"What we're seeing is that more people are going green each year, and there is nothing on the horizon that will stop this trend," explains Jerry Yudelson, the principal of Tucson-based Yudelson Associates.Some of the drivers and trends for this forecast include cumulative growth (80% in 2008) for new LEED (Leadership in Energy and Environmental Design) projects; incoming benefits from the new Obama administration; the switch from new buildings to greening existing buildings; water conservation in buildings; use of alternative energy in buildings (e.g. solar); zero net energy designs for new buildings; large number of new green housing developments in the U.S. and Canada; and European green building technologies becoming more widely adopted in the U.S. and Canada.
Consulting firm McGraw Hill Construction agrees with this forecast and estimates that green building will continue to grow over the next five years to $96-$140 billion market despite current negative market conditions. The global green building market today is said to be at around $36-$49 billion for residential and nonresidential buildings compared to the 2005 value of $3bn for nonresidential and $7bn for nonresidential.
"Since that time, green building has expanded rapidly due to a number of factors such as growing public awareness of green practices, heavy increase in government interventions, and recognition by owners of the bottom line advantages," says McGraw Hill. "In fact, green building has grown in spite of the market downturn. Green seems to be one area of construction insulated by the downturn, and we expect green building will continue to grow over the next five years despite negative market conditions."For more on how the chemical industry is benefiting from the green building trend, read this article from ICIS Chemical Business.