Green Construction Market Size Forecasted to Reach Valuation of USD 610.61 Billion by 2027
The Green Construction Market is predicted to reach USD 610.61 billion in 2027, up from USD 264.64 billion in 2019. This represents a compound annual growth rate (CAGR) of 11.0 percent for the forecast period of 2019-2027. The market is experiencing significant expansion, which may be attributed to the growing demand for buildings and infrastructure that consumes the least amount of energy. The growing awareness of and need to reduce greenhouse gas emissions, as well as the increased emphasis on ensuring that facilities are environmentally sustainable, are expected to support market expansion over the forecasted timeframe.
The increasing awareness of environmentally friendly products across a wide range of application areas also contributes to the market’s expansion. Tax incentives provided by authorities throughout the world to private enterprises in order to boost the use of environmentally sustainable products are expected to drive demand for environmentally sustainable products in the market over the forecasted timeframe. Furthermore, the government is taking more and more steps to encourage the adoption of market items in order to limit global warming and the release of poisonous gases into the environment, which is propelling the market’s rise.
Because of rising urbanisation and improved living conditions, it is expected that increased development of infrastructure operations in the residential sector will increase the use and awareness of these items, consequently propelling the industry’s growth. The development and upgrading of such items allows for environmental conservation and social transformation that is both effective and efficient, hence increasing market growth in the near future.
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The following are the most important findings from the report:
- The green roof sub-segment is expected to rise at an exponential rate over the forecast period, owing to the increasing number of global warming warnings, which is pushing the demand for natural techniques to offset the rising temperatures in the built environment.
- Throughout the forecasted timeframe, the residential sub-segment is expected to grow at a much higher rate than the overall market. In addition to the increasing need for ecologically safe and sustainable structures, the rapid urbanisation of emerging nations is expected to boost to the segment’s growth. Furthermore, the emergence of environmentally friendly construction materials produced by a slew of manufacturers is
- providing additional impetus to the market’s expansion.
Because of growing urbanisation and the quick expansion of the industrial sector in emerging markets, the Asia Pacific market is expected to expand at a significant rate throughout the forecasted time range.
- Alumasc Group plc, among other companies, is a major player in the market. Other notable players include The Whiting-Turner Contracting Company, Bauder Ltd., Certain Teed Corporation, Binderholz GmBH, The Turner Corporation, Gilbane Building Company, Clark Group, Forbo International SA, Hensel Phelps, and Alumasc Group.
- DuPont announced the development of the next-generation of StyrofoamTM Brand Insulation in 2020, with the goal of reducing greenhouse gas emissions while enabling high-performance modern building designs to be achieved. The StyrofoamTM Brand Insulation is expected to be one of the lowest GWP solutions available, and it adheres closely to the sustainability goals currently in place in the United States and Canada.