environmentally friendly and energy-efficient throughout their life cycle.
Green building practices intend to reduce the environmental effects of
buildings. Most of the materials used in green buildings, such as lumber,
recycled metal, fiberglass, and mineral wool, are renewable and non-toxic by
nature. Green buildings use biomass, solar, hydropower, and wind power to
generate renewable energy on-site. These practices minimize the energy
consumption of the building in operation. In addition, low energy consumption
appliances are used in green buildings to keep energy costs low. Many green
building materials, including cellulose and fiberglass, are used in green
buildings due to their superior insulating properties. Methods such as
rainwater harvesting are used in green buildings to conserve water waste. Green
buildings often aim to minimize energy and material waste, thus reducing the
overall environmental effects. Green buildings are commonly used for
residential, commercial, and industrial purposes due to their low maintenance
costs, energy efficiency, and low carbon footprint.
Market
Dynamics
Focus
on sustainability and the imperative need for nations to reduce their carbon
footprint are anticipated to push market growth throughout the forecast period.
Supportive government policies to support the construction of these buildings,
combined with sustainable certifications such as the Leadership in Energy and
Environmental Design (LEED), are expected to boost industry demand. The high
resale value of these properties is another factor expected to kick-start the
development of these buildings in emerging economies such as India. However,
the time required to attain LEED certifications can limit the market growth.
Market
Segmentation
The
global market for green building materials has been segmented on the basis of
product and application.
Based
on product, the global green buildings market has been segmented into interior
and exterior products.
Based
on application, the global green buildings market has been segmented into
residential and non-residential.
Regional
Analysis
Regionally, the
global green building market has been segmented into North America, Europe,
Asia Pacific (APAC), and the Middle East & Africa (MEA).
North
America has a large market share in the green buildings market, followed by
Europe. The market in this region is characterized by a growing understanding
of sustainable construction and growing demand for low-energy systems.
Asia
Pacific is anticipated to be the fastest-growing region due to the growing
industrial sector and rapid urbanization in emerging economies such as India
and China. In addition, growing industrial pollution, coupled with stringent
environmental regulations in the region, is expected to drive market growth in
the industrial sector.
Key
Players
Industry
giants in the global green building materials market include NATiVE (U.S.),
Bauder Limited (U.K.), Ginkgo Sustainability (Canada), Kingspan Group plc
(Ireland), Green Build Products (I) Pvt Ltd (India), Saint Gobain S.A.
(Germany), SGS (Switzerland), E. I. du Pont de Nemours and Company (U.S.),
Weinerberger AG (Austria), Green Building Store (U.K.), and others.
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