Market Research Future (MRFR) projects considerable gains for the Global Green Buildings Market 2020, as it shows a high potential of achieving an impressive CAGR of 10.26% from 2018 to 2023 (forecast period).
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Market Drivers and Main Challenges
The worldwide construction industry has massive untapped potential for high sustainability as well as efficiency across the whole value chain, on account of innovative technologies, new construction techniques, and digitalization. Accelerated demand for eco-friendly and sustainable building materials has led to robust market growth in recent years. While building a green building, there is no use of toxic paints that contains lead, which improves the indoor air quality.
Green buildings also offer a great deal of natural lighting that brings down the overall energy usage, leading to a reduction in the overall expenditure. Copious availability of raw materials and the expansive pool of manufacturers can foster the green building market growth in the following years. Technological advancements have facilitated a surge in demand for green buildings since the related products have become affordable and are readily available. Consequently, the demand for the rebounding construction market has increased significantly across the world.
The demand for green buildings has risen considerably in emerging countries, which is touted to be a lucrative opportunity by market players. With the oversupply of green building materials and the subsequent decline in the product prices, the market for green building is set to benefit significantly in the years ahead.
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The main segments as per which the study of the green building market has been conducted by MRFR experts include product type and application.
The product types discussed in the report are exterior products, interior products, building systems, solar products and others. The use of green building exterior products in the construction industry has risen spectacularly, since they offer durability, energy efficiency, low operation cost, low maintenance, and no waste reduction compared to traditional construction techniques.
Application-wise market segments are residential and non-residential. Residential buildings lead the global market, on account of the rising concerns with regard to the mounting energy prices, negative health impact of traditional building materials, storm water runoff polluting lakes and rivers and the accelerating climate change. These factors reinforce the demand for green building construction within the residential sector.
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