The global green technology in construction market is expected to develop with a CAGR of 8.2 percent during the forecast period of 2024-2031, the latest research by InsightAce Analytic has said.

Green technology in construction focuses on minimizing the environmental impact of buildings through sustainable practices and materials. 

It aims to enhance energy efficiency, water conservation, and indoor environmental quality while utilizing renewable energy sources and sustainable materials like bamboo and recycled steel. 

According to the report, the techniques such as modular construction help reduce waste, and smart technologies improve building operations. 

Green roofs contribute to better air quality and temperature regulation. Certifications like LEED provide standards for assessing environmental performance. 

By prioritizing sustainability, green construction not only benefits the environment but also provides long-term economic advantages and improves occupant well-being, aligning with the goals of sustainable development. 

Green construction is gaining popularity and is predicted to boost market expansion. 

“By reducing their carbon footprints, the materials contribute to mitigating climate change. Due to their low maintenance requirements and high energy efficiency, these materials are an excellent investment,” the report states.

However, the unmet need for customized solutions to tackle specific environmental problems is anticipated to hinder the expansion of the market.

The growing demand for green technology in the construction market is fueled by the increasing demand for environmentally conscious structures. 

“Using resource-efficient and environmentally responsible techniques from site selection through construction, design, operation, servicing, dismantling, and conversion is the essence of green building,” the report notes. 

“The increased demand for green construction can be attributed to using sustainable resources in their construction. As a result of rising urbanization, investment, and consciousness, the market for green technology and sustainability is booming.”

Challenges

The prime challenge according to the report is price variation, a shortage of competent individuals, and a lack of norms and protocol because of lockdowns and isolation in emerging countries, which is predicted to slow the growth of green technology in the construction market. 

Their prices can change based on designs, finishes, and fittings. Green building materials have significant initial investment costs but pay off in the long run. 

Residential building is also likely to slow in nations with falling per capita income and this is anticipated to impede the construction industry's acceptance of the product. 

The COVID-19 pandemic is still spreading across the globe; it will have far-reaching consequences for businesses at every stage of the supply chain. 

Construction companies' supply networks were hit hard as the world went into lockdown mode, cutting down the transportation of people and supplies. 

A lack of materials, problems with logistics, an insufficient workforce, and overall unpredictability have disrupted or delayed construction projects globally.

Regional trends

The North American green technology in the construction market is anticipated to register a large market share in terms of revenue. 

It is projected to grow at a high CAGR in the near future because of the innovative spirit and technical progress that permeates the area. 

Besides, Europe had a considerable share of the market because the government took helpful measures. 

Green materials are becoming more widely recognized for their positive environmental impact, and the region has implemented stringent building standards and codes to encourage their use.