With the rise in smart home technology, the demand for smart skylighting is expected to grow.
Arizton’s recent market research report on the global skylight market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The study includes insights by Product (tubular, custom, pyramid, dome, and barrel vault), Operation (fixed, manual, and electric), Material (glass, acrylic, polycarbonate, and others), Installation (replacement demand and construction), End-users (residential and commercial), and Geography (APAC, North America, Europe, Latin America, and MEA)
The global skylight market is expected to grow at a CAGR of over 6% during the period 2019–2025.
Residential and commercial buildings are responsible for up to 24% of greenhouse gas emissions and account for over 40% of the world’s total primary electricity usage. These numbers are increasing YOY due to the growing world population and improving living standards. The global landscape is likely to be confronted with energy shortage in the future, and unfavorable climate changes are quite evident. A well-designed skylight can substantially reduce commercial or residential building energy consumption and improve occupant performance and enjoyment in the space. With the skillful application of skylights, electric lighting and photocontrols, whole building energy use and peak load reductions are possible in all continental climates.
The leading drivers and trends driving the growth of the global skylight market are discussed below:
Growth of Skylights in Green Building
Skylights are considered as an effective mean to meet sustainable standards among buildings, as these lights 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 the US buildings and consist of 75% of the total energy usage across the country. Daylighting or controlled admission of natural lights can reduce the requirement of electric lighting, thereby saving energy. In the US, about one third of the total electricity budget is spend on lighting, which is equivalent to $60 billion annually.
Regulations on Energy Efficiency Driving Skylight Demand
As the global trend is shifting toward sustainable, regulatory agencies world over are implementing regulations to reduce energy consumption. Such policies are driving consumers to shift toward renewable energy and reduce the 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 the efficient use of energy across sectors. Further, photovoltaic skylights can also generate sustainable energy while cutting down the cost of utilities. In Europe, the Energy Efficiency Directive establishes a set of binding measures to help the EU reach its 20% energy-efficiency target by 2020. Similarly, in the US, the National Action Plan for Energy Efficiency was implemented as part of private-public initiative to create a sustainable and aggressive national commitment to energy efficiency through collaborative efforts. Such initiatives can largely create opportunities to reduce the energy consumption in US homes, buildings, and schools.
Growth in Smart and Self-sustainable Homes
With the rise in smart home technology, the demand for smart skylighting is expected to grow. The global smart home market was valued at $942 million in 2018, which is expected to grow at a CAGR of 19% during the forecast period. The penetration of smart home technology in the US is estimated to grow from 13.90% in 2018 to 35.70% in 2024. In the US, the adoption of smart home devices is expected to achieve a CAGR of 43% to 45% during the forecast period.
Velux, a global leader in skylight systems, introduced smart skylights, with features that can monitor air quality, humidity, and temperature. These skylights are equipped with netatmo intelligence technology. They have “plug and play” smart home solutions for remote sensor-based operation. They automatically detect the sunlight level, humidity, temperature and carbon dioxide levels to adjust the opening and closing