Diverse cost concerns and market barriers occur while constructing a green building. One of the most common is “split incentive” barrier, i.e., owners don’t have sufficient amount of funding to invest in their building construction as the occupants reap higher benefits from these investments instead of owners. Out of total existing commercial buildings and households, most of them are rented or leased.
Green building is an important step put forward to mitigate harsh effects of the building stock on the society, environment and economy. The energy utilized in constructions and buildings emit increased greenhouse gases which raises concerns about healthy environment and better living. It’s possible to reduce the effect of these harmful gases by adoption of eco-structure or greening concepts. Consequently, the global green building market exhibits a considerable competitive vendor landscape. Although the market is in its developing stages, it’s anticipated that the competition will get fierce during the forthcoming years mainly due to the entry of new players in this field.
Factors raising the demand for sustainable construction materials are higher application due to the propelling building rating systems, emission reduction potential, stringent governmental regulations, and large-scale investment by federal agencies. These materials employed in construction industry are mostly recyclable enhancing the production environment and quality of life.
across the world favoring eco-structures act as a catalyst for green building market. Green building rating systems like U.K.’s Building Research Establishment Environmental Assessment Method (BREEAM), U.S.A.’s Building Research Establishment Environmental Assessment Method (BREEAM) and China’s Green Building Evaluation Labeling (GBEL) is encouraging the way through benefits for greater adoption of green buildings among consumers. Growing urbanization along with national commitments to reduce greenhouse gas emissions and preserve resources is driving world’s steady commitment to extend the green buildings share in its massive construction market. Moreover, number of incentives are provided in various cities and states in countries like United States, Europe, China, etc. to inspire building owners to attain green building certifications. Thus, global green building industry will maintain its growth during the forecast period.