The global windows and doors mMarket to hit $211bn by 2024 says Global Market Insights
According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc, the global windows and doors market size is estimated to surpass USD 211 billion by 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 windows and doors market growth. For instance, the government of the UK and Canada are regulating usage of energy efficient products to reduce carbon footprint in the environment.
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 size from 2017 to 2024.
Commercial windows and doors market 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 window and door market 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.
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