Newark, Jan. 24, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the low carbon building market will grow from USD 523.81 Billion in 2022 to USD 1586.65 Billion by 2032. Throughout the projection period, the growing market for low carbon building would be propelled by favourable government policies, increased urbanization and rising awareness for sustainability.
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Key Insight of the Low Carbon Building Market
The European region will account for the largest market size during the forecast period.
The European region will hold a significant market share due to the growth of the green construction industry. Increasing insulation and energy efficiency, the EU Green Buildings Pact seeks to make public and residential buildings more climate-friendly. The European Commission has suggested that by 2030 and 2033, the oldest 15% of residential structures in each nation in the region should be renovated.
The low-carbon HVAC systems segment is expected to augment the market during the forecast period.
The product type segment is divided into renewable energy systems, low-carbon HVAC systems, energy-efficient systems, and others. The low-carbon HVAC systems segment is expected to augment the market during the forecast period. Carbon dioxide emissions are decreased by using low-carbon HVAC systems. Using a low-carbon energy source, such as HVAC, supplies all home hot water heating or space heating and cooling.
The residential segment is expected to augment the market during the forecast period.
The application segment is divided into commercial, residential, industrial and others. The residential segment is expected to augment the market during the forecast period. Low-carbon housing strives to reduce energy use and its negative environmental effects at every stage—from planning to building to utilizing. By utilizing cutting-edge construction materials and technologies, low-carbon housing can dramatically lower energy use and carbon emissions while enhancing residential areas’ environmental adaptability and livability.
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Driver: Increasing demand for low-carbon buildings in the residential sector
The importance of residential buildings in terms of energy use and environmental impact is gaining popularity, even if they make up a minor part of the world’s energy consumption—especially in light of urbanization and population expansion. The International Energy Agency reports that residential structures use substantial energy for things like cooling, heating, and electricity, making up around 17% of the world’s total energy use. Hence, low-carbon construction has become more well-known as a new architectural style. To raise consumer purchase intention, real estate companies are prioritizing to incorporate low-carbon building characteristics and consistently improve user experience in the design, development, and marketing of residential homes.
Restraint: Initial cost
The initial cost of a carbon-neutral home is more than that of a typical house. The initial cost of an average conventional house is approximately $1300 per square metre; however, this cost does not account for the features, permissions or design required to build a carbon-neutral home. In general, the user’s costs will be approximately 10% more than those of traditional dwellings.
Opportunity: Increasing investments in the decarbonization of the construction industry
Construction companies can profit from this expanding trend as decarbonization efforts pick up steam. Achieving global sustainability targets largely depends on the building industry, one of the largest economic ecosystems in the world. As a result of the European Union’s commitment to becoming carbon neutral by 2050, businesses in Europe and around the world are already formulating their plans to meet and occasionally even exceed corporate, national, and continental sustainability goals. In addition, a growing number of financial organizations, development partners, and multilateral development banks are realizing how important they can be in the building industry’s green transformation. They may greatly improve the investment landscape, particularly for developing economies, and offer technical assistance to national institutions to enhance their capacities.
Challenges: Lack of awareness
Industries in many regions still need to be made aware of low-carbon buildings. These industries include small-scale and medium-scale industries with little capital and rely on traditional buildings. The residential and commercial industries do not consider the benefits of low-carbon building, which increases carbon consumption in the region and adversely affects the environment.
Some of the major players operating in the low-carbon building market are:
• Siemens AG
• Johnson Controls International plc
• Trane Technologies plc
• Schneider Electric SE
• ABB Ltd
• Kingspan Group plc
• Mitsubishi Electric Corporation
• Skanska AB
• Green Building Councils
• Lendlease Corporation Ltd
• Turner Construction Company
• Legrand SA
• Interface, Inc.
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Key Segments Cover in the Market:
• Renewable Energy Systems
• Low Carbon HVAC Systems
• Energy Efficient Systems
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
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