The emerging nations of China and India exhibit the highest market potential for climate change technologies due to their absolute size, reports, new analysis from Frost & Sullivan, Climate Change Remodels the Buildings Industry in Asia-Pacific.
Among developed economies, Singapore and Australia provide significant possibility in the overall climate change market in the buildings industry.
For Japan and Malaysia, the buildings industry is dominated by local market participants, especially in municipal projects.
On the other hand, South Korea and Singapore face tight competition from both local and international builders.
In the case of Thailand, foreign players with technical expertise are preferred due to the competition between a number of green standards and a lack of specific government directives and regulations.
The uncertainty in policies relating to climate change in Asia-Pacific, along with the unavailability of funds for research remains a challenge.
Increased awareness on climate change modification technologies along with their long-term benefits is necessary in ensuring the successful implementation of green buildings.
The increasing effects of climate change on temperatures in various countries across Asia-Pacific shows impact on the buildings industry in the region.
The industry will have to adjust to these changes, focusing on energy efficiency and renewable energy to struggle the climb in electricity consumption, tariffs and operational costs.
Scientific research on climate change will be a critical factor for new remediation opportunities for climate change mitigation in Asia-Pacific’s building industry.
The government support in energy efficiency is crucial. Governments in respective countries are promoting energy-efficient buildings through retrofitting activities in public buildings and infrastructure, said, Izwan Rasul, energy and environmental research analyst, Frost & Sullivan.
Companies possessing strong technical capabilities will be chosen always by customers, making the growth of smaller vendors difficult, noted, Izwan.