Nonresidential Green Buildings Market:
The global nonresidential green buildings market is expected to decline from $85.1 billion in 2019 and to $79.05 billion in 2020 at a compound annual growth rate (CAGR) of -7.1%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The criteria for green building constructions are expected to change in preparedness to prevention and control of such pandemic diseases in coming years. The market is then expected to recover and reach $103.08 billion in 2023 at CAGR of 9.3%.
The nonresidential green buildings market consists of sales of nonresidential green buildings. Green Buildings, in its design, construction or operation, have minimal or no negative impacts on environment and climate but have positive impacts by preserving precious natural resources and improve our quality of life. This practice creates and uses healthier and more resource-efficient models of construction, renovation, operation, maintenance and demolition. The market consists of revenue generated by the companies and people by the sale of Nonresidential Green Buildings.
North America was the largest region in the nonresidential green building market in 2019. Asia Pacific is expected to be the fastest growing region in the forecast period.
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Concern about affordability and perception that green is for high-end projects is expected to limit the growth of the Nonresidential green building market. Green is associated with high end projects is a growing perception worldwide. According to North American Dodge Data & Analytics green building trends 2018 report, nearly 37% in US and 36% in Canada perceived that green buildings are not affordable and are only meant for high end projects and 1/3 of respondents in Germany perceived accordingly. Similarly, around 41% of UAE, 32% of Southeast Asians and 37% of South Africans reported it as an obstacle and acting as one of the major challenges. Decreasing affordability due to increased perception that green is for high end projects is limiting the growth of the market.
The nonresidential green buildings market covered in this report is segmented by product into interior products; exterior products and by application into office; education; hotels and restaurants; retail; institutional/ assembly; healthcare ; warehouse.
Living roofs or green roofs is increasingly being implemented in green buildings. A green roof is a roof of a building that is covered with vegetation and soil, or a growing medium, planted over a waterproofing membrane. Green roofs last longer when compared to conventional roofs, they also reduce energy costs with natural insulation, reduces the temperatures (heat and cold) by absorbing and trapping them, and reduces storm water runoff, filters pollutants and carbon dioxide out of the air and increase wildlife habitat in built-up areas. It is believed that to reduce the ambient temperature of the city by 2%, then 8% of roofing in the city must be greener.
Increased need for sustainable and eco-friendly solutions contributed to the growth of the Nonresidential green building market. According to the USGBC (U.S. Green Building Council) report, green buildings can reduce carbon emission by 34% and consume 25% less energy than the conventional buildings. It has now become essential for Commercial construction companies to give priority to sustainable design and construction techniques to utilize our planets finite resources in a sensible way. Encouraging sustainable business practices is an important reason for building green in most countries for conservation of energy and protecting natural resources. Moreover, increased concerns of global warming resulted in sustainable and ecofriendly activities increased the demand for Nonresidential green building market.
Major players in the nonresidential green buildings market are Turner Corp., Clark Construction, AECOM, Swinerton, Hensel Phelps, Skanska, Whiting-Turner Contracting Co., Holder Construction, Webcor, and Walsh Group.
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