Energy Efficient Windows Market to Grow 9.71% Through 2023
Nations are ramping up their efforts to reduce their carbon emissions by as much as possible in the light of the exceeding levels of pollution and resource depletion across the world.
Countries such as China, the U.S., and Russia have all set environment conservation goals for their lands, aiming for as much as 40% to 45% carbon footprint reduction by 2020, as set by China. The E.U. as a whole has set high priority environment protection goals, accomplishing which would result in significant reduction in the global carbon emissions. Energy efficient windows can provide key contributions to these goals by helping regulate indoor temperatures and reducing the need for powered temperature control methods.
Additionally, the producers of energy efficient windows can also look forward to a brighter future due to the increasing investment rates shown by government and private investors. They are also set to experience a greater demand due to the increasing commercialization rates across emerging economies, leading to the construction of more buildings.
As a result, the revenue earned by energy efficient players globally is expected to progress at a CAGR of 9.71% from 2015 to 2023, according to a new windows market report from ResearchMoz. This market is expected to be valued at US$286.52 bn by the end of 2016, and US$479.9 billion by 2023.
North America Regulatory Reforms Build Up Energy Efficient Windows Demand
The North America energy efficient window players are collectively expected to generate a revenue of US$247.76 billion by the end of 2023. The key driver for this region’s market is the introduction of stricter energy conservation regulations. Programs such as ENERGY STAR already have an established presence in North America. These factors are expected to make it easier for producers as well as consumers of energy efficient windows. Currently, most of the demand for energy efficient windows is being generated by consumers that are replacing their conventional windows.
The assessment of energy efficient windows in the U.S. is conducted by the NFRC. It is responsible for the quality rating of all energy efficient windows in the country, making it important for players to abide by their guidelines.
Meanwhile, Asia Pacific is showing a rapidly growing demand for energy efficient windows, most of which originates from China. The construction boom in China, coupled with the high pollution levels have prompted the government to take strict actions to combat the rising carbon emissions. This involves reforms in various building codes related to energy conservation.
Double Glazing Windows Retain Market Leadership Due to Lower Cost
Double glazing and triple low-E glazing are the two options currently commercially available. Of the two, double glazing is preferred by most consumers globally. The key reason for this is the lower cost of double glazing windows. High pricing is a major restraint on the energy efficient windows demand growth and the relatively lower cost of double glazing helps alleviate the burden of investment considerably. Currently, most countries, especially emerging ones, are using double glazing windows that will later be replaced by the more effective triple low-E glazing.
The key producers of energy efficient windows across on a global scale include Marvin Windows and Doors, Inc., Milguard Manufacturing, Inc., Kolbe & Kolbe Millwork Co., Inc., and Pella Corporation.
Read more about energy-saving windows.