
Green technology in the construction market
InsightAce Analytical Pvt. Ltd. announces the release of a market assessment report on the “Global Green Technology Market in Construction – (by Type (HVAC Products, Water Solutions), by Application (Non-Residential (Commercial and Office, Institutional, Industrial, Hospitality and Leisure)) ) , Residential)), Trends, industry competitive analysis, revenue and forecast to 2031.”
According to the latest research from InsightAce Analytic, the global green technology market in construction is expected to develop at a CAGR of 8.2% during the forecast period of 2024-2031.
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Green technology in construction focuses on minimizing the environmental impact of buildings through sustainable practices and materials. It aims to improve energy efficiency, water conservation and indoor environmental quality, while using renewable energy sources and sustainable materials such as bamboo and recycled steel. Techniques such as modular construction help reduce waste, and smart technologies improve construction activities. Green roofs contribute to better air quality and temperature regulation. Certifications such as LEED provide standards for assessing environmental performance. By prioritizing sustainability, green construction not only benefits the environment, but also provides long-term economic benefits and improves the well-being of residents, in line with the goals of sustainable development. Green building is gaining popularity and is expected to drive market expansion. By reducing their ecological footprint, the materials contribute to combating climate change. Their low maintenance requirements and high energy efficiency make these materials an excellent investment. However, the unmet need for customized solutions to address specific environmental issues is expected to hinder market expansion.
List of Prominent Players in 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 growing demand for green technology in the construction market is fueled by the increasing demand for environmentally conscious constructions. The use of resource-efficient and environmentally responsible techniques from site selection through construction, design, operation, maintenance, decommissioning and conversion is the essence of green building. The increased demand for green construction can be attributed to the use of sustainable resources in its construction. Due to increasing urbanization, investments and awareness, the market for green technology and sustainability is booming.
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Challenges:
The main challenge is price variation, shortage of competent individuals and lack of standards and protocols due to lockdowns and isolation in emerging countries, which is expected to slow the growth of green technology in the construction market. Their prices may change based on designs, finishes and fittings. Green building materials involve significant initial investment costs, but pay off in the long term. Housing construction is also likely to slow in countries where per capita income is falling. This is expected to hinder the acceptance of the product by the construction industry. The COVID-19 pandemic is still spreading around the world; it will have far-reaching consequences for companies at every stage of the supply chain. Construction companies’ supply networks were hit hard as the world went into lockdown, reducing the movement of people and supplies. A lack of materials, logistics issues, labor shortages and overall unpredictability have disrupted or delayed construction projects worldwide.
Regional trends:
The North American green technology in the construction market is expected to register a large market share in terms of revenue. It is expected to grow at a high CAGR in the near future due to the innovative spirit and technical advancements pervading the area. Moreover, Europe had a significant market share because the government took useful measures. Green materials are increasingly recognized for their positive impact on the environment, and the region has introduced strict building standards and codes to encourage their use
Recent developments:
• In September 2023, Kingspan unveiled a Sustainability Resource Center at the Greenbuild 2023 International Conference and Expo. The new website informed architects, general contractors, specifiers and building owners about how the built environment influences the natural environment.
• In October 2022, Koch Engineered Solutions entered into a strategic partnership with ION Clean Energy. The alliance aimed to improve factory design in various industries by integrating ION’s advanced technologies with the substantive expertise of the companies in KES.
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Segmentation of green technology in the construction market –
By type-
• HVAC products
• Water solutions
By application-
• Non-residential
o Commercial & Office
o institutional,
o Industrial
o Catering & Leisure
• Residential
By region-
North America-
• The USA
• Canada
• Mexico
Europe-
• Germany
• Great Britain
• France
• Italy
• Spain
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East and Africa
• GCC countries
• South Africa
• Rest of the Middle East and Africa
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About us:
InsightAce Analytic is a market research and consulting firm that empowers clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions meet the need for market and competitive information to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competitive technologies, segmenting potential markets and repositioning products. Our expertise lies in delivering syndicated and customized market intelligence reports providing in-depth analysis with key market insights in a timely and cost-effective manner.
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This release was published on openPR.