CHICAGO, Nov. 16, 2021 /PRNewswire/ -- According to the report "Energy-Efficient Window Market by Component (Glass, Frame, and Hardware), Application (New Construction and Renovation & Reconstruction), End-Use Sector (Residential and Non-Residential), Glazing Type, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Energy-Efficient Windows Market size is expected to grow from USD 13.1 billion in 2021 to USD 18.3 billion by 2026, at a CAGR of 7.0% during the forecast period. Double glazed energy efficient windows are extensively being used in the renovation & reconstruction application. They hold a majority of market share in non-residential sector of construction industry.
Renovation & reconstruction holds a major share of the Energy-efficient windows market in terms of value.
Energy-efficient windows are widely used in renovation & reconstruction applications. The increasing efforts from EU and US in reducing their carbon footprint is driving this demand. The countries are trying to reduce average energy consumption in households by reducing energy loss from heating and cooling through windows.
The COVID-19 pandemic resulted in a decline in construction activities in the first half of 2020 across the globe. It resulted in reduced demand for energy-efficient windows on a global level.
The non-residential sector accounts for the largest market share in the global energy-efficient windows market during the forecasted period in terms of value
North America leads the non-residential energy-efficient windows market due to the rapid rate of urbanization and awareness among consumers regarding energy-efficient windows. The US government also gave tax credits to consumers that switched to energy-efficient windows. This gave a major boost to the demand during that time. As the awareness is spreading, the need for tax credit declined, and consumers are switching to energy-saving options.
Europe has been actively involved in adopting energy-efficient windows and is planning to double its renovation rate in the coming 10 years. It is planning to switch completely toward energy-efficient windows, which would allow it to reduce its CO2 emissions by more than 20%.
COVID-19 had a major impact on the energy-efficient windows market in the non-residential sector. During lockdowns, companies have cut short on their expenses. This caused them to hold back on renovation and reconstruction expenses. APAC is slowly accepting energy-efficient windows in the non-residential sector due to increasing efforts in cutting short their carbon emissions.
North America is expected to account for the largest market share in the energy-efficient windows market during the forecast period.
North America accounts for the biggest share of the global energy-efficient windows market. Europe is the second major consumer of energy-efficient windows. However, the COVID-19 outbreak has affected the demand for energy-efficient windows in the region. On the positive side, support packages offered by governments of various countries will help to maintain the liquidity in the energy-efficient windows market. Such initiatives coupled with recovery in the construction industry will increase the demand for energy-efficient windows in North America and Europe region.
The key players in the energy-efficient windows market are YKK AP, Inc. (Japan), Jeld-Wen Holding, Inc. (U.S.), and Builders FirstSource, Inc. (U.S.) are some of the key players in the energy-efficient windows market. Deceuninck NV, PGT, Inc., and Apogee Enterprises Inc. are among others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the energy-efficient windows market. These players have taken different organic and inorganic developmental strategies over the past five years.
Insulating Glass Window Market by Product Type, Glazing Type (double glazed, triple glazed), Spacer Type, Sealant Type (silicone, polysulfide, hot melt butyl, polyurethane), End-Use Industry, and Region
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