New York, United States, Oct. 05, 2023 (GLOBE NEWSWIRE) -- Green roofs are also known as vegetated roofs and living roofs. A green roof is a coating of planted flora on top of a waterproofing system installed on top of a completely flat or very gently sloping roof.
“The global green roof market size is envisioned to reach USD 5,952 million growing at a CAGR of 15.9% during the forecast period,” states Research Manager at Straits Research P. Ltd. Globally, there is an increase in residential construction and occupancy, which has acted as a significant market driver. In addition, government regulations governing the installation of green roof systems are expected to boost demand over the forecast period.
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Key Drivers
Due to their ability to keep buildings cool and increase their aesthetic appeal, there has been a rise in awareness of green roofs in residential and industrial areas. Additionally, the benefits associated with green roofs, such as a reduction in energy costs, a decrease in CO2 levels, a reduction in noise pollution, and an improvement in employee health, drive their global adoption, thereby fostering market expansion. In addition, the increasing emphasis on installing green roof systems in commercial construction projects is driving the growth of the green roof market. Increased construction of green roof systems in developing countries such as India, China, and Mexico significantly contributes to developing the global green roof market.
In addition, governments of various nations and private companies are launching a variety of subsidiaries and programs to increase the implementation of green roof systems. In September 2017, Counterpoint Sustainable Real Estate (SRE), headquartered in Connecticut, United States, rolled out a new financial plan for installing, maintaining, and providing green roof systems. As a result, growing awareness of green roof systems is anticipated to spur green roof market growth.
Growth Opportunities
Numerous governments have mandated the installation of green roof systems. Additionally, governments offer homeowners subsidies for installing green roofing systems. for example, the German government subsidized 50% of building owners' total investment costs. In addition, the government provides tax incentives for businesses that adopt green roof systems. The New York City Department of Buildings mandated in November 2019 that all new and existing buildings install green roof systems. Consequently, government tax incentives provided to private industries that install green roof systems are anticipated to generate lucrative market expansion opportunities.
Regional Insights
Europe will likely grow at a CAGR of 15.12% and command the market with the largest share. The increasing awareness of green roof systems among the European populace is anticipated to propel the market expansion of green roofs. Moreover, implementing government regulations to install a green roof system is expected to stimulate the growth of the green roof market. Government spending on green building projects is expected to create lucrative growth opportunities for the green roof market.
The Asia Pacific Green Roof Market will be growing at a CAGR of 17.52% during forecast period. Rapid urbanization and an increase in construction activities in developing countries such as India, Singapore, and Vietnam drive the expansion of the Asia-Pacific green roof market. Between 2019 and 2022, India planned to invest USD 1.4 trillion in infrastructure development.
For instance, in Asia-Pacific, the Skyrise Greenery Program encourages installing green roof systems on commercial and residential buildings. For example, in September of this year, the Chinese government invested nearly USD 13 trillion in construction projects by 2030, thereby creating lucrative growth opportunities for the green roof market.
Key Highlights
- The commercial application segment is expected to advance at a CAGR of 15.51% and will hold the largest market share.
- Based on type, the extensive segment is expected to grow at a CAGR of 15.71% and will hold the largest share.
- Based on the distribution channel, the segment of offline distribution is estimated to grow at a CAGR of 15.7% and hold the largest market share.
- Based on regional analysis, Europe will likely grow at a CAGR of 15.12% and command the market with the largest share.
Competitive Players in the Market
- Axter Limited
- Bauder Ltd.
- Green Roof Blocks
- Optigrün International AG
- Sempergreen Group
- American Hydrotech Inc.
- Barrett Company
- ArchiGreen Roof Ltd.
- Onduline Group SAS
- Xero Flor North America
Market News
- In 2022, Barrett Company was acquired by Keene Family.
Global Green Roof Market: Segmentation
By Type
- Extensive
- Intensive
By Distribution Channel
- Online
- Offline
By Application
- Residential
- Commercial
- Industrial
By Region
- North America
- Asia Pacific
- Europe
- LAMEA
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