Rise in awareness about environmental sustainability, increase in global energy demand, and decrease in energy and air conditioning costs drive the growth of the global energy efficient windows market
PORTLAND, Oregon, May 21, 2020 /PRNewswire/ -- Allied Market Research published a report titled, "Energy Efficient Windows Market by Operating Type (Awning, Casement, Double-hung, Fixed, Hopper, and Sliding), Glazing Type (Double Glazing, Triple Glazing, and Others), Component (Frame, Glass, and Hardware), and End User (Residential and Non-residential): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global energy efficient windows industry was estimated at $15.59 billion in 2019, and is expected to hit $29.02 billion by 2027, registering a CAGR of 8.1% from 2020 to 2027.
Drivers, restraints, and opportunities-
Rise in awareness about environmental sustainability, increase in global energy demand, and decrease in energy and air conditioning costs drive the growth of the global energy efficient windows market. On the other hand, high initial costs of energy efficient windows compared to normal windows hamper the growth of the market. Nevertheless, government initiatives for energy-efficient building and use of photovoltaic panels in energy efficient windows are expected to create lucrative opportunities in the near future.
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- Owing to the pause of non-essential work globally, the production in the global energy efficient windows market has been suspended.
- According to an analysis by Environmental Entrepreneurs and others, nearly 70,000 workers in energy efficiency sectors have lost their jobs in March 2020.
The awning segment to maintain the lion's share by 2027-
Based on operating type, the awning segment contributed to around one-fifth of the global energy efficient windows market revenue in 2019, and is expected to retain its dominance by the end of 2027. This is owing to high penetration of awning type windows. However, the double hung segment would register the fastest CAGR of 9.6% throughout the forecast period. This is owing to the rise in demandf double hung type window as it is easy and hassle free cleaning process.
The residential segment to dominate during the estimated period-
Based on end user, the residential segment accounted for around two-thirds of the global energy efficient windows market share in 2019, and is anticipated to rule the roost during the study period. In addition, the segment is anticipated to manifest the fastest CAGR of 8.7% from 2020 to 2027. The continuous improvement and innovation in the automotive end user attract a wide range of customers which in turn augments the growth of the segment. This is owing to the growth in new construction and home improvement activities.
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North America to dominate in terms of revenue-
Based on region, North America held the largest share in 2019, garnering for around one-third of the market. This is owing to various government initiatives taken in the North America region. Furthermore, the Asia-Pacific region is projected to manifest the fastest CAGR of 9.2% by 2027. Rise in disposable incomes and residential construction in the developing countries creates opportunities for the growth of energy efficient windows market in Asia-Pacific.
Key Market Players-
- Andersen Corporation
- Deceuninck NV
- JELD-WEN Inc.
- Masco Corporation
- PGT Innovations, Inc.
- Ply Gem Residential Solutions (Cornerstone Building Brands)
- REHAU Incorporated
- VKR Holdings A/S
- YKK Group.
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