Windows & Doors Market
MarketStudyReport.com adds a new Windows & Doors Market research report for the period of 2017-2024 that shows the market is growing at steady CAGR to 2024.
Subsidies offered for residential construction will positively influence the residential Windows and Doors Market demand. Household renovations has led strong upsurge in the history and is expected to continue with the trend over the projected time frame. Increasing demand for energy efficient products will support the industry growth. For instance, the government of the UK and Canada are regulating usage of energy efficient products to reduce carbon footprint in the environment.
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Windows & Doors Market is estimated to surpass USD 211 billion by 2024; according to a new research report.
Replacement of wood and aluminum with innovative materials such as uPVC will support the product demand owing to its fully recyclable property, lesser maintenance, reduced weight, and thermal insulation. Availability of alternatives in laminates, colors, and designs are other factors contributing to the segment growth. Increasing demand for products that are resistant to weather, termites, and chemicals will further augment the windows and doors market from 2017 to 2024.
Commercial sector accounted for over 288 million units in 2016 and is expected to exhibit highest CAGR over the projected timeline owing to increasing usage of WPC, glass, uPVC and metal. Strong security gates such as aluminum, steel, and glass gates is expected to witness exponential growth. Maintenance free products along with improved durability are also responsible for substantial industry growth over the forecast timeline.
Rising awareness of smart systems integrated with security sensors will escalate the demand for new product profiles over the projected timeline. About 50% of energy is lost through entrances thus, smart window is developed to control rising costs associated with lighting, cooling, and heating of homes. Modernized entrance and exit locks are featured with keyless systems & fingerprint security that are mostly used in the corporate facilities. Introduction of such innovative product line will induce immense potential to the windows and doors market by 2024.
Waste generated through replacements creates negative impact on the environment. The UK accounts for sending of about tens of millions of the products to the landfills in which major share is from demolished buildings. Out of these wastes only 5% of the them are recycled. Increased waste generation may restrict the windows and doors market growth. In addition, to extend the durability of uPVC products, they are equipped with metal stabilizers such as cadmium, lead, and organotin which are toxic substances. This may serve as a challenge for the industry growth over the forecast timeframe.
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uPVC will account for highest windows and doors market revenue share surpassing USD 72 billion till 2024. This can be attributed to product profiles that are corrosion resistant and can effectively support in ventilation of the house. Minimal expansion and contraction makes the material more durable for retaining glass holding capacity. Also, these materials are self-extinguishing and has low softening temperature as compared to aluminum and wood thus enabling easy escape by pushing out the glass.
Asia Pacific is expected to cross 6.9 billion square feet by 2024 owing to the increasing population drawing huge demand for new infrastructure and serve its commercial and residential requirements. Increasing commercialization and urbanization are likely to support the industry growth till 2024.
North America is anticipated to pose a CAGR of 4.7%. This growth can be credited to rising expenditure on construction activities for the improvement of infrastructure, residential, and aesthetic beauty in developed countries of the region. Moreover, presence of several local players will further spur the industry growth till 2024.
Andersen Corporation, Pella Corporation, Centuryply, Fenesta Building Systems, JELD-WEN, Deceuninck, and ATIS Group are among the prominent players in the industry. Other notable players include SGM windows, Performance Doorset Solutions Ltd., RENSON, Windoor, and Sokolka.
Windows and doors market players are investing heavily in technology modernization to strengthen their foothold in the industry. For instance, in January 2015, Pella launched its Insynctive smart home technology which is a smart product line for doors and windows designed for automation, comfort, security, and convenience. Insynctive system sensors provide information remotely to home owners if the gates are closed or open.
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