DUBLIN--(BUSINESS WIRE)--The "Skylight Market - Global Outlook and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.
The global skylight market is expected to grow at a CAGR of over 6% during the period 2019-2025.
The global skylight market is expected to witness rapid growth during the forecast period on account of the growing demand for daylight solutions, increased emphasis on environmental sustainability, and reduction in energy consumption in commercial and residential buildings. The market is likely to be driven by the rise in new buildings and retrofitted projects in commercial and residential sectors.
While the concept of green buildings in developed economies is gaining popularity, skylights are finding increasing applications as these buildings are considered to energy efficient. These buildings are designed to reduce the overall impact of human health on the natural environment by efficiently decreasing energy and water consumption.
The introduction of Building integrated photovoltaic technology (BIPV) provides aesthetical, economical, and technological solutions for electric self-sufficiency in buildings. It is the most promising technology for harvesting solar energy in urban areas. It offers multiple benefits for buildings, including power generation from renewable energy resources, daylight solutions, heating and cooling load reduction, and others.
Technological innovations such as electric skylight that can monitor air quality, humidity, temperature, and automatically detect the need for fresh air and open the skylight without any remote operation such innovations are expected to boost the market further.
Growth Opportunities & Trends
- Regulation on Energy Efficiency Driving Skylight Demand
- Growing Number of Smart & Self-Sustainable Homes
Market Growth Enablers
- Growth of Green Building Activities
- Incorporation of BIPV Skylights
- Sustainability Reshaping Global Construction Market
- High Cost of Installation
- Raw Material Price Volatility
- Negative Perceptions About Skylights
Skylight Market: Segmentation
This research report includes a detailed segmentation by product, operation, material, installation, end-users, and geography. As tubular skylights offer ease of use, feasibility, and economical, the segment is growing steadily. In developed economies, the increasing demand for energy efficiency both in residential and commercial buildings is expected to influence the demand for daylight bulbs.
Custom skylights are expected to grow at the fastest CAGR during the forecast period as they enhance the aesthetic appeal of the environment, offer superior light diffusion and are energy efficient. They are primarily utilized in commercial and luxury residential buildings as they focus on establishing an attractive environment. The rise in disposable income, coupled with an increase in commercial and luxury residential buildings globally, is expected to stimulate the demand.
The fixed skylight segment dominated the market in 2019 and is expected to continue its dominance during the forecast period as fixed daylight bulbs brighten up a large area high and are inexpensive, thereby witnessing high utilization in residential as well as commercial buildings. The availability of high thermal efficiency in fixed daylights is also likely to increase in the colder Nordic region. Manual skylights eliminate the excess moisture and keep airflow steady. These lights are finding usage in institutional buildings and hospitals.
The largest demand for acrylic skylights is witnessed in the North American and European regions. The increasing demand for cost-effective and energy-efficient solutions is driving growth. North America and Europe constituted over 75% of the market share in 2019. APAC is expected to grow at the fastest rate, with a CAGR of over 9% during the forecast period. China, Japan, South Korea, and Australia are the key markets in this region.
One of the major factors driving the replacement segment is the need to prevent leakage in installed skylights. The growing demand for photovoltaic daylight, smart, and electric daylight applications is driving the replacement demand. The demand originates from several sectors, including commercial, industrial, and residential. Moreover, the introduction of daylight technology such as built-in condensation channels and impact-modified acrylic is likely to impact the growth.
Insights by Geography
Infrastructural development, renovations, and remodeling of existing commercial and residential buildings support the growth in Europe. The high installation of daylight devices in new buildings, as well as renovations and retrofit projects, are expected to drive the market. The European construction growth is broad-based and is expected to occur across sectors, including residential, non-residential, and civil engineering for both new construction and renovation activities, thereby driving the growth of the skylight market in the region. The growing corporate profits have resulted in higher expenditure on renovation and expansions, thus driving the sale of daylight devices in North America.
The APAC region is expected to witness the fastest growth during the forecast period. The growth is mainly driven by India, China, Australia, South Korea, and Japan. Strong economic growth and increasing disposable incomes, coupled with rapid urbanization, have resulted in the rise of megacities, which is likely to support the growth.
Insights by Vendors
The global skylight market is highly competitive, with the presence of a large number of public and private companies. Vendors typically compete on key parameters such as product design, quality, reliability, support services, and price. Consumers are expected to be driven by continuous innovations and upgrades of products. The present scenario is driving vendors to alter and refine their unique value proposition to achieve a strong market presence.
The major vendors are adopting innovative technologies to retain their position. One of the key vendors introduced smart skylight technology, which offer plug and play smart home solutions for remote sensor-based operation. They automatically detect sunlight, humidity, temperature, and carbon dioxide levels to adjust the opening and closing of valves. Such technologies are likely to increase the demand for daylight solutions among consumers.
The competition is expected to intensify further with an increase in product service extensions and an increase in mergers and acquisitions. International players are likely to expand their reach worldwide during the forecast period, especially in the fast-developing countries of the APAC region, MEA, and Latin America to enhance their shares.
- VKR Group
Kingspan Light + Air
Other Prominent Vendors
- Sun-Tek Skylights
- Onyx Solar Group
- Skyview Skylight
- Skydome Skylights
- Lamilux Heinrich Strunz Group
- Colombia Skylights
- Crystalite Inc
- Daylight America
For more information about this report visit https://www.researchandmarkets.com/r/flntqv