High growth in infrastructural development projects, mainly in emerging economies, is propelling green construction industry growth.
Vancouver, British Columbia, Dec. 23, 2020 (GLOBE NEWSWIRE) -- The Global Green Construction Market is forecast to be worth USD 610.61 Billion by 2027, according to the current analysis by Emergen Research. The market will experience significant development owing to the high demand from emerging economies, the shift to the adoption of alternative fuels from renewable materials, and increased initiatives by governments to reduce carbon emissions that will drive the market demand.
The industry is driven by the increased construction activity in developing countries and ongoing trends, and R&D, which enables the research team to enhance the performance of the materials, will propel the market growth. The industry for green construction is governed by several laws and regulations listed by the environmental protection agencies and the governments across the globe.
The high energy consumption of the construction product during manufacturing and its applications are expected to hamper the expansion of the industry. The market players are aiming to invest in research and development to design new products with low costs and superior quality to tap into consumer demand. Other factors impacting the green construction market are the rising price for raw materials and their volatility, which is expected to limit the market demand.
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Key Highlights From The Report
In April 2020, PPG made an announcement about the signing of an agreement with Dow to expedite the acceptance of low-carbon technologies. The collaboration emphasizes on developments in anti-corrosion coating materials for steel to provide reduced GHG emissions by offering improved energy efficiency and decreasing the high maintenance costs associated with steel infrastructure.
The effectiveness of the green roof in the reduction of emissions of toxic greenhouse gases in the atmosphere generated by various sources is one of the primary drivers for the green construction market.
The demand for green buildings is growing in the industrial sector and is expected to propel due to low operating and maintenance costs. Increased demand for energy-efficient technologies will also impact market demand. The segment is forecast to grow with a significant CAGR during the forecast period.
The Southeast Asian region is observing considerable growth in applying sustainable construction standards, owing to the rising concerns over environmental deterioration and national energy security in various nations, including Hong Kong, Thailand, Singapore, Malaysia, and Indonesia.
Key participants 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., among others.
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For the purpose of this report, Emergen Research has segmented the Global Green Construction Market based on product, application, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
Commercial & Office
Hospitality & Leisure
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Regional Outlook (Revenue, USD Billion; 2017-2027)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
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