Market Research Future (MRFR) released a report last week that shows the green building market growing at a faster rate than conventional construction. North America holds a lion’s share of the market, owning just over 29% of green building globally. The report credits “technological superiority and a high level of environmental awareness” for driving domestic market growth.

Other factors are also at play for rapid growth and future projected growth globally, including:

• The desire for carbon footprint reduction;
• Enactment of green building laws; and
• Fast-tracked urbanization throughout the world.

I have focused several recent blogs on the growing desire to reduce carbon emissions on the local level, including New York City’s bold new law that mandates carbon emission limits for approximately 50,000 of its buildings as part of its plan to reduce carbon emissions by 80% by 2050. The law also has clear consequences for noncompliance, including the potential for hefty fines.

I’ve also looked at the continued growth of the Property Assessed Clean Energy (PACE) program, as well as the indirect impacts of green building practices, including higher rent premiums, occupant satisfaction, health and wellness, and improved engagement and productivity of employees.

So why do I keep bringing this up?

Whether you’re a believer or not, the world at large has taken an active interest in environmental issues and is pushing us to create better technologies and more sustainable, efficient buildings overall. Concerns over global warming and the business case suggesting that green buildings will produce higher returns, in many areas over time, are helping to accelerate market growth.

The View from Here is that: as an industry, this isn’t something we can or should ignore. Study after study shows that the future is green. We must strike that balance between high-quality construction, low environmental impact and cost. To capitalize today and tomorrow, we must continue to drive innovation and education around these topics in our industry. After all, when builders plan green, they usually include more energy-efficient fenestration.

What’s your View? Email me directly at eric.jackson@quanex.com.