Rising economic growth, industrialization and burgeoning population in developing countries such as Malaysia stipulates a huge growth of energy consumption in the region while global environmental problems requires drastic cuts on fossil fuel use. The promotion of green technology presents the most feasible way of meeting the growing demand for energy under the environmental constraints. The Malaysian government plays a vital role in promoting green technology by way of introducing necessary policies and implementing them.
Globally, green building projects are accelerating as it is being increasingly viewed as a long term business opportunity. The government and special interest groups in Malaysia are already pushing for sustainable development through green buildings by setting up the framework for strong growth potential. Malaysia’s construction spending is currently booming at a CAGR of 6% over the years 2008-2013 and is shifting market preferences towards sustainable architectural designs. The energy demand of buildings in Malaysia has helped increase energy consumption by many folds. Green buildings are no longer a niche part of construction sector in Malaysia. It has become a way in which ever-increasing number of firms are designing, constructing and improving buildings.
The government of Malaysia has actively taken initiatives to promote the adoption of green technology as a part of the sustainable development drive. To encourage more green buildings in Malaysia, the Prime Minister announced incentives for GBI which came in the form of tax exemption for building owners and stamp duty exemptions for the buyers of properties that achieve GBI certification. Apart from showing government’s commitment to green agenda, such initiatives have also given rise to many business opportunities. Malaysia has also launched an initiative to adopt Energy Efficient designs in the construction projects across the country with an endeavor to restrict the non-productive patterns of energy consumption and minimize the negative impact of energy production to the environment. These included various campaigns, government provision of incentives and publication of different journals to raise awareness and encourage developers and contractors to undertake construction projects by adhering to an energy efficient design.
According to the research report “ Malaysia Green Buildings Industry Outlook to 2018 - Rising energy costs and depleting natural resources to Drive Sustainable Development”, Market demand, lower operating costs, Internal corporate commitments, environmental regulations, market transformation, higher building values, global competitiveness and local competition will remain the major triggers for green building activities in Malaysia in the coming years.’
“The relatively low levels of firms heavily investing in green projects highlights the fact that many Malaysian firms may not be aware of full benefits that the green buildings can offer”, according to the Research Analyst, Ken Research
The report provides detailed overview of Malaysia Green Buildings Industry and helps readers in identifying the ongoing trends in the key segments of the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will aid industry consultants, constructors, green materials marketing companies and other stakeholders to align their market centric strategies according to ongoing and expected trends in future.