Dublin, Feb. 17, 2023 (GLOBE NEWSWIRE) -- The "Skylight Market - Global Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global skylight market size is growing at a CAGR of 6.30% during 2022-2028.
The global market is expected to witness rapid growth during the forecast period, driven by rising demand for daylighting solutions, increased emphasis on environmental sustainability, and reduced energy consumption in commercial and residential buildings.
The skylight installation in new buildings and the renovation and replacement of existing structures primarily drive the market. Skylights are used in residential and commercial facilities, including retail, hospitality, hospitals, educational institutes, government institutes, warehouses, and other industrial facilities.
The commercial sector witnessed drastic growth in 2022. For instance, APAC countries play a significant role in new commercial construction buildings.
New construction projects are commenced, such as the Seomyeon office building development for office space in south Korea; for this project, around USD 715 million were invested. Also, for 360 Queen Street Office Tower project, around USD 608 million were invested. This construction work begins in Q2 2022, and the plan is expected to be completed in Q4 2025. These upcoming commercial building projects support the skylight market in the forecast period.
Buildings account for up to 24% of greenhouse gas emissions and over 40% of the world's primary electricity use. These numbers are increasing YOY due to the rising world population and improving living standards. The global landscape industry will likely be confronted with energy shortage in the future, and unfavorable climate changes are quite evident.
It has been established with sufficient evidence that the present energy generation system is not sustainable. There is a need to shift to renewable sources such as solar energy for clean and sustainable energy.
A well-designed skylight can substantially reduce commercial or residential building energy level consumption and improve occupant performance and provide relaxation space.
With the productive application of skylights, photo controls, and electric lighting, the whole building's energy utilization and peak load reductions play a significant role in all continental climates. Further, renovations, infrastructural development, and remodeling of existing commercial and residential buildings would also support the skylight market's growth.
Market Trends and Opportunities
Regulation on Energy Efficiency Driving Skylight Demand
As the global trend is shifting towards sustainability, governments worldwide are implementing regulations to reduce energy consumption and use it more efficiently across all stages of the energy chain, including generation, transmission, distribution, and end-use. Such policies are driving consumers toward renewable energy and reducing electricity consumption.
A major portion of electricity is consumed for lighting in residential and commercial buildings; however, the use of skylights and other daylighting solutions can significantly reduce the requirement for lighting through a major portion of the day, resulting in efficient use of energy across all sectors.
In the US, the National Action Plan for Energy Efficiency was implemented as a part of the private-public initiative to create a sustainable, aggressive national commitment to energy efficiency through collaborative efforts of gas and electric utilities, utility regulators, and other partner organizations.
Such initiatives can largely create opportunities to reduce energy consumption in US homes, buildings, and schools, save billions on consumer utility bills, and reduce the requirements for additional power supply. Therefore, energy efficiency regulations are projected to support the growth rate of the skylight market in the upcoming years.
Growth of Green Building Activities
Skylights are considered an effective way a building can meet its sustainable standards, as they can provide an abundance of natural light and reduce or eliminate the need for electric lighting during daylight hours. Commercial buildings in the US houses have more than 64 billion feet of lit floor space.
Most of these buildings are lit by fluorescent lighting systems. Approximately 30% to 50% of these spaces have access to daylight through windows or skylights. Several institutions, commercial buildings, and residential units have implemented daylighting strategies through skylights, roof windows, and others and have been reported to reduce energy consumption significantly. Such factors promote the growth of the skylight market.
Competitive Landscape
The global skylight market is highly competitive, with many public and private companies. These vendors typically compete on key parameters such as product design, quality, reliability, support services, and price.
The rapid technological advancements are adversely impacting the market vendors as consumers are expecting continuous innovations and upgrades of products.
Some major vendors dominating the global skylight market include Velux, Fakro, and Kingspan Light + Air. These brands have a large set of product offerings with a widespread presence in the global market. The major vendors are adopting innovative technologies to retain their strong market position.
The presence of diversified global and regional vendors characterizes the market. The global key vendor, Velux, introduced innovative smart skylight technology.
These skylights have features that can monitor air quality, humidity, and temperature and are equipped with Netatmo intelligence technology. These skylights have 'plug and play' smart home solutions for remote sensor-based operation and automatically detect the sunlight level, humidity, temperature, and carbon dioxide levels to adjust the opening and closing of valves and motorized shades.
Key Vendors
- VKR Group
- Fakro
- Kingspan Light + Air
Other Prominent Vendors
- Roto
- Lonsdale Metal Co
- Sun-Tek Skylights
- Roofglaze
- Onyx Solar Group LLC.
- SKYVIEW SKYLIGHT INC.
- Sunoptics
- Duplus Architectural Systems
- Skydome
- LAMILUX Heinrich Strunz Holding GmbH & Co. KG
- Columbia Manufacturing Co. Ltd.
- CrystaLite, Inc.
