Large paragraph: The global Green Construction Market involves the construction of structures and use of processes that are environmentally responsible and resource-efficient throughout a building's life-cycle, from siting to design, construction, operation, maintenance, renovation, and deconstruction. It also involves using materials that conserve natural resources, minimize strain on the environment, and reduce waste. The need for sustainable construction techniques is rising due to increasing awareness about climate change and environmental protection. The global Green Construction Market is estimated to be valued at US$ 365.35 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased focus on sustainability is one of the key trends driving the growth of the green construction market. Governments across the globe are implementing various policies and regulations to promote sustainable construction practices. For instance, the European Union aims to make all new buildings climate neutral by 2030. In the US, states like California have adopted stricter building codes to reduce greenhouse gas emissions from buildings. Growing environmental consciousness among consumers is also prompting builders to incorporate green features like solar panels, water conservation systems, energy-efficient materials in residential and commercial projects. The market is expected to witness significant traction as sustainable construction is increasingly becoming mainstream to reduce the carbon footprint of the built environment.
Segment Analysis
The global green construction market is divided into various segments based on product, end-use sector and geography. Based on product, the market is bifurcated into exterior products and interior products. The exterior products segment currently dominates the market as they account for over 60% share. This is because exterior construction products like green cement, renewable materials and energy-efficient windows require less maintenance and have better lifecycle performance.
Key Takeaways
The global Green Construction Market Size is expected to witness high over the forecast period of 2023 to 2030. Rapid urbanisation and increasing focus on sustainability are driving the adoption of green building codes and standards globally.
Regional analysis: North America dominates the global green construction market and is expected to remain the highest revenue generating region during the forecast period. Stringent regulations regarding resource efficiency and leadership programs like ENERGY STAR in the US are promoting green building practices in commercial and residential properties.
Key players: Key players operating in the green construction market are Johnson & Johnson Services, Inc., 3M, Baxter, Coloplast A/S, Integra LifeSciences, Medtronic, Omeza, Cardinal Health, Bactiguard AB, Noventure, Essity, Schulke & Mayr GmbH, Smith & Nephew Plc., Convatec Group PLC, SANUWAVE and SANUWAVE Health, Inc., EO2 Concepts, Wound Care Advantage, LLC., Healthium Medtech Limited, Arch Therapeutics, Inc., Hydrofera, Sanara MedTech Inc., Axio Biosolutions Pvt Ltd., and Gentell, Inc. Strategic partnerships and product innovation are among the key strategies adopted by these players to increase their market share.
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Recently, East Vancouver Fire Hall 17 was in the spotlight at the Canada Green Building Council (CAGBC)’s Building Lasting Change conference held in downtown Vancouver.Fire Hall 17 was discussed in the session called Zero Carbon City that focused on curbing carbon emissions from buildings owned by the city.The history of Vancouver’s Fire Hall 17 can be dated back to 1955, the year it was built.
At present, the hall is seismically unsound, too small, and operationally and energy inefficient.According to sources, though the new fire hall will still house red fire engines, it will be the first passive house among fire halls in the city.Fire Hall DesignConsidering that buildings are responsible for roughly one-third of global carbon emissions, modern architects nowadays erect buildings that produce no emissions while in use.Even the designers take an environmentally friendly approach to interior design.
This is precisely what Vancouver aspires with its building plan.Gregor Robertson, the mayor of Vancouver, cited that the new Fire Hall is going to be high tech while sticking fast to zero-carbon building standards.
Thus, it will need 25% more energy than the usual fire hall.As per Zina Berrada, HMCA Architecture and Design sustainability coordinator, the new building will be four storeys.
It will feature four equipment bays and will be divided into two Passive House certified areas.The building will be constructed in such a way that a firefighter in the building can get to a fire truck in 60 seconds.The ChallengesHMCA Architecture and Design sustainability coordinator, Berrada mentioned that the biggest challenge faced in their zero-emission plan is airtightness.The challenges also include the need to utilize the operational area as an IT and communications hub, which leads to heat gains.
Another issue cited by Scott Ghomeshi, Integral Group project manager and mechanical engineer is noise mitigation as a result of the proximity of the Fire Hall to Knight Street.The BudgetThe construction cost of the new Fire Hall is estimated at $19.9 million.
