July 26, 2022 14:00 ET | Source: Straits Research Straits Research
New York, United States, July 26, 2022 (GLOBE NEWSWIRE) -- An insulating glass window consists of two or more glass window panes separated by a gas-filled space or vacuum to reduce heat transfer in the residential or non-residential areas. Factors such decrease in energy & air conditioning costs, an increase in awareness about sustainability, and the surge in global energy demand drive the growth of the global insulating glass window. Furthermore, an increase in the installation of the insulating glass window to restrict the loss of energy and contribute to reducing energy bills notably contributes to the growth of the global market. For instance, double glazing or triple glazing windows can save up to 50% of the temperature loss compared to normal windows.
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Improving Awareness of Environmental Sustainability Spurs the Global Insulating Glass Window Market
Leaks and drafts in windows result in heat loss during winters and cool air during summer, which eventually increases the electric bills. For instance, according to the Environmental Defense of Canada, the total greenhouse gas registered in Ontario consisted of almost 25% contribution from the equipment used for cooling, heating, and lighting of the buildings. This increases the carbon footprint and contributes to climate change. However, improving awareness about environmental sustainability and solutions to minimize climate change has replaced existing windows. This, in turn, has augmented the demand for insulating glass windows, thus contributing to the market growth.
Increasing Government Initiatives for Energy-Efficient Buildings Create New Opportunities for the Global Insulating Glass Window Market
There is a growing demand for the installation of energy-efficient solutions due to a surge in the requirement for energy. However, the installation of these energy-efficient solutions is supposedly costly. Consequently, the government has taken several initiatives to boost the adoption of energy-efficient solutions. Depending on the state or operating areas, authorized government bodies have started to give tax incentives, rebates, and loans for certified products. This encourages the purchase of qualified windows by customers. For instance, the Environmental Defense of Canada offered an incentive of USD 500 per window up to USD 5000 to customers installing completely new windows with the Energy Star symbol. Moreover, such initiatives by the government are expected to create remunerative growth opportunities for the insulating glass window market expansion during the forecast period.
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North America is the largest shareholder and is expected to grow at a CAGR of 6.5% during the forecast period. Since insulating glass windows are widely used in North America, leading manufacturers of those windows concentrate their efforts there. Many businesses, including Andersen Corporation, Jeld-Wen Holding, Inc., Marvin, Masco Corporation, PGT Innovation, Inc., and Cornerstone Building Brands, manufacture insulating glass windows in the United States. For various end customers in North America, these producers seek to offer a wide selection of insulating glass windows and service & sales support, which helps the market expand.
Europe is the second-largest shareholder and is expected to be worth USD 6,560 million, growing at a CAGR of 7.3% during the forecast period. Governments have enforced stringent laws in Europe regarding environmental conservation. Hence, companies are innovating equipment to reduce the usage of nonrenewable energy resources. Furthermore, highly efficient equipment is being developed to restrict the expenditure on the operation of the building spaces. Hence, insulating glass windows have increased, as it has become more efficient in terms of durability and performance-oriented.
Asia-Pacific is the fastest-growing region. Australia holds a significant share of the insulating glass window market in terms of consumption and manufacturing. Due to the rapid development of technology, developing nations like Taiwan, Singapore, Hong Kong, and India have been identified as potential markets. AGC Inc., Central Glass Co. Ltd., and YKK Corporation are a few of the major companies active in the Asian market. These players are working to establish manufacturing facilities in the insulating glass window market to increase production rates and supply the Asian construction sectors, both residential and commercial. This influences the overall growth of construction and manufacturing facilities in the region.
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List of Top Global Insulating Glass Window Market Suppliers
Global Insulating Glass Window Market: Segmentation
Table of Content and Figure @ https://straitsresearch.com/report/insulating-glass-window-market/toc
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