Spring is coming to the nonresidential green building market.
Although residential buildings have captured much of the limelight as the role of buildings has increased in climate change mitigation efforts, the potential for energy savings in nonresidential buildings is also great.
According to a study by Research and Markets, Dublin, the market for nonresidential green buildings is ready to sprout.
Released in May, "Nonresidential Green Buildings Global Market Report 2021: COVID-19 Growth and Change to 2030" covers market characteristics, size and growth, regional and country breakdowns, the competitive landscape, market shares, trends and strategies. It projects strong growth over the next four years.
The report attributes growth in the nonresidential green building market to the increased need for sustainable and eco-friendly solutions worldwide. The report notes that it has now become “essential for commercial construction companies to give priority to sustainable design and construction techniques.”
The report defines green buildings as those that have, “in their design, construction or operation, minimal or no negative impacts on the environment and climate but have positive impacts by preserving precious natural resources and improving quality of life.”
It defines the market as “revenue generated by the companies and people by the sale of nonresidential green buildings.”
Of note, the report identifies green or living roofs as an emerging trend in the nonresidential green building market. A green roof is covered with vegetation and soil, or a growing medium, planted over a waterproofing membrane.
The report notes that green roofs last longer than conventional roofs. They reduce energy costs, indoor building temperatures and stormwater runoff. Local governments have taken a keen interest. According to the report, around 25 cities in the United States have some sort of program to encourage green roofs, including New York City. Portland, Ore., for example, requires vegetation to cover 100% of the roofs on buildings in the central city over 20,000 square feet
The report projects the nonresidential green building market to grow from $69.01 billion in 2021 to $110.52 billion in 2025, at a compound annual growth rate of 9%