Green Technology in Construction Market
InsightAce Analytic Pvt. Ltd. has recently released a comprehensive market assessment report on the Global Green Technology in Construction Market. This report covers various aspects such as types of green technology in construction, applications, trends, industry competition analysis, revenue forecast, and more. According to the latest research by InsightAce Analytic, the Global Green Technology in Construction Market is projected to grow at a CAGR of 8.2% during the forecast period of 2024-2031.
Green technology in construction focuses on reducing the environmental impact of buildings through sustainable practices and materials. It aims to improve energy efficiency, water conservation, and indoor environmental quality while utilizing renewable energy sources and sustainable materials like bamboo and recycled steel. Techniques such as modular construction help minimize waste, while smart technologies enhance building operations. Green roofs contribute to better air quality and temperature regulation. Certifications like LEED provide standards for evaluating environmental performance. By prioritizing sustainability, green construction not only benefits the environment but also offers long-term economic advantages and improves occupant well-being, aligning with the goals of sustainable development. The popularity of green construction is on the rise and is expected to drive market growth. By reducing carbon footprints, green materials help mitigate climate change. Due to their low maintenance requirements and high energy efficiency, these materials are a sound investment. However, the lack of customized solutions to address specific environmental challenges is expected to hinder the market’s expansion.
List of Prominent Players in the Green Technology in Construction Market:
– GE
– Siemens
– Holcim Group
– Johns Manville Corporation
– Knauf
– Kingspan Group
– Alumasc Group
– Saint-Gobain
– Andersen Corporation
– Koch Industries
– Interface Inc
– LG Hausys, Ltd
– Lixil Group
– Norbord Inc
– Owens Corning
– Other prominent players
Market Dynamics:
Drivers-
The increasing demand for green technology in the construction market is driven by the growing interest in environmentally conscious structures. Green building emphasizes the use of resource-efficient and environmentally responsible practices from site selection to construction, design, operation, maintenance, dismantling, and conversion. The rising demand for green construction can be attributed to the use of sustainable resources in building projects. With urbanization, investment, and awareness on the rise, the market for green technology and sustainability is flourishing.
Challenges:
One of the primary challenges is price variability, a shortage of skilled individuals, and a lack of regulations and protocols due to lockdowns and isolation in developing countries, which are expected to slow down the growth of green technology in the construction market. Green building materials may have fluctuating prices based on designs, finishes, and fittings. While green building materials require significant initial investment costs, they offer long-term benefits. Residential construction is also likely to decline in countries with decreasing per capita income, which may hinder the adoption of green technology in the construction industry. The ongoing COVID-19 pandemic has had far-reaching effects on businesses across the supply chain. Construction companies faced challenges with supply networks, material shortages, logistical issues, workforce shortages, and overall uncertainty that disrupted or delayed construction projects globally.
Regional Trends:
The North American market for green technology in construction is expected to hold a significant market share in terms of revenue and is projected to grow at a high CAGR in the coming years due to the region’s innovative spirit and technological advancements. Europe also has a substantial market share, with governments implementing supportive measures. Green materials are increasingly recognized for their positive environmental impact, and the region has established strict building standards and codes to promote their use.
Recent Developments:
– In September 2023, Kingspan unveiled a Sustainability Resource Center at the Greenbuild 2023 International Conference and Expo to educate architects, general contractors, specifiers, and building owners on the environmental impact of the built environment.
– In October 2022, Koch Engineered Solutions entered into a strategic collaboration with ION Clean Energy to enhance plant design across various industries by integrating ION’s advanced technologies with expertise from KES companies.
Segmentation of Green Technology in Construction Market:
By Type-
– HVAC Products
– Water Solutions
By Application-
– Non-residential
– Commercial & Office
– Institutional
– Industrial
– Hospitality & Leisure
– Residential
By Region-
– North America
– The US
– Canada
– Mexico
– Europe
– Germany
– The UK
– France
– Italy
– Spain
– Rest of Europe
– Asia-Pacific
– China
– Japan
– India
– South Korea
– South East Asia
– Rest of Asia Pacific
– Latin America
– Brazil
– Argentina
– Rest of Latin America
– Middle East & Africa
– GCC Countries
– South Africa
– Rest of the Middle East and Africa
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