The market for Green Roof Market is expected to reach US$ 28.7 Bn By 2027.
The popularity and implementation of the "green roof" concept are gaining traction around the globe as it helps in lowering the temperature on roofs, thereby decreasing the ambient temperature. This is achieved by growing plants on rooftops that help absorb the radiation from the sun and reduce the urban heat island effect. It has not only helped to reduce room temperature, but the consumption of electricity is also falling in the metros. This, in turn, helps slow the climate change process. As a result, various governments are introducing supportive policies such as subsidies, financial aid, and special investment summits to encourage the adoption of green roofs. Thus, the reduction in global warming due to green roofs is expected to drive market growth during the forecast period.
Rising construction of industrial, commercial, and residential buildings is expected to increase environmental heat, which in turn is expected to fuel the growth of the green roof market. People are migrating to cities as the economy develops and the population grows. This has impacted the increasing construction of residential and commercial spaces across every region of the world. More structures are having a negative impact on the environment by reducing green cover and causing deforestation. To counter such a situation, many governments are adopting "green roof" concepts that are sustainable and eco-friendly.The global green roof market was worth US$ 7.1 billion in 2018 and is expected to reach US$ 28.7 billion by 2027, growing at a CAGR of 16.8% between 2019 and 2027.
Extensive segment dominating the market
Based on roof type, the global green roof market is segmented into extensive and intensive roofs. The extensive roof segment captured the largest market share in 2018. Factors such as low maintenance costs are driving the market's growth. Moreover, low capital costs per square meter and minimal irrigation and nutrient requirements are likely to drive product demand further. These roofs are used mainly in single residential buildings as they don't need a pre-defined roof designed for gardening.
The intensive product segment is estimated to witness the fastest CAGR during the forecast period. Heavy weight and high maintenance and installation costs associated with intensive roofing tend to make up a smaller market share of the segment in 2018. However, the increasing adoption of these products for commercial and industrial applications is expected to increase the market share in the near future. These roofs include grasses, shrubs, and even trees due to the high depth of planting.
Europe dominating the global market by region
Europe was the dominant regional market in 2018, accounting for a major share of the global market. During the forecast period, the region was expected to maintain its leading position. Government policies and subsidiaries by the regional government are encouraging the adoption rate of more houses and commercial buildings. Countries like Germany and Switzerland have mandated the inclusion of green roofs on all flat roofs that are larger than 330 square feet in area. The green roof laws are backed by scientific evidence and are gaining momentum.
North America is estimated to be the fastest-growing region, with a CAGR of 20.4% over the forecasted period. Toronto, a Canadian city, was the first city in North America to ink a law to have a green roof. This has influenced the demand for green roofs in the region. Under the Eco-Roof Incentive Program, building owners receive $100 for every square meter of green roof. Under this scheme, 420 new green roof permits were granted.
The global green roof market is competitive. Prominent players operating in the green roof market are adopting strategies such as partnerships with other companies and the acquisition of smaller players to increase their production capacity and geographical reach. Following is the list of players included in the published reports.
In March 2020, Green Roof Blocks will introduce a newly redesigned Green Paks modular green roof system. Green Paks are filled to a depth of four inches with our proprietary growth media. Like their predecessors, they have integrated carrying handholds and wind uplift ties. The top face of the new Green Paks is made of biodegradable burlap. The new Green Paks and pre-grown sedum mats are the perfect combinations for fast and efficient green roof installation, delivering instant lush green coverage from day one.
The research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.
The current report also encompasses qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities that give a better market understanding of the global green roof market. Additionally, the global report also comprises a graphical representation of a competitive landscape based on their market initiatives and strategies, product portfolio, and business strengths. Recent trends across different regions in terms of the development of the green roof market attractive investment propositions for application segments as well as geography.
The market for Green Roof Market is expected to reach US$ 28.7 Bn By 2027.
The Green Roof Market is expected to see significant CAGR growth over the coming years, at 16.8%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
AIQ Optigreen, Bauder, ZinCo, Xero Flor, Bender are some of the major players in the global market.