According to a new report published by Allied Market Research, titled, “Energy Efficient Windows Market by Operating Type, Glazing Type, Component, and End User: Opportunity Analysis and Industry Forecast, 2020–2027,” the global energy efficient windows market size is expected to reach $29,023.8 million in 2027, from $15,594.0 million in 2019, growing at a CAGR of 8.1% from 2020 to 2027. In 2019, North America dominated the market, in terms of revenue, accounting for 33.6% share of the global energy efficient windows market.
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Energy efficient windows help in minimizing the use of artificial heating and cooling in a building by providing substantial protection from heat loss and heat gain from the outer atmosphere. These windows consist of three main components, such as glass or the glazing, frame, and other hardware. Each energy efficient window product is certified on the basis of solar heat gain coefficient (SHGC) and U-factor, which qualifies it for the Energy Star Rating by the National Fenestration Rating Council (NFRC) of the U.S. The SHGC factor measures the amount of solar heat entering through the window, whereas, the U-factor measures the insulation capacity of the window. Energy efficient windows are manufactured using high quality vinyl, aluminum, and other material frames, and include double or triple glass attached on this frame with the help of spacers. This design offers complete cutoff of heat gain or heat loss from the windows, which assists in reducing the air conditioning costs of the room. In addition, the increase in awareness regarding environmental sustainability and its benefits, have surged the adoption of energy efficient products globally. The concerns regarding climate change, have led to various technological developments in energy efficient products including energy efficient windows. This majorly drives the growth of the energy efficient windows market industry.
Further, various governments have recognized the energy saving advantages of energy efficient windows in residential buildings. Thus, they provide subsidies and benefits to the customers who choose energy efficient windows during replacement as well as new construction. For instance, under the WISE Home Energy Program in the U.S., the homeowners can get financing up to $15,000 for the installation of energy efficient products including energy efficient windows, which result in at least 20% energy conservation. Such factors thereby, promote the utilization of these products and boost the growth of the energy efficient windows market.
North America accounted for the highest revenue in 2019 compared to other regions due to increased construction and home improvement activities. In Europe, the recognition of energy conservation and environmental sustainability drive the energy efficient windows market growth.
The global energy efficient windows market is segmented into operating type, glazing type, components, end user, and region. By operating type, the market is divided into awning, casement, double hung, fixed, hopper, and sliding. By glazing type, the market is classified into double glazing, triple glazing, and others. By component, it is categorized into frame, glass, and hardware. By end user, it is bifurcated into residential and non-residential.
By region, the energy efficient windows market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and rest of Europe), Asia-Pacific (China, Australia, Japan, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
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