Jersey City, NJ, April 08, 2024 (GLOBE NEWSWIRE) -- InsightAceAccording to the latest research by InsightAce Analytic, the Global Sustainability in Construction Market is expected to expand with a CAGR of 8.91% during the forecast period of 2024-2031.
A convergence of environmental concerns, regulatory pressures, and evolving consumer preferences is propelling the growth of the Sustainability in Construction Market. As the industry places greater emphasis on reducing carbon footprints and lessening the environmental impact of construction activities, sustainability has emerged as a central focus. This shift is evident in the rising adoption of green building practices, which emphasize energy efficiency, resource preservation, and the utilization of eco-friendly materials. Sustainable construction encompasses a broad spectrum of approaches, including the pursuit of green building certifications, integration of renewable energy sources, implementation of waste reduction strategies, and adoption of water conservation measures.
Furthermore, technological advancements such as Building Information Modeling (BIM) and prefabrication methods are facilitating more sustainable construction processes while improving project efficiency. Governments worldwide are introducing regulations and incentives to encourage sustainable construction practices, driving further market growth. Additionally, increased awareness among consumers and investors regarding the significance of sustainability is influencing project decisions and investment strategies, leading to a heightened demand for sustainable construction solutions.
In summary, the Sustainability in Construction Market is positioned for ongoing expansion as stakeholders increasingly prioritize environmental responsibility and sustainable development within the built environment.
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List of Prominent Players in the Sustainability in Construction Market:
- Bauder ltd.
- Florbo International SA
- Clark Group
- Gilbane Building company
- The Turner Corp.
- Alumasc Group Plc
- Hensel Phelps
- The Whiting- Turner Contracting Company
Sustainability in Construction Market Report Scope:
| Report Attribute | Specifications |
| Growth Rate CAGR | CAGR of 8.91% from 2024 to 2031 |
| Quantitative Units | Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
| Historic Year | 2019 to 2023 |
| Forecast Year | 2024-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Product, By Application and By Region |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
Market Dynamics:
Drivers:
Various factors drive sustainability in construction. Regulatory pressures compel compliance with green building codes, while consumer demand for eco-friendly structures promotes sustainable practices. Technological innovations enable cost-effective solutions like green materials and energy-efficient systems. Economic benefits, such as reduced operating costs and enhanced property values, incentivize investment in sustainability. Additionally, growing concerns about climate change underscore the need for resilient and low-carbon buildings. Together, these drivers reshape the construction industry, fostering a shift towards environmentally responsible and socially conscious development.
Challenges:
The major hurdle is the high initial cost associated with sustainable construction practices, including the use of eco-friendly materials and technologies. While these investments can lead to long-term savings through reduced energy consumption and operational costs, many developers and investors are hesitant to commit to such expenditures. Additionally, the lack of standardized regulations and incentives for sustainability in construction often leads to inconsistency in implementation across different projects and regions. Furthermore, there is a need for greater awareness and education within the industry regarding sustainable practices and their benefits. Many stakeholders, including contractors, architects, and clients, may need to fully understand the potential environmental impacts of their decisions or the available options for mitigating them.
Regional Trends:
The North America Sustainability in Construction market is expected to register a major market share in North America; sustainability in construction has become a prominent focus due to stringent environmental regulations, growing awareness of climate change, and increasing demand for green building practices. Government initiatives such as LEED (Leadership in Energy and Environmental Design) certification and Energy Star ratings incentivize sustainable construction practices, driving market growth. Additionally, there is a strong presence of sustainable construction organizations and industry associations advocating for eco-friendly building techniques and materials.
The North American market also benefits from a mature green building industry and a well-established network of sustainable construction suppliers and service providers. In contrast, the APAC region is witnessing rapid urbanization, population growth, and infrastructure development, leading to a surge in construction activities. Sustainability in construction is gaining traction in APAC due to concerns about air and water pollution, resource depletion, and urban sustainability. Governments in countries like China, India, and Singapore are implementing green building codes, incentives, and standards to promote sustainable construction practices. Furthermore, rising disposable incomes and growing awareness among consumers about environmental issues are driving demand for green buildings and sustainable construction solutions.
