CHICAGO, Feb. 11, 2020 /PRNewswire/ -- According to Arizton's recent research report, Skylight Market - Global Outlook and Forecast 2020-2025 is expected to grow at a CAGR of approximately 7% during the period 2019−2025.
Key Highlights Offered in the Report:
- Custom skylight accounted for the second largest share of the market, of over 27% in 2019 and is expected to grow at the fastest rate with a CAGR of around 7% by 2025.
- Retail, hospitality, shopping malls, and offices will generate a higher demand for pyramid shaped skylight and will add $210 million to the global market by 2025.
- Fixed skylights are the largest segment however, electric will be the fastest growing segment growing at a CAGR of around 8% during the forecast period.
- Replacement demand is likely to drive to the demand and will add more than $800 million to the market, while the new construction will be the fastest growing segment at a CAGR of more than 7% by 2025.
- Indonesia, China, Chile, Argentina, South Korea, and Japan are emerging markets for commercial skylights and have a high growth potential during the forecast period.
- APAC is expected to witness the fastest growth in commercial skylight market, growing at a CAGR of around 10% during the forecast period. MEA and Latin America accounted for a market share of around 4% and 3% respectively, however the demand is expected to grow with rising consumer awareness and surge in construction activities.
Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, operation, material, installation, end-users, and geography
- Competitive Landscape – Profile of 3 key vendors and 10 other vendors
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Skylight Market – Segmentation
- 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 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.
- Polycarbonate skylights are expected to witness the fastest growth rate during the forecast period on account of durability, efficiency, and sustainability. Countries such as China, Japan, South Korea, and Australia are the key markets for polycarbonate daylights in the APAC region.
Market Segmentation by Product
- Barrel Vault
Market Segmentation by Operation
Market Segmentation by Material
Market Segmentation by Installation
- Replacement Demand
- New Construction
Market Segmentation by End-users
Skylight Market – Dynamics
Skylights are considered as an effective way in which a building can meet its sustainable standards since they can provide an abundance of natural light, which reduces or eliminates the need for electric lighting during daylight hours. Electric lights comprise 25% of the total energy used in US buildings, and buildings comprise 75% of the total energy usage across the nation. Daylighting or controlled admission of natural lights can reduce the requirement for electric lighting and save energy. In the US, about one-third of the total electricity budget is spent on lighting, which is equivalent to $60 billion annually. "Daylighting can help create a visually stimulating and productive environment for building occupants while reducing the building energy cost by 30%." The growth of green building activities will positively impact the market growth.
Key Drivers and Trends fueling Market Growth:
- Regulation on Energy Efficiency Driving Skylight Demand
- Growing Number of Smart & Self-sustainable Homes
- Incorporation of BIPV Skylights
- Sustainability Reshaping Global Construction Market
Skylight Market – 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 market is driven by the growth of installations in new buildings as well as higher demand from renovations and retrofit activities. The demand from retrofit and renovation accounted for the majority of the market demand in Europe.
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Market Segmentation by Geography
- North America
- Latin America
- Saudi Arabia
- VKR Group
Other vendors include - Sun-Tek Skylights, Onyx Solar, Skyview Skylight, Sunoptics, Skydome Skylights, Lamilux Heinrich Strunz, Colombia Skylights, CrystaLite Inc.s.
Explore our consumer goods & retail technology profile to know more about the industry.
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SOURCE Arizton Advisory & Intelligence