Global Green
Construction Market Is Estimated To Witness High Growth Owing To Rising
Environmental Concerns



The global Green Construction market is estimated to be valued at US$ 265.7 Bn
in 2020 and is expected to exhibit a CAGR of 11.2% over the forecast period
2021-2028, as highlighted in a new report published by Coherent Market
Insights.



Market Overview:



Green construction refers to the practice of incorporating environmentally
friendly materials and design principles in construction projects. This
approach aims to minimize the negative impact of construction activities on the
environment, while also enhancing the energy efficiency and sustainability of
buildings. The need for green construction products arises from the increasing
awareness about environmental issues such as climate change, deforestation, and
depletion of natural resources.



Market Key Trends:



One key trend in the green construction market is the growing adoption of
renewable energy sources. With the increasing focus on reducing carbon
emissions and dependence on fossil fuels, the use of renewable energy
technologies such as solar panels and wind turbines in construction projects
has gained significant traction. For example, many new green buildings
incorporate solar panels on their rooftops to generate clean and sustainable
energy. This trend is driven by government incentives and regulations promoting
the use of renewable energy.



PEST Analysis:



- Political: Governments worldwide are implementing stricter regulations and
standards to encourage green construction practices. These regulations include
energy-efficient building codes, mandatory certifications for green buildings,
and tax incentives for developers and homeowners adopting sustainable
construction practices.



- Economic: The green construction market is driven by economic factors such as
cost savings through energy efficiency. Green buildings are designed to consume
less energy and reduce long-term operating costs, making them attractive for
businesses and homeowners. Additionally, the green construction industry
creates job opportunities in sectors such as renewable energy, energy-efficient
building materials manufacturing, and green building design.



- Social: There is a growing social awareness about the importance of
sustainability and environmental protection. Many consumers now prefer
eco-friendly products and buildings that promote a healthier and more
sustainable living environment. This social shift is driving the demand for
green construction products and practices.



- Technological: Technological advancements have played a crucial role in the
growth of the green construction market. Innovations in materials, such as
recycled and low-emission building materials, have made it easier for builders
to incorporate sustainable practices. Additionally, advancements in renewable
energy technologies, including solar panels and energy storage systems, have
made renewable energy more accessible and affordable for construction projects.



Key Takeaways:



1. Market Size Related Content: The global green construction market is
expected to witness high growth, exhibiting a CAGR of 11.2% over the forecast
period. This growth is driven by increasing environmental concerns and the
adoption of sustainable building practices. For example, the rising awareness
about climate change and the need to reduce carbon emissions has led to a surge
in green construction projects worldwide.



2. Regional Analysis: North America is expected to be the fastest-growing and
dominating region in the green construction market. This growth can be
attributed to stringent government regulations promoting sustainable building
practices and the high demand for energy-efficient buildings in the region.



3. Key Players: Key players operating in the global green
construction market include Alumasc Group Plc, Binderholz GmbH, Bauder
Ltd, Forbo International SA, Certain Teed Corporation, The Turner Corp, Clark
Group, Gilbane Building Co, Hensel Phelps, and The Whiting-Turner Contracting
Co. These companies are investing in research and development activities to
develop innovative green building solutions and expand their market presence.



In conclusion, the global green construction market is witnessing significant
growth due to the increasing environmental concerns and the adoption of
sustainable building practices. The market is driven by key trends such as the
growing adoption of renewable energy sources and advancements in green construction
technologies. Governments and consumers are playing a crucial role in promoting
green construction practices through regulations and preferences for
eco-friendly buildings. The market is expected to continue its growth momentum,
with North America leading the market in terms of regional dominance. The key
players in the market are actively involved in product innovations and
expanding their market presence to meet the growing demand for green
construction solutions.