LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global green technology market in the construction industry to grow at a CAGR of more than 9% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global green technology market in the construction industry market for 2017-2021. The report also lists HVAC solutions, water solutions, and others as the three main end-user segments of which the HVAC solutions segment accounted for close to 47% of the market share in 2016.
According to Jhansi Mary, a lead research analyst at Technavio, “Buildings built using green technologies are resource-efficient across the lifecycle of the building. This includes design, operation, renovation and maintenance, and demolition. Although a green building incurs comparatively higher costs during construction, the long-term cost benefits associated with it and its contribution to the rise in the overall value of the property are factors bolstering its adoption in the residential and commercial construction markets.”
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global green technology market in the construction industry:
- Better maintenance of HVAC systems
- Easy installations
- Opportunities for international collaborations
Better maintenance of HVAC systems
Green technologies have resulted in HVAC technicians to be trained, resulting in improvement of their learning curve. As the adoption of green technologies for HVAC rises in the residential and commercial segments, technicians will learn how to maintain and repair the equipment, irrespective of the brand. They will also get well versed with building regulations, certifications, and codes. This will eventually result in undifferentiated maintenance service of HVAC leading to increased consumer confidence in installing green technology based HVAC equipment.
Easy installations
Leading vendors are developing green technology solutions for the construction market, which are easy to understand and adopt to improve the utilization rates. For instance, in air quality sensors, features like demand-controlled ventilation adjusts air supply as per volume requirements. Also, multi-sensors are used for simultaneous recording of various parameters. This reduces the need for cabling activity. Communicating sensors used for flush mounting indicate room’s air quality via LED lights.
During construction, post plastering, and painting, these sensors can be wall mounted and conveniently snapped onto the mounting plate. Aspects like digital correction algorithms guarantee uninterrupted availability of prompt measurement signal. Additionally, with frames from third-party manufacturers, these sensors can be designed to blend with the respective environment.
Opportunities for international collaborations
The adoption of green technology is high in most countries. However, advanced technology solutions are offered by a few players that are mainly concentrated in the developed countries. As a result, for effective implementation and optimum ROI, regional companies enter into collaborations with these companies to procure green technology solutions. For instance, small and medium-sized European enterprises envision huge revenue opportunities in the Chinese market. As Europe is a pioneer in green technology, Chinese companies show keen interest to collaborate with the European companies, making it a win-win situation for all the stakeholders leading to the higher adoption of green technologies.
“Similarly, in India, favorable government policies and the booming construction market is encouraging many global green technology companies to enter the market. In 2015, through a joint venture, SoftBank, Bharti Enterprises, and Taiwan’s Foxconn Technology proposed to invest over USD 15 million in various solar energy projects in the country,” says Jhansi.
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