Around the world, the cumulative building space declared a level of green by dozens of certification programs is currently 6 billion square feet; by 2020, the figure will reach about 53 billion square feet, predicts a study by Pike Research. Commercial buildings will constitute about 80% of the total figure due to corporations and government agencies requiring their office spaces to be certified, the study said.
The report states that the smaller growth in residential green projects will focus on new construction, particularly large-scale residential developments in China and India, as renovating existing houses to achieve greater energy efficiency, better indoor air quality, and higher recyclable materials content is a more difficult and costly task.
According to the Pike Research report, there are three factors for the dramatic expansion in green building space: the brand value associated with social and environmental responsibility, the cost benefits of energy efficiency, and the growing number of laws requiring green ratings for certain building types.
The report, which considers new and existing buildings in North America, Asia Pacific, Latin America, the Middle East, and Africa, predicts green certification programs in China and India akin to the U.S. Green Building Council’s LEED will certify about 30% of all new construction in 10 years.
Pike Research is an independent market research firm that analyzes clean technology markets around the globe. Read the executive summary for more information.