Key Questions Answered:
- How big is the skylight market?
- What is the growth rate of the global skylight market?
- Which region holds the largest global skylight market share?
- What are the significant trends impacting the skylight market?
- Who are the key players in the global skylight market?
Report Metrics:
| Report Attribute | Details |
| No. of Pages | 265 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $3080 Million |
| Forecasted Market Value (USD) by 2028 | $4443.2 Million |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.1.3 Market Estimation Caveats
4.2 Base Year
4.3 Scope of the Study
4.4 Market Segmentation
4.4.1 Market Segmentation by Product Type
4.4.2 Market Segmentation by Operation
4.4.3 Market Segmentation by Material
4.4.4 Market Segmentation by Installation
4.4.5 Market Segmentation by End-User
4.4.6 Market Segmentation by Geography
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Premium Insights
7 Market at a Glance
8 Introduction
8.1 Skylight Market Overview
8.1.1 Key Highlights of Skylight
8.1.2 Technology Integration
8.1.3 Common Factors About Skylight Market
8.1.4 Factors Driving the Sky Light Market
8.1.5 Residential Constructions
8.1.6 Commercial Constructions
8.2 Value Chain
8.2.1 Raw Material Suppliers & Components
8.2.2 Manufacturers
8.2.3 Dealers /Distributor
8.2.4 Retailers
8.2.5 End-Users
8.3 Impacts of Covid-19
9 Market Opportunity & Trends
9.1 Regulation on Energy Efficiency Driving Skylight Demand
9.2 Advancement of Skylight in Smart Homes
9.3 Airport Modernization
10 Market Growth Enablers
10.1 Growth of Green Building Activities
10.2 Incorporation of Bipv Skylights
10.3 Sustainability Reshaping Global Construction Market
11 Market Restraints
11.1 High Cost of Installation
11.2 Raw Material Price Volatility
11.3 Negative Perceptions About Skylight
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.3 Five Forces Analysis
12.3.1 Threat of New Entrants
12.3.2 Bargaining Power of Suppliers
12.3.3 Bargaining Power of Buyers
12.3.4 Threat of Substitutes
12.3.5 Competitive Rivalry
13 Product Type
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Tubular Skylight
13.3.1 Market Overview
13.3.2 Market Size & Forecast
13.3.3 Market by Geography
13.4 Custom Skylight
13.4.1 Market Overview
13.4.2 Market by Geography
13.5 Pyramid Skylight
13.5.1 Market Overview
13.5.2 Market Size & Forecast
13.5.3 Market by Geography
13.6 Dome Skylight
13.6.1 Market Overview
13.6.2 Market Size & Forecast
13.6.3 Market by Geography
13.7 Barrel Vault Skylight
13.7.1 Market Overview
13.7.2 Market Size & Forecast
13.7.3 Market by Geography
14 Operation Type
14.1 Market Snapshot & Growth Engine (Value)
14.2 Market Overview
14.3 Fixed
14.3.1 Market Overview
14.3.2 Market Size & Forecast
14.3.3 Market by Geography
14.4 Manual
14.4.1 Market Overview
14.4.2 Market Size & Forecast
14.4.3 Market by Geography
14.5 Electric
14.5.1 Market Overview
14.5.2 Market Size & Forecast
14.5.3 Market by Geography
15 by Material
15.1 Market Snapshot & Growth Engine (Value)
15.2 Market Overview
15.3 Glass
15.3.1 Market Overview
15.3.2 Market Size & Forecast
15.3.3 Market by Geography
15.4 Acrylic
15.4.1 Market Overview
15.4.2 Market Size & Forecast
15.4.3 Market by Geography
15.5 Polycarbonate
15.5.1 Market Overview
15.5.2 Market Size & Forecast
15.5.3 Market by Geography
15.6 Others
15.6.1 Market Overview
15.6.2 Market Size & Forecast
15.6.3 Market by Geography
16 by Installation
16.1 Market Snapshot & Growth Engine (Value)
16.2 Market Overview
16.2.1 Market by Installation
16.3 Replacement Demand
16.3.1 Market Overview
16.3.2 Market Size & Forecast
16.3.3 Market by Geography
16.4 New Construction
16.4.1 Market Overview
16.4.2 Market Size & Forecast
16.4.3 Market by Geography
17 by End-User
17.1 Market Snapshot & Growth Engine (Value)
17.2 Market Overview
17.3 Commercial
17.3.1 Market Overview
17.3.2 Market Size & Forecast
17.3.3 Market by Geography
17.4 Residential
17.4.1 Market Overview
17.4.2 Market Size & Forecast
17.4.3 Market by Geography
18 Geography
19 Europe
20 North America
21 APAC
22 MEA
23 Latin America
24 Competitive Landscape
25 Key Company Profiles
26 Other Prominent Vendors
27 Report Summary
28 Quantitative Summary
29 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/dxxqv2-market?w=12
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