Green and Intelligent Buildings Market – Overview
Green and intelligent buildings are those structures that are energy efficient and environment friendly throughout their life cycle. They integrate various Heating, Ventilation and Air Conditioning (HVAC) systems and other building functions so as to effectively manage the available resources. This enhances the operational performance of the buildings by optimizing energy usages through automated controls and also guards against repair costs, productivity and revenue losses.
Green and Intelligent Buildings Market – Trends and Opportunities
The majority of the materials that are used in green and intelligent buildings are renewable and non-toxic in nature. They include fiberglass, recycled metal, lumber and use renewable sources of energy such as wind power, hydro power, and solar power for onsite generation of green energies. Also, there are low energy consumption appliances that are used in such buildings that keep the costs of energy consumption low. Further, rain water harvesting methods are implemented to conserve and reduce water wastage. Thus, green and intelligent buildings reduce the overall environmental impact and due to their energy efficiency, low operational costs and low carbon emissions they are widely used for industrial, commercial and residential purposes. The institutional applications include government, educational, public recreation and religious buildings.
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The increasing impact of global warming on the environment and the rising awareness for preserving the ecological balance is the prime factor fuelling the growth of green and intelligent buildings market. Implementing the concept of green and intelligent buildings optimizes the energy consumption and reduces carbon dioxide emissions thereby improving the ecological balance. Also, government in developing nations such as India and China, looking to invest in renewable sources of energy in response to the rising rates of electricity consumption and growing energy (power) deficits, has added to the growth of green and intelligent buildings market.
Another factor fuelling the growth of green and intelligent buildings market is the strategies implemented by the property developers to attract buyers and tenants while maximizing the green value. With the improving lifestyles, people are looking for luxurious and energy efficient systems that reduce the operating costs and enhance their well-being. Therefore, to cater to such increasing demand property developers invest in green and intelligent building, which in turn results in increased asset values and rental rates and reduces the risk of depreciation. This increases their returns on investments in such concepts thereby adding to the growth of green and intelligent buildings market.
However, the high cost of materials used to construct these buildings leads to high prices of such residential facilities that are unaffordable in majority of the cases. This restrains the growth of green and intelligent buildings market. Also, the investments involved are long-term and the end-users can expect returns after a certain period of time. Further, lack of skilled personnel to train the end-users in operating the systems and poor awareness of technology add to the factors restraining the growth of green and intelligent buildings market.