Study: Green Building Market To Grow $116 Billion
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Even though the economy has stifled much around the world, the global green building materials market is expected to grow in the next few years, according to a report released June 4 by NextGen Research.
The report concludes that the market for green building materials will grow to $571 billion by 2013, a $116 billion increase from the market’s value in 2008. NextGen Research is the emerging technology arm of ABI Research.
NextGen’s 48-page report, Green Building Materials: Making Cement, Insulation and Wood Products Increasingly Environmentally Friendly, estimates that the market will grow at a five percent compound annual growth rate. The report was geared toward manufacturers, developers, contractors, green building and building product standards organizations, home improvement retailers and venture capital firms. The report analyzed cement, engineered wood, and insulation products.
The report explains how green building materials differ from standard building materials and their impact on energy consumption, water use, waste disposal and carbon footprint. The report touches on government and legislative developments, sustainable development and how the building materials market will develop compared to the overall building materials market. Readers will also learn about standards for green building and which organizations certify green building and green building products.
NextGen’s research director, Larry Fisher, explained that the construction industry has a significant impact on the environment and that buildings account for a large portion of the United State’s energy consumption and 40 percent of the country’s carbon dioxide emissions.
The report predicts that commercial office buildings will be the largest non-residential target sector for green building products over the next few years, while new residential building and home improvement sectors are emerging markets for green building products manufacturers.
In November, a landmark international study sponsored by Good Energies, a global investor in renewable energy and energy efficiency industries, reached similar conclusions, finding that the cost of green buildings is far outweighed by energy and water savings. Based on financial and technical analysis of 150 green buildings across the United States and 10 other countries, the study, Greening Buildings and Communities: Costs and Benefits, determined that green buildings cost an average of less than two percent to construct than conventional buildings and reduce energy use by an average of 33 percent. The study further found that the growth of green building creates thousands of new jobs and that positive effects on productivity and health benefits are a motivating factor for building green.