Green Buildings Companies | Forecast by 2033

09 Aug 2024

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Table of Content

1. Green Buildings Market Growth and Trends 2. Green Buildings Market Trends 3. Green Buildings Market Top Companies 4. Regional Insights 5. Market Potential and Growth Opportunity 6. Green Buildings Market Highlights 7. Green Buildings Market News

Green Buildings Market Growth and Trends

The global green buildings market was evaluated at USD 516.66 billion in 2023 and is anticipated to be worth around USD 1,271.08 billion by 2033, growing at a CAGR of 9.42% during the forecast period. The increasing awareness of environmental issues is expected to drive the growth of the green buildings market.

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Market Overview

The green buildings market deals with operating and constructing sustainable and environmentally friendly buildings. These buildings are designed to conserve resources, promote the well-being of occupants, and minimize their environmental impact. Green buildings incorporate various technologies and features such as HVAC systems and energy-efficient lighting, renewable energy sources such as efficient water management systems, and solar panels. Various countries have introduced regulations and policies to motivate the construction of green buildings, and providing certifications and incentives such as BREEAM and LEED has contributed to propelling the growth of the green buildings market.

In addition, the increasing focus on energy conservation, rising energy costs, growing usage of eco-friendly materials such as mycelium, recycled plastic, and bamboo, and the rising preference for green building materials over traditional construction materials are further expected to drive market growth during the forecast period.

Green Buildings Market Trends

• The governments in established countries implemented incentives and policies to enhance green construction, which is considered to increase the demand for the market.
• The rising focus on emission-free construction operational costs and low maintenance is expected to enhance the growth of the market.
• The rising preference for green buildings in commercial and residential sectors is anticipated to drive the growth of the green buildings market.

The growing concern about the environment fuels market growth.

Most governments are passing regulations and rules that require contractors and developers to use eco-friendly solutions and materials in their buildings. This factor is the major benefit of the growth of the market for green buildings. The market for environmentally friendly buildings is increasing due to more people learning of the ecological advantages of sustainable construction. This type of building has a smaller carbon footprint than traditional buildings, generates less waste, and uses less water and energy.

In addition, green buildings can have advantageous effects on the well-being and health of those living in them. Eco-friendly buildings can minimize energy consumption as compared to conventional buildings. Thus, these driving factors are expected to drive the growth of the green buildings market during the forecast period.

However, price fluctuations in the green buildings may restrain the market growth.

The market growth for green buildings is expected to be hindered by fluctuations in material costs, which are driven by increased demand from end-use industries and driven by their availability. Compared to conventional building materials, it is more costly to use these materials in construction. Depending on several factors, their costs may change from time to time, such as designs, fittings, and finishes. The utilization of these materials leads to high initial investment costs.

In addition, due to the reduction in per capita income in some countries, construction activity in the residential sector is expected to be restricted. This is likely to cause a minimization in product adoption in the construction industry. These factors are expected to restrain the growth of the green buildings market.

Green Buildings Market Top Companies

• Daikin Industries, Ltd.
• Philips Lighting (Signify)
• General Electric Company
• IBM Corporation
• Bosch Thermotechnology
• Oracle Corporation
• LG Electronics Inc.
• Cisco Systems, Inc.
• ABB Ltd
• IGBC
• Panasonic Corporation
• United Technologies Corporation
• Schneider Electric SE
• Honeywell International Inc.
• Johnson Controls International plc
• Siemens AG

Recent Innovation in the Green Buildings Market by IGBC

• In November 2023, the Indian Green Building Council (IGBC) of the Confederation of Indian Industry launched ‘Nest’, a rating and certification initiative. This launch aimed to promote sustainable and eco-friendly constructions in the domestic housing sector.

Recent Innovation in the Green Buildings Market by Mahindra Group and IBM Corporation

• In March 2024, the global leader in smart, healthy, and sustainable buildings, Johnson Controls, and one of India’s leading industrial enterprises, Mahindra Group, launched its first decarbonized India’s commercial, urban residential, and public buildings, NetZero Buildings Initiative. The joint initiative simplified key resources and information to help organizations start their building journeys.

Regional Insights

Asia Pacific is expected to grow fastest during the forecast period.

The green building market contributes to robust growth in the region due to rising awareness of sustainability and expanding urbanization. There is an increasing interest in renewable energy adoption, particularly in countries such as India and China. This interest aligns with energy efficiency and environmental concerns. The region is also investing in smart building technologies and green certifications to address the increasing demand for eco-conscious construction and energy-efficient construction. China, India, Japan, and South Korea are the major countries in the market for green buildings.

China is the major country in the region. The promotion of green building materials and green buildings is vital for green and low-carbon plans in China. The green building materials of China create significant opportunities for foreign investment. Builders and architects are focusing on and experimenting with eco-friendly ancient buildings using modern technology in China.

Europe dominated the green buildings market in 2023

The European market for green buildings is driving as the region places a strong emphasis on environmental responsibility and sustainability. Strict regulations, such as the commitment to achieving carbon neutrality in the region, are enhancing the adoption of green building industries. Innovative trends, such as the adoption of smart building technologies, combined with an increasing use of sustainable materials. The rising focus on green certifications such as BREEAM (Building Research Establishment Environmental Assessment Method) is further expected to drive the growth of the green building market in Europe.

• In February 2024, INBUILT, the Horizon Europe project, launched its ambitious mission to improve sustainable building practices in Europe. The aim behind this launch was to reduce the carbon footprint of buildings by introducing innovative systems and products.

Market Potential and Growth Opportunity

Advancements in Technology

The rising rapid advancements in technology revolutionize the green building market. Technology plays an important role in shaping the future of green building, from energy-efficient smart home devices to innovative construction materials. In addition, artificial intelligence technologies in green buildings can enhance occupant comfort, predict maintenance needs, and optimize energy consumption by learning from data patterns.

Furthermore, the future of green buildings relies on the construction of net-zero energy buildings that create significant energy as they consume. Also, carbon-positive structures significantly reduce carbon emissions. Thus, these factors are expected to enhance the growth and demand for the green buildings market in the near future.

Green Buildings Market Highlights

Green Buildings Market News

• In April 2024, a global Green Building Policy dashboard was introduced by ULI Greenprint to assist real estate ESG teams in more effectively navigating laws across 47 markets worldwide. With the release of this enhanced edition, the web-based dashboard, which allows users to filter by category, region, and origin of regulation, now covers 71 jurisdictions in total.
• In July 2024, On the fringes of the UN Social and Economic Council's High-Level Political Forum, the Saudi Green Building Forum unveiled a path to cut greenhouse gas emissions.
• In July 2023, A new set of certification standards for already-existing non-residential buildings in the nation, including hospitals, schools, shopping centers, workplaces, and hotels, was introduced by GreenRE, the organization that certifies green buildings.

Market Segmentation

By Product Type

• Exterior Products
• Interior Products
• Building Systems
• Solar Products
• Others

By End User

• Residential
• Commercial
• Industrial
• Others

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