- Increase in awareness regarding green roof systems, rise in the greenhouse effect, and growth in the residential construction sector drive the growth of the global green roof market
PORTLAND, Ore., Feb. 2, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Green Roof Market by Outlook (Extensive and Intensive), Distribution Channel (Online and Offline), and Application (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2020-2027". As per the report, the global green roof industry generated $1.45 billion in 2019, and is projected to reach $4.19 billion by 2027, growing at a CAGR of 15.6% from 2020 to 2027.
Drivers, restraints, and opportunities
Increase in awareness regarding green roof systems, rise in the greenhouse effect, and growth in the residential construction sector drive the growth of the global green roof market. However, presence of substitutes and unfavorable climate conditions hamper the market growth. On the contrary, tax benefits offered by the government to private industries to install green roofs are expected to open lucrative opportunities for the market players in the future.
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COVID-19 scenario:
- Due to the COVID-19 pandemic, government declared shut down of the production of various sizes of green roof systems to curb the spread of the infection.
- The halt in international trade, ceased construction projects, and disruption in the supply chain hampered the demand for green roof systems.
The intensive segment to manifest the highest CAGR through 2027
By type, the intensive segment is expected to register the highest CAGR of 17.0% during the forecast period, owing to rapid urbanization, increase in population, and rise in disposable income. However, the extensive segment held the lion's share in 2019, accounting for nearly four-fifths of the global green roof market, due to increase in commercial construction activities that led to high investments.
The commercial segment held the lion's share
By application, the commercial segment dominated the market in 2019, contributing to nearly two-thirds of the global green roof market, due to rise in commercial construction activities and increase in awareness about green roof systems. However, the industrial segment is projected to register the highest CAGR of 17.1% during the forecast period, owing to expansion of the manufacturing sector in emerging countries such as India, China, and Singapore.
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Asia-Pacific to register the highest CAGR; North America would gain momentum
By region, the market across Asia-Pacific is anticipated to manifest the highest CAGR of 18.3% during the forecast period, due to rise in urbanization & industrialization in emerging countries such as India, Japan, and others. However, the global green roof market across Europe held the largest share in 2019, accounting for nearly two-fifths of the total revenue of the market, owing to increase in awareness about green roof systems among the European population and growth in standard of living. In addition, North America is expected to register a CAGR of 15.0% from 2020 to 2027.
Key market players
- Axter Limited
- Green Roof Blocks
- Bauder Ltd
- Sempergreen Group
- Optigrun International AG
- Barrett Company
- American Hydrotech Inc
- Onduline Group SAS
- ArchiGreen Roof Ltd
- XeroFlor North America
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