Energy Efficient Windows Market size looks poised to exceed USD 15 billion by 2024; according to a new research report.
Double glazed energy efficient windows market size contributed significantly towards global revenue 2015, owing to its room temperature maintaining coupled with minimizing external noise characteristics. Whereas, triple low-e glazing is forecast to expand at a greater rate of over 11% CAGR up to 2024.
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Replacement energy efficient windows market share accounted for more than 60% of global revenue in 2015 owing to increasing renovation in North America and Europe.
Residential applications were dominant revenue contributors in 2015, due to increasing residential construction projects across the globe. Also, rapid commercialization in Asia Pacific may boost industry growth for commercial application.
The industry is mainly driven by government initiatives to minimize annual energy consumption and carbon emissions. For instance, the EU has committed decrease over 300 million tons CO2 emissions annually, mainly focusing on residential and commercial buildings. Also, the U.S government has initiated Building Technologies Program (BTP). BTP works with municipal, state, federal organizations, and industry to achieve marketable net zero energy buildings by focusing of minimizing overall consumption required for cooling and heating.
These windows are capable of reducing annual energy consumption by more than 25%. However, high initial investment in switching from traditional to energy efficient products may hinder industry growth..
The above information has been provided on a regional and country basis for the following: North America, U.S., Canada, Europe, Germany, UK, France, Italy, Asia Pacific, China, Japan, Australia, South & Central America (SCA), Middle East & Africa (MEA)
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Key insights from the report include:
Canada energy efficient windows market size was valued at over USD 800 million in 2015. Increasing homeowner awareness in the country is likely to drive industry growth.
U.S commercial applications were valued over USD 700 million in 2015. The country is still somewhat recovering from economic downturn, which is forecast to positively impact on energy efficient windows for commercial application in the country.
Europe is forecast to reach USD 3 billion by 2024. Increasing directives and measures imposed by the European Union to minimize annual energy consumption is forecast to be key factor propelling regional growth.
South & Central America (SCA) energy efficient windows market is projected to expand at over 9% CAGR up to 2024. Increasing need to minimize electricity bills is anticipated to be key factor propelling industry growth.
Insulation market is forecast to touch USD 4 Billion by 2024. Low initial investment as compared to replacement will drive industry growth.
Global energy efficient windows market share is fairly competitive. Major industry participants include Marvin Windows & Doors, Milgard Manufacturing, Soft-Lite, Pella, Atrium, Associated Material, Jeld-Wen, YKK AP, Kolbe & Kolbe and Andersen.
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