Living roofs/green roofs increasingly being implemented in green buildings
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%.
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.
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.
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.
Major players in the nonresidential green buildings industry are Turner Corp., Clark Construction, AECOM, Swinerton, Hensel Phelps, Skanska, Whiting-Turner Contracting Co., Holder Construction, Webcor, and Walsh Group.
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