Energy Efficient Windows Market Size

Energy Efficient Windows Market Size

Energy Efficient Windows Market size was valued above USD 6 billion in 2015, with industry anticipating over 10% growth by 2024. Rising energy conservation demand accompanied with increasing awareness to minimize carbon footprints is anticipated to be key factor propelling industry growth.

Residential buildings accounts over 20% of the total energy consumption in the United States. In addition, these are accountable for 25% to 30% of the total residential heating and cooling energy consumption. This results in higher electricity consumption for maintaining room temperature. Energy efficient window installation helps in minimizing energy consumption for cooling and heating purposes.

European Union commitment to reduce over 300 million tons of CO2 emissions annually. As per the government stats, majority of emissions is contributed by residential and commercial buildings. As a result, this may positively influence global market growth over the forecast timeframe. EU also aims to save around 20% of the overall energy requirement in near future.

Improved living standards amongst customers coupled with highly fluctuating temperatures across different zones has driven air conditioning and heating systems demand in residential and commercial buildings. For instance, over 90% households in Greece have air conditioning. More air-conditioning signifies high energy demand, which consequently contributes in greenhouse emissions. The ability of these products to maintain room temperature will reduce emissions along with reduced power consumption.
 

Global construction industry is witnessing significant growth across the globe and is supported by government initiatives such as zero energy building, energy efficient building, and others. For example, the U.S. government has developed new energy code named ‘Energy Star’ which directs implementation towards reducing power consumption. Consumption in buildings is mainly contributed by lighting, ventilation, space cooling, space heating, refrigeration, and water heating. The government has introduced subsidies to promote energy efficient windows in order to minimize carbon footprints. As a result, over 80% of total window sales are mainly contributed by Energy Star.
 

Positive infrastructure spending indicators, across Asia Pacific will drive regional construction demand. Furthermore, the forecast period should witness shift towards these products to minimize consumption rate, particularly in Europe and Asia Pacific owing to the regulatory landscape, establishing stringent specifications for energy conservation. Energy efficient windows market price trends are comparatively expensive than traditionally used counterparts, this may hinder industry growth over the forecast timeframe. However, the return has benefits monetarily in terms of low energy bills and environmentally as reduced carbon emissions.