Green building or sustainable construction is referred to structures that are environmentally responsible and energy efficient throughout its life cycle. Green building practices aim to reduce the environmental impact of a building. Most of the materials used in green buildings such as lumber, recycled metal, fiberglass and mineral wool are renewable and non-toxic in nature. Green buildings use onsite generation of renewable energy through biomass, solar power, hydro power and wind power. These practices makes a building reduce its operating energy usage. Furthermore, low energy consumption appliances are used in green buildings to keep the energy costs low. Most of the green building materials including cellulose and fiberglass are being used in green buildings owing to their superior insulating properties. Methods such as rain water harvesting are adopted in green buildings to conserve reduce wastage of water. Green buildings also seek to reduce wastage of energy and materials thus reducing the overall environmental impact. Green buildings are widely used for residential, commercial and industrial purposes owing to their low operational costs, energy efficiency and low carbon footprint.
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The global market for green buildings is expected to witness steady growth owing to increasing environmental concerns and stringent government regulations. The demand for green buildings in industrial sector is expected to grow owing to its low operational and maintenance costs. Growing demand for energy efficient technologies is expected to propel the demand for green buildings in the market. Growing preference for green buildings in residential and commercial sectors is expected to be a major factor driving the growth of the market over the forecast period. However, high material cost is expected to be a major restraint to the market.
North America and Europe are major markets for green buildings. The market in this region is characterized by increasing awareness regarding sustainable construction and growing demand for low energy consumption systems. However, Asia Pacific is expected to be the fastest growing region owing to growing industrial sector and rapid urbanization in emerging economies such as India and China.
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