by The global Green Construction Market is estimated to be valued at US$ 365.35 Bn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Green construction involves building structures and using processes that are environmentally responsible and resource-efficient throughout a building’s life-cycle, from siting to design, construction, operation, maintenance, renovation, and deconstruction. This helps reduce negative impacts on health and the environment, while improving employee productivity.
Market key trends:
One of the major trends in the green construction market is the increasing demand for green buildings. Green buildings are constructed and operated in a manner that is more environmentally responsible and resource-efficient. They minimize the negative impacts of development on the environment and help promote occupant health and well-being. They reduce energy and water consumption, reduce CO2 emissions, minimize waste, and use eco-friendly building materials and renewable sources. Thus the growing environmental concerns are driving the adoption of green building practices, thereby contributing to the market growth.
SWOT Analysis
Strength: Green construction materials and methods help reduce environmental impact and achieve sustainability goals. Construction projects adopting green techniques benefit from cost savings over the lifespan of the building through reduced energy and water usage.
Weakness: Higher upfront costs associated with using sustainable materials and technologies. Additional planning and compliance requirements increase workload and complexity of green building projects.
Opportunity: Growing consumer demand for environmentally friendly properties is driving greater market uptake of green construction practices. Government policies and regulations in many countries promote sustainable construction.
Threats: Lack of standardization in certifications and definitions of “green building” leads to ambiguity and risk of greenwashing. Future potential changes to policies and incentives could impact demand.
Key Takeaways
The global Green Construction Market Growth is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing awareness about environmental protection and implementation of stringent regulations to curb carbon emissions from the construction industry.
Regional analysis: North America dominates the green construction market currently due to strong government support and high consumer demand. Asia Pacific is expected to grow the fastest due to massive infrastructure development programs in countries like China and India which place emphasis on sustainable building standards.
Key players operating in the green construction market are Alumasc Group Plc, Binderholz GmbH, Bauder Ltd, Forbo International SA, Certain Teed Corporation, The Turner Corp, Clark Group, Gilbane Building Co, Hensel Phelps, The Whiting-Turner Contracting Co. The market is moving towards consolidation as large contractors increasingly adopt green building practices to gain competitive advantage.
