Market Size of GCC Green Buildings Industry
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 35.80 Billion |
| Market Size (2029) | USD 66.80 Billion |
| CAGR (2024 - 2029) | 10.96 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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GCC Green Buildings Market Analysis
The GCC Green Buildings Market size is estimated at USD 35.80 billion in 2024, and is expected to reach USD 66.80 billion by 2029, growing at a CAGR of 10.96% during the forecast period (2024-2029).
- The market for green building materials in the Gulf Cooperation Council is on the rise, driven by critical drivers and evolving trends reinforcing the regional commitment to sustainable building practices. The growing awareness and emphasis on the responsibility of the environment throughout the region is a significant driver.
- To improve the quality of life and enhance urban landscapes, Saudi Arabia's Housing Minister stressed the importance of green buildings. The KSA Vision 2030 focuses on sustainable development and aims to reduce the country's oil dependence.
- In the Middle East, green buildings are constructed in such a way as to reduce energy consumption by nearly 50%. One of the best examples of using solar power to generate electricity is the Irena building in Masdar, Abu Dhabi.
- LEED Certification is a globally recognized rating system that assesses buildings' environmental performance and sustainability. The certification of the LEED standard is intended to encourage energy efficiency, water conservation, and green building practices essential for Saudi Arabia's sustainability. Saudi Arabia has made considerable progress toward adopting Sustainable Building Practices since October 2023, with 1,851 approved LEED projects. Out of the country's commitment to environmental and energy efficiency standards, 1,168 projects was awarded recognition.
- In recognition of their outstanding performance in energy efficiency, water conservation, and indoor environmental quality, 244 projects was awarded the prestigious Gold certification. In addition, the highest level of recognition, Platinum, was achieved by 216 projects, highlighting Saudi Arabia's commitment to pushing the boundaries of sustainability and environmental friendliness.
- In line with the commitment of organizations and builders in Saudi Arabia to build greener and more sustainable buildings, a significant number of 663 projects were awarded the Silver certification. These figures show that the country's construction sector has become increasingly associated with LEED certification, essential in protecting the environment and reducing resource use.
