The global Green Construction Market is estimated to be valued at US$ 365.35 billion in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Green construction involves building practices and material usage that reduce energy consumption and helps protect the environment. Green buildings incorporate sustainable materials, energy-efficient design and construction practices to minimize the impact on the environment. Green building materials include bamboo, wood, hempcrete and recycled materials which have advantages of being environmentally friendly, durable and carbon efficient. Sustainable construction such as green roofs and walls help produce food and energy, retain stormwater, provide habitats and insulation. With rising concerns of climate change and energy costs, there is an increased focus on green and energy efficient buildings which is positively impacting the market growth.
Market key trends:
The increased focus on energy efficiency is one of the major drivers of green construction market growth. Green buildings consume less energy and have lower operating costs than conventional buildings. They incorporate features such as insulation, energy-efficient HVAC and lighting systems, water-efficient fixtures and renewable energy systems which help reduce energy consumption by 20-30%. With rising electricity costs and targets to cut carbon emissions, green construction is gaining prominence globally. Governments and organizations are offering incentives for green construction projects including Leadership in Energy and Environmental Design (LEED) certification which promote green building design and practices. This is further fueling the adoption of sustainable construction techniques and driving the green construction market.
SWOT Analysis
Strength: The green construction market emphasizes on utilizing sustainable and environmentally-friendly building materials and construction practices. This reduces the negative environmental impacts of construction activities.
Weakness: Higher upfront costs associated with green construction methods poses a challenge. Additional investments are required to implement green technologies and use eco-friendly products.
Opportunity: Stringent government regulations and building codes pertaining to energy efficiency and sustainability are driving the adoption of green construction practices. Rise in environmental awareness is also facilitating market growth.
Threats: Availability of cheap conventional construction materials and methods can threaten market demand. Lack of consumer awareness in some regions restricts widespread acceptance of green building solutions.
Key Takeaways
The global Green Construction Market Growth is expected to witness high over the forecast period of 2023 to 2030. Rapid urbanization and increasing focus on sustainability are fueling demand for greener construction practices.
Regional analysis: North America dominates the global market currently due to strict regulatory policies and high consumer awareness regarding green buildings. The Asia Pacific region is anticipated to grow at the fastest rate during the forecast period on account of large-scale investments in green infrastructure projects across China, India and other developing countries.
Key players analysis: Key players operating in the green construction market are Johnson & Johnson Services, Inc., 3M, Baxter, Coloplast A/S, Integra LifeSciences, Medtronic, Omeza, Cardinal Health, Bactiguard AB, Noventure, Essity, Schulke & Mayr GmbH, Smith & Nephew Plc., Convatec Group PLC, SANUWAVE and SANUWAVE Health, Inc., EO2 Concepts, Wound Care Advantage, LLC., Healthium Medtech Limited, Arch Therapeutics, Inc., Hydrofera, Sanara MedTech Inc., Axio Biosolutions Pvt Ltd., and Gentell, Inc. These players are focusing on new product launches and partnerships to gain a competitive advantage in the market.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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