The global green roof market size is projected to reach USD 21.76 billion by 2025, according to a new report published by Million Insights, with a CAGR of 17.1% over the forecast duration. The rise in demand is attributed to its various benefits including reduced energy cost, CO2 levels, and noise pollution, increased life duration of roofs, monitored building temperature, higher building worth, and improved employee health and productivity. Moreover, these products can reduce stormwater runoff by absorbing the water thereby reducing pollution and flooding in high rainfall prone areas.
Policy planners are emphasizing on the installation of green roofs to lower costs, effects of global warming, and ensure energy efficiency which is predicted to boost the market. For example, San Francisco under Better Roofs Ordinance was the first city in the U.S. to include living roofs in 15 to 30% of new constructions. Similar initiatives were also approved by Denver for new construction sites with area size more than 25000 square feet. Simultaneously, maintenance costs and product installation are regarded as a major hindrance for market growth.
The governments along with different private companies aim to increase the usage of green roofs by launching various schemes and subsidiaries. For instance, Counterpointe Sustainable Real Estate (SRE) launched the Property Assessed Clean Energy (PACE) financing scheme for service, maintenance, and installation of green roofs. By type, the green roof market is segmented into an intensive and extensive roof where the latter acquired a market share of 86% for the year 2018 and is expected to continue its lead over few years due to its low maintenance cost. Based on application, green roofs have higher inclusion in commercial buildings due to its sustainability element. Besides, factors like minimal irrigation, nutrient requirement, and low capital cost per square meter are expected to fuel its demand further.
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Further key findings from the report suggest:
• By application, the residential division is predicted to grow significantly owing to the increased use of these products in developing countries with higher per capita income.
• The commercial application is expected to account for the highest CAGR of 17.8% from 2019 to 2025.
• Constructors are focusing on extensive use of the green roofs for receiving rental premiums. Stormwater fee credits, development incentives, rebates, and tax credits are provided to the builders as a considerable incentive for infrastructure expenses.
• By type, the intensive product is expected to grow at a steady pace. High installation and maintenance cost coupled with heavyweight restricts the market growth for this segment.
• The key players in the green roofs market include Green Roof Blocks LLC, Optigreen, Hannor, Bauder, and Axter Ltd.
Million Insights has segmented the global green roof market on the basis of type, application, and region:
Green Roof Type Outlook (Revenue, USD Million, 2015 - 2025)
Green Roof Application Outlook (Revenue, USD Million, 2015 - 2025)
Green Roof Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa