PUBLISHER: The Business Research Company | PRODUCT CODE: 1387990
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387990
“Single-Family Housing Green Buildings Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on single-family housing green buildings market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for single-family housing green buildings? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The single-family housing green buildings market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Single-family housing green building construction involves the construction, alteration, repair, improvement, or demolition of single-family housing structures with a primary focus on environmental sustainability, utilizing a comprehensive design and plan to ensure eco-friendly practices.
The primary categories of single-family housing green buildings encompass new construction projects and remodeling projects. Remodeling projects typically involve more extensive work compared to renovation projects, often necessitating the removal and reinstallation of structural and functional elements, with various trades involved, including plumbing, electrical, and carpentry. The products used in such projects can include both interior and exterior components, and the construction methods may range from full green construction to semi-green construction, depending on the level of environmental sustainability integrated into the project.
The single-family housing green buildings market research report is one of a series of new reports from The Business Research Company that provides single-family housing green buildings market statistics, including single-family housing green buildings industry global market size, regional shares, competitors with a single-family housing green building market share, detailed single-family housing green building market segments, market trends and opportunities, and any further data you may need to thrive in the single-family housing green buildings industry. This single-family housing green building market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The single-family housing green buildings market size has grown rapidly in recent years. It will grow from $138.74 billion in 2023 to $159.1 billion in 2024 at a compound annual growth rate (CAGR) of 14.7%. The growth observed during the historical period can be attributed to several factors, including the increasing environmental awareness among homeowners, the desire for energy-efficient and sustainable housing options, the focus on creating healthier and more comfortable living environments, and the recognition of the potential resale value associated with single-family housing green buildings.
The single-family housing green buildings market size is expected to see rapid growth in the next few years. It will grow to $275.36 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The anticipated growth in the forecast period can be attributed to several factors, including the growing emphasis on sustainability and addressing climate change, the implementation of stricter energy efficiency standards and regulations, the use of sustainable materials in construction, and the integration of smart home technologies to create more eco-friendly and energy-efficient single-family housing green buildings. Prominent trends in this forecast period include a continued focus on energy efficiency measures, the integration of renewable energy sources, the adoption of passive house design principles for superior energy performance, and the increasing use of smart home technologies for enhanced sustainability and comfort.
The growth of single-family residential green buildings has been significantly influenced by increasing consumer interest, particularly among millennials, who are showing a strong preference for sustainable and net-zero energy homes. This heightened consumer awareness is driven by growing environmental concerns and the appeal of green building designs that incorporate natural and renewable resources. Such sustainable practices offer various benefits, including reduced exposure to toxins and contaminants from building materials, decreased indoor air pollution, and improved overall environmental health and quality. As a result, the market for single-family housing green buildings is experiencing significant growth.
The rising costs and consumption of energy are expected to be key drivers of growth in the single-family housing green buildings market in the years ahead. Energy costs refer to the expenses associated with heating homes or other residential properties, while energy consumption reflects the amount of energy used to perform various activities and maintain living spaces. Energy efficiency and cost reduction are top priorities for green single-family housing. By incorporating energy-efficient features and practices, builders and homeowners can reduce their environmental impact and achieve long-term cost savings. For instance, energy expenditures in the United States surged by 25% to $3,967 per capita in 2021 compared to the previous year, as reported by the Energy Information Administration in August 2023. Additionally, the average residential electricity price in the United States increased by 11%, from 13.66 cents per kWh in 2021 to 15.12 cents per kWh in May 2023. Therefore, the escalating energy costs and consumption are fueling growth in the single-family housing green building market.
The higher costs can act as a deterrent for both buyers and suppliers in any market, including single-family homes, which are generally more expensive compared to other housing options. The cost associated with implementing green features and practices represents a potential barrier to the expansion of the green building market. These green initiatives typically add 5 to 10% to construction costs and raise remodeling expenses by over 10%. Additionally, complying with stringent energy efficiency regulations can increase costs by $600 to $1,000 per housing unit. Moreover, obtaining green building certification can further contribute to the overall expenses. Addressing these high costs is essential to ensure the continued growth of green building practices.
Consumers and builders are increasingly focused on achieving greater sustainability and minimizing their carbon footprint by developing self-sustainable homes, often referred to as 'Net-zero' homes. These homes are designed to locally generate at least as much energy as they consume. For example, Team Zero, a US-based non-profit organization also known as the Net Zero Energy Coalition, estimates that there are approximately 24,500 households in the United States achieving 'zero energy' performance, with the actual number likely being higher. The Department of Energy has classified 8,656 buildings as 'net zero ready,' meaning they can achieve zero energy with the installation of solar panels. These statistics indicate a growing trend toward net-zero homes in the residential construction market.
In November 2021, CBRE Group Inc., a US-based real estate and investment firm specializing in green building practices, acquired a 60% stake in Turner & Townsend Holdings Limited and established a strategic alliance with the company. This strategic partnership between CBRE and Turner & Townsend enhances their position as a global provider of program, project, and cost management services, supported by a unique client offering. This strategic move represents a significant step in CBRE's diversification strategy, encompassing various dimensions such as asset types, lines of business, customer segments, and geographical regions. Turner & Townsend Holdings Limited is a UK-based company specializing in green building real estate and infrastructure projects.
Major companies operating in the single-family housing green buildings market include Turner Construction Co., Clark Group, AECOM, Hensel Phelps, Holder Construction, The Whiting-Turner Contracting Co., Gilbane Building Co., Skanska USA, Structure Tone, Webcor Builders, Lendlease, Clayco, Suffolk Construction, DPR Construction, PCL Construction Enterprises, Walsh Group, Balfour Beatty US, BL Harbert, Level 10 Construction, Austin Commercial, James G. Davis Construction, JE Dunn Construction, Power Construction, Consigli Building Group, McCarthy Holdings, Hoffman Construction, Brasfield & Gorrie, Mortenson Construction, Sundt Construction, HITT Contracting, Hathway Dinwiddie Construction, The Beck Group, The Weitz Company, The Boldt Company, The Opus Group, The Korte Company, Ryan Companies US Inc., The Haskell Company
Asia-Pacific was the largest region in the single-family housing green buildings market in 2023. Africa is expected to be the fastest-growing region in the single-family housing green buildings market during the forecast period. The regions covered in the single-family housing green buildings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the single-family housing green buildings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada
The single-family housing green building construction market includes revenues earned by entities by constructing or remodelling and renovating single-family housing green buildings. This market includes the sales of residential housing general contractors (that is new construction, remodelling, or renovating existing residential structures), for-sale builders and remodelers of residential structures, residential project construction management firms, and residential design-build firms. The single-family housing green building construction work performed includes new work, additions, alterations, maintenance, and repairs. A Green building is an environment sustainable building which is designed, constructed and operated to minimize the environmental impacts. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.