Residential energy efficient windows industry is anticipated to witness significant growth owing to growing customer awareness towards minimizing energy consumption and increasing residential construction project. Commercial application is projected to exceed over 10% CAGR during the forecast period due to rapid commercialization and promotion of energy efficient buildings.
Global Energy Efficient Windows Market is expected to grow at over 10% CAGR to surpass USD 15 billion by 2024. Significant growth in global construction accompanied with several government initiatives including energy efficient and zero emissions buildings will propel the industry growth. Majority of emissions around the globe contributed by industrial, commercial, and residential buildings, it is mainly contributed by space cooling, ventilation, lighting, space heating, water heating and refrigeration. In 2014, mayor of New York city announced 80*50 initiative, with an aim to reduce greenhouse gas emissions by 80 percent by 2050 when compared with 2005 levels. It also includes retrofitting of around 3000 buildings by 2025.
Rising awareness towards energy efficiency along with pressure from international & government bodies to minimize annual electricity consumption will significantly increase the energy efficient windows industry. It helps to maintain room temperature by reflecting outside heat, which reduces the heating and air conditioning energy consumption.
Increasing awareness to curb carbon emissions and rising energy conservation demand will drive the energy efficient windows market. High fluctuating temperature across different zones coupled with improved standard of living will further complement the industry outlook. European Union commitment to reduce GHG emissions by 20 % when compared with 1990 levels.
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Triple Low-E glazing is anticipated to expand over 11% from 2016 to 2024. Initiatives including energy star ratings and increasing investment in R&D by private sector to reduce energy consumption in buildings is playing an active role in fueling the energy efficient windows market share.
Replacement adoption dominated the energy efficient windows market share in 2015. Buildings which are comparatively old requires replacement instead of insulation which will positively encourage the industry growth.
The U.S energy efficient windows market is anticipated to reach over USD 7 billion in 2024 owing to increasing renovation activities to minimize annual electricity consumption. Building Technologies Program (BTP) by the U.S Department of Energy has made huge investment in R&D to minimize to increase energy efficiency and minimize carbon emissions in the buildings.
France going to witness substantial growth energy efficient windows market due to improved living standards and increase in dual income families. In 2014, France introduced energy transition bill which aims to reduce consumption of energy to 50% by 2050 from 2012 level, and to generate 32% of total energy from clean sources by 2030.
Rapid industrialization and growing need to minimize utility bill is expected to be key factor propelling India energy efficient windows market growth. In 2014, Indian Green Building Council (IGBC) set a target to register 10 billion square foot green building projects by 2022.
Key players in energy efficient windows market are Milgard Manufacturing, Marvin Windows & Doors, Pella, Associated Material, Atrium, Soft-Lite, Andersen, YKK AP, Jeld-Wen, and Kolbe & Kolbe.