World News: 12:59 GMT Wednesday 12th June 2019. [Market Research Future via Globe Newswire via SPi World News]
Pune, India, June 12, 2019 (GLOBE NEWSWIRE) -- The global green buildings market is likely to expand at a CAGR of 10.26% over the forecast period (2018-2023), predicts Market Research Future (MRFR) in its latest study. The report incorporates various macro and micro-economic factors which would impact the market over the forecast period.
Within the context of significant environmental deterioration, the need for sustainable and eco-friendly solutions has increased remarkably. Green buildings have been the apt response of the construction industry for acute energy minimization and sustainability goals, which has become the need of the hour. They use less water, minimize waste production, increase energy efficiency, and creates a healthy ambience for living. There has been a spiraling rise in the interest of green buildings among builders as well as consumers.
Intensifying emphasis on sustainability along with the acute need to reduce carbon footprint are the key factors which are motivating the growth of the green building market. In developed countries like the U.S., there has been a massive shift from traditional buildings to green buildings. Increasing urbanization and commitments on an international level to curtail harmful emissions are acting as tailwinds to the market growth.
Global warming has become a reason for concern, and various regulatory bodies are enacting laws which would promote green buildings. The governments in multiple countries are taking concrete steps to encourage building with green components. Green buildings reduce carbon emission by 34% and consume 25% less energy than the conventional buildings which is major factor for their massive popularity. Moreover, the higher resale value of green buildings acts as incentives for builders as they can charge higher for green building properties.
On the contrary, green building construction involves obtaining Leadership in Energy and Environmental Design (LEED) certification which is a tedious affair. Moreover, all green components such as ventilation control, lighting control, temperature control, and abundant daylighting raise the cost of building which might stand as an impediment to the market growth. Furthermore, lack of expertise also remains a possible bottleneck.
E. I. du Pont de Nemours and Company (U.S.), Saint Gobain S.A. (Germany), SGS (Switzerland), NATiVE (U.S.), Kingspan Group plc (Ireland), Green Building Store (U.K.), Green Build Products (I) Pvt Ltd (India), Bauder Limited (U.K.), Weinerberger AG (Austria), Ginkgo Sustainability (Canada), and others are the key players in the green building market.
The global has been assessed on the basis of product and application.
By product, the green building market has been segmented into exterior products and interior products. The exterior products segment has been further segmented into smart lighting, HVAC systems, solar products, building systems, and others. The interior products segment has been further segmented into roofing and flooring.
The exterior products segment is dominating the market and accounts for the majority share of 79.6% of the global market. The segment is expected to reach a market valuation of USD 268,573.8 Mn at a CAGR of 10.76% by the end of 2023.
By application, the green building market comprises residential and non-residential. The residential segment is dominating the market. The segment stood at USD 123,401.5 Mn in 2018 and accounted for almost 60.9% share of the global market. It is anticipated to reach USD 206,855.7 Mn by the end of 2023 at a CAGR of 10.88%; The non-residential segment is likely to reach USD 121,270 Mn at a CAGR of 9.25% over the forecast period.
The green building market has been segmented into 4 key regions, namely North America, The Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
North America is the leading green building market and accounts for 29.41% share of the market. In 2018, the North America market was valued at USD 59,537 Mn and was likely to reach USD 99,805.5 Mn at a CAGR of 10.89% during the forecast period. Technological superiority and high level of environmental awareness are driving market growth in North America.
Europe is the second largest market for green building and was valued at USD 51,030.1 Mn in 2018. As per MRFR's analysis, the Europe market can go up to a valuation of 83,669.1Mn at a CAGR of 10.39% by the end of the forecast period. Strict government regulations, along with the availability of technical expertise, are acting as a tailwind for the market growth.
With almost 24.5% share of the global market, the APAC green building market is poised for remarkable growth. Favorable government policies are favoring the growth of the market which would help the market achieve a CAGR of 10.09% over the forecast period.
The MEA green building market is also advancing at a CAGR of 9.39% over the forecast period. The region is more in need of green buildings due to extreme climate conditions most of the times of the year.
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Globe Newswire: 12:59 GMT Wednesday 12th June 2019
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