Green Construction Market to Reach US$ 265.7 Bn by 2023, with a CAGR of 11.2%
Market Overview:
The global Green Construction Market is estimated to be valued at US$ 265.7 Bn in 2023 and is expected to exhibit a CAGR of 11.2% over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights. Green construction refers to the practice of using environmentally-friendly materials and methods in the construction process. It focuses on reducing the environmental impact of construction activities while still providing safe and sustainable structures. The advantages of green construction include energy efficiency, resource conservation, improved indoor air quality, and lower operating costs. The increasing awareness about the importance of sustainable development and the adoption of green building certifications such as LEED (Leadership in Energy and Environmental Design) will drive the growth of the global green construction market in the coming years.
Market Key Trends:
One key trend in the green construction market is the growing use of renewable energy technologies in buildings. The integration of solar panels, wind turbines, and geothermal systems into building designs allows for on-site generation of clean energy, reducing the reliance on traditional grid-based electricity. This trend is driven by the increasing availability of affordable renewable energy technologies and the rising demand for sustainable buildings with minimal ecological footprints. Moreover, government initiatives and incentives promoting the use of renewable energy in the construction sector have further accelerated this trend. For instance, many countries offer tax credits, grants, and subsidies for installing renewable energy systems in buildings. The adoption of renewable energy technologies in the construction industry not only reduces greenhouse gas emissions but also helps in achieving energy independence and cost savings in the long run. As a result, the incorporation of renewable energy sources in building designs is expected to witness significant growth in the green construction
Segment Analysis:
The green construction market can be segmented based on the type of construction, end-use sector, and region. In terms of construction type, the market can be divided into residential, commercial, and industrial construction. Among these segments, residential construction dominates the market due to the rising demand for eco-friendly homes and increasing adoption of sustainable building materials. The growing awareness among consumers about the benefits of green buildings, such as energy efficiency and reduced carbon footprint, is driving the demand for green construction in the residential sector.
In terms of the end-use sector, the market can be segmented into healthcare, education, retail, office spaces, and others. The healthcare sector is expected to dominate the market as there is a growing emphasis on creating sustainable and environmentally-friendly healthcare facilities. Green construction in the healthcare sector not only reduces energy consumption and waste generation but also creates a healthier and more conducive environment for patients and staff.
Key Takeaways:
The Global Green Construction Market Size is expected to witness high growth, exhibiting a CAGR of 11.2% over the forecast period. This growth can be attributed to the increasing focus on sustainable development and rising environmental concerns. The market is projected to reach US$ 265.7 billion in 2030.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the green construction market. This can be attributed to the strict regulatory framework promoting sustainable building practices and the presence of key players in the region.
Key players operating in the 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 actively involved in implementing green construction practices and offering sustainable building solutions to meet the growing demand in the market.
Read more: https://makuv.com/green-construction-market-to-reach-us-265-7-bn-by-2023-with-a-cagr-of-11-2/
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