The global vacuum insulated glass market for building & construction was valued more than US$ 4.5 Bn in 2017 and is anticipated to expand at a CAGR of more than 4% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Vacuum insulated glass for building & construction – Global industry analysis, size, share, growth, trends, and forecast, 2018–2026.’ Expansion in the global vacuum insulated glass market for building & construction is driven by the rise in demand for energy-efficient buildings, popularly known as green buildings. In terms of volume, the vacuum insulated glass market for building & construction in Asia Pacific is expected to expand at a CAGR of more than 5% during the forecast period. Implementation of strict government regulations on carbon emissions is likely to propel the vacuum insulated glass market for building & construction. Heating and cooling of buildings requires large amount of energy. The usage of insulated glass units is expected to significantly reduce the heating and cooling consumption and thereby lower CO2 emissions associated with it.
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Rise in Demand for Windows, Which are used for Energy Conservation in Energy Efficient Buildings
In terms of application, the vacuum insulated glass market for building & construction can be classified into roof lights, windows, doors, roof glazing, glass façade, and others. The window segment is anticipated to constitute major share of the vacuum insulated glass market for building & construction, as it significantly slows down the process of conduction and convection. This ultimately reduces the cooling and heating energy consumption. Vacuum insulated glass is used for same purposes for doors as that for windows. Roof glazing is mostly used in malls and office terraces for the natural lights in daytime. The glass façade segment holds key share of the vacuum insulated glass market for building & construction, as glass facades are primarily used in commercial applications. Now-a-days, IT parks are mostly made of energy efficient glasses. Developing countries such as China, India, and Japan are expected to increase their use of vacuum insulated glass in the near future. Therefore, these regions are likely to fuel the expansion of the window segment.
Residential Segment to Dominate Global Vacuum Insulated Glass market for Building & Construction
In terms of application, the vacuum insulated glass market for building & construction can be divided into residential, commercial, and industrial. The residential segment is anticipated to dominate the market during the forecast period. The residential segment is set to expand at a fast pace during the forecast period. Demand for vacuum insulated glass is lesser in the commercial segment than that in the residential buildings. Demand for vacuum insulated glass is rising in industries due to its natural light purposes and noise cancellation properties.
Large Customer Base in Developing Regions such as Asia Pacific to Create Opportunities
In terms of region, the global Vacuum Insulated Glass market for building & construction can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe hold prominent share of the vacuum insulated glass market for building & construction due to the presence of well-established buildings in these regions. North America also constitutes significant share of the market. The market in Asia Pacific is estimated to expand at a rapid pace due to the significant increase in construction and building activities in developing economies such as China and India. The market in Middle East & Africa and Latin America is expected to expand at a sluggish pace during the forecast period.
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Key players operating in the vacuum insulated glass market for building & construction include AGC Inc., Vishvesh Glasses Private Limited, Panasonic Corporation, LandGlass Technologies Co., Ltd., V-Glass LLC, Nippon Sheet Glass Co Ltd, Guardian Glass, LLC, QINHUANGDAO YIWO GLASS CO., LTD, ICESUN VACUUM GLASS Ltd., T&I Sealed Units Limited, and Taiwan Glass Ind. Corp. Companies are investing significantly in the development of vacuum insulated glass units and their manufacturing facilities. For instance, in December 2017, Panasonic Corporation developed and succeeded in mass production of vacuum insulated glass by applying the technologies accumulated during the development of manufacturing of plasma display panels. The new vacuum insulated panels were first used by Hussmann Corporation, a U.S.-based refrigerator & freezer showcase manufacturer wholly owned by Panasonic Corporation. These products are likely to help the manufacturer address the tightened regulations of the U.S. Department of Energy.