The global green building market was worth $ 26.2 billion in 2005 and the market grew at a CAGR of 53.8% over 20052009, to reach $ 146.5 billion in 2009. The global green building market is estimated to be $ 194.6 billion in 2010. The global green building market is expected to grow at a CAGR of 25.5% to reach $ 606.8 bn by 2015.
Despite the slump in the US construction market in 2007-2008, the green building market in North America is growing dramatically. By 2013, it is estimated that the market could grow to as much as $ 140.3 billion. Homeowners and developers are increasingly embracing more environmentally friendly designs for their buildings. A large cross-section of owners are also aggressively retrofitting and remodeling buildings in their existing portfolio to meet green building requirements. The green building market in Canada is also gaining traction as the provincial governments are establishing green building standards for government buildings. For instance, the British Columbia governments Energy Efficient Buildings Strategy subscribes to the governments goal to reduce Green House Gases (GHG) emissions by 33% from 2007 levels by 2020, as well as electricity self-sufficiency by 2016. The Energy Efficient Buildings Strategy has set targets for commercial, industrial and government buildings.
The European green building market is driven by stringent policies aimed to achieve the European Union (EUs) climate goals the Energy Performance of Buildings Directive (Recast), 2010/31/EU, requires that all new buildings must be nearly zero energy buildings by 2020 and member states shall set intermediate targets for 2015. Also, the member states shall draw up national action plans for increasing the number of nearly zero energy buildings. These national action plans shall include policies and measures to stimulate the transformation of buildings which are refurbished into nearly zero energy buildings. The green building movement is gaining ground among Asian countries and the green building market is expected to grow at a rapid rate.
Climate change, resource scarcity, and widening energy supply-demand gap world faces a wide range of challenges today. Urgent action is essential because any delay will worsen the climate change and increase associated costs needed for climate stability and a sustainable future. A multitude of actions are needed in order to gearing the earth towards sustainable and greener future, which include transformation of the building sector into a major part of the response to climate change.
GBI Researchs new report, Green Buildings Market to 2015 – Incentives for Green Initiatives and Minimum Level of Standards to Boost Growth Opportunities provides the key analysis and forecast market of the global green buildings market. This report covers the key market trends and growth forecasts for a global construction industry. This report contains a detailed technical overview of these buildings and their specifications. The report includes a fair deal of discussion regarding the key restraints, key drivers, policy framework, global programs, and industry trends.
Source: What Up Ruston
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