The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Nov. 16, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s energy efficient windows global market report 2023, the global energy-efficient windows market is poised for significant growth, with the market size expected to surge from $11.46 billion in 2022 to $12.54 billion in 2023, reflecting a compelling compound annual growth rate (CAGR) of 9.5%. Projections indicate that this upward trajectory will continue, reaching $16.72 billion in 2027 at a CAGR of 7.5%.
Rising Demand in Residential Sector Drives Growth
The surging residential industry is a primary driver behind the flourishing energy-efficient windows market. The residential sector, characterized by private dwelling spaces, is witnessing increased demand due to a rise in new construction and housing projects. Homeowners and developers are turning to energy-efficient windows to optimize energy consumption, reducing heating and cooling costs by 25% to 30%.
Beyond cost savings, these windows contribute to enhanced home comfort and increased property value.
According to the United States Census Bureau, in February 2023, the number of privately owned housing units approved by building permits rose by 13.8% compared to January 2023. This trend indicates a robust demand for residential spaces, thereby propelling the energy-efficient windows market during the forecast period.
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Market Concentration and Key Players
The global energy-efficient windows market exhibits concentration, with the top ten competitors accounting for 41.62% of the total market in 2022. Leading the market share is YKK Group (11.36%), followed by VKR Holding A/S (6.15%), Anderson Corporation (5.62%), and others. This competitive landscape highlights the influence of major players shaping the industry.
Key Trend: Low-E Glass Coating
A notable trend driving innovation in the energy efficient windows market is the development of low-emissivity (Low-E) glass coating windows. This technology, designed to control heat transfer and insulate windows, can reduce energy losses by 30-50%. In June 2023, Vitro Architectural Glass introduced an Advanced Low-E Glass Sample Kit, showcasing high-performance solar control and low-emissivity glass products, emphasizing their exceptional capacity to minimize solar heat transmission.
Market Segmentation
The global energy-efficient windows market is segmented based on operating type, component, glazing type, application, and end-user. Key segments include:
- Operating Type: Awning, Casement, Double-hung, Fixed, Hopper, Sliding
- Component: Frame, Glass, Hardware
- Glazing Type: Double Glazing, Triple Glazing, Other Glazing Types
- Application: New Construction, Renovation and Reconstruction
- End User: Residential, Non-Residential
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Opportunities in the Residential Segment
The top opportunities in the energy-efficient windows market, particularly in the residential segment, are expected to result in a gain of $1,389.58 million of global annual sales by 2027.
Regional Insights
North America led the energy-efficient windows market in 2022, accounting for 35.9% of the total market. The USA is projected to experience the most substantial market size gain at $742.22 million.
In conclusion, the Energy Efficient Windows Global Market Report 2023 underscores a promising future for industry players. With the residential sector driving demand, businesses can capitalize on the market’s projected growth by leveraging insights from this comprehensive report. As the energy efficient windows market evolves, embracing innovative technologies like Low-E glass coating presents an avenue for differentiation and enhanced market presence.
Energy Efficient Windows Global Market Report 2023 by The Business Research Company provides insights on the energy efficient windows market size, energy efficient windows market segments, energy efficient windows market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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