NEW YORK, June 23, 2020 /PRNewswire/ -- The global Green Roof market is forecast to reach USD 3.79 Billion by 2027, according to a new report by Reports and Data. The green roof market is projected to increase dramatically over the forecast timeframe as a result of the rising global alert, which in turn stimulates demand for successful natural methods to mitigate rising ambient heat. The effectiveness of green roofing in reducing emissions of toxic greenhouse gases in the atmosphere generated by multiple sources is one of the main reasons for green roof significant growth during the forecast period. Increasing the development of industrial, commercial, and residential buildings is anticipated to accelerate the heat from the atmosphere, which in turn is supposed to propel green roof demand growth. Additionally, government encouragement to the green roof to mitigate global warming and release of hazardous greenhouse gasses will help expand the green roof market in the coming years. Another factor for success for the green roof sector is the job prospects for professional people who can effectively produce green roofing.
The lack of appropriate layout design and guidelines for installing living roofs is anticipated to pose a significant threat to the growth of this market. Additionally, unpleasant environmental conditions in regions such as the Middle East, such as intense temperatures, are likely to limit industry growth. Also, low-maintenance facilities are expected to continue posing a challenging market growth environment.
The COVID-19 impact:
Covid-19's spread has affected manufacturing and construction activities worldwide. Logistic limitations and reconsiderations of requirements relating to raw materials are becoming a problem for producers. To rationalize production the producers depended on derived demand as an intermediate commodity. The economic impact of the pandemic on firms and financial markets is not favorable either. Share market uncertainty and increasing economic growth are expected, impacting the market. Over the weeks, the sector has undergone a slowdown, which will persist over the coming months. The Asia Pacific region was most affected by this pandemic, with China at the forefront of the epidemic. Most initiatives in multiple countries have changed to a temporary halt. Production and supply were put on hold, resulting in losses for manufacturers, dealers, and consumers.
The commercial segment dominated the world industry in 2019, with a record of about 62.43%. The section is expected to expand at a CAGR of 16.7% from 2020 to 2027 further and can be expected to create lucrative opportunities for green roofs in malls and office spaces.
Owing to its fully advanced distribution network industries, powerful analysis capabilities, coupled with a highly qualified workforce and increasing R&D initiatives, the U.S. is one of the prominent market nations. Developing applications and strong demand are encouraging producers to focus on new technologies for market expansion.
The Asia Pacific driven by China, India, and Japan's production may record improvements in revenue with a CAGR of 17.5% by 2027 related to the growing infrastructure and increasing demands for high-quality concrete mix in the region. Rapid urbanization along with raw material availability and cheap labor has led to considerable expansion in the construction of buildings, which is the main driving factor.
Manufacturers make the distinction of their products based on quality and price, taking into account characteristics such as quality and level of purity. The players are focusing on developing multifunctional applications.
Key participants include ZinCo GmbH, Bauder Ltd., Green Roof Blocks, SOPREMA Group, XeroFlor, Bender GmbH & Co. KG, Green Roof Technology, Sempergreen, Axter Limited, and Optigreen International AG, among others.
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