Indiscriminate use of natural and exhaustible resources in the past has adversely impacted the ecological balance of the world. This has raised concern worldwide due to the impact of global warming. Growing awareness regarding the need for preserving ecological balance has exponentially expanded the market for green and intelligent buildings constructions.
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What are Green Buildings?
Green and intelligent buildings are structures constructed using environmentally responsible processes. These buildings remain resource-efficient throughout their life-cycle, commencing from their design to construction, operation, maintenance, and renovation to deconstruction. Green and intelligent buildings integrate several heating, ventilation, and air conditioning (HVAC) systems so as to ensure efficient management of the available resources. Constructing a building based on the parameters of eco-preservation offers several benefits. For instance, such constructions optimize energy utilization and also guard the building against revenue loss or unbridled repair costs in future.
How do Green and Intelligent Buildings Conserve Energy?
Materials used for the construction of green buildings are mostly renewable and nontoxic in nature. Recycled metals, fiber glasses, and lumber are among the most commonly used materials in the construction of green buildings. To ensure preservation of energy, these buildings use renewable energy sources such as hydropower, solar power, and wind energy for onsite generation of eco-friendly energy. These buildings are also integrated with energy-efficient appliances that significantly lower the cost of energy consumption. Further, rain harvesting techniques are also implemented to reduce the wastage of water. Construction of green building can, therefore, significantly check adverse environmental impacts by reducing wastage of energy, enhancing energy preservation, and lowering operational costs.
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Changing Lifestyle Preference to Boost Green and Intelligent Buildings Market
Green and intelligent buildings construction has surged incredibly in recent times owing to increased need for optimizing energy consumption and reducing carbon footprint. The green and intelligent buildings market is thriving, especially across emerging economies such as India and China. Rapid development of infrastructure in these countries has incredibly fuelled the green and intelligent buildings market. It is a common phenomenon for developing economies to proactively invest in renewable sources of energy to cater to ever-rising electricity consumption and escalating energy deficits. Growth in investment for the purpose of preservation of energy also positively impacts the market for green and intelligent buildings.
To boost their market operations, property dealers are increasingly capitalizing on green building concepts. Leading property dealers in the industry have started to offer enhanced green value in projects they are associated with, to attract buyers and tenants. This has helped the market for green and intelligent buildings expand across developing economies. Moreover, with improving lifestyles, people have also started looking for more luxurious and energy-efficient means that will lower the operating costs and enhance their living standard. Therefore, to gratify such increasing demand for enhanced well-being, property dealers have increased their investment in green and intelligent buildings.
High Cost of Buildings to Inhibit Green and Intelligent Buildings Market
Construction of green and intelligent buildings often requires high initial investment. Costs that are likely to be incurred on materials used for the construction of buildings often increases the market price of such residential facilities, which eventually becomes unaffordable for common customers. This acts as a major bottleneck to the growth of the green and intelligent buildings market. In addition, lack of skilled personnel who can efficiently train end users about operating the systems and inadequate awareness of technology is also likely to impede the green and intelligent buildings market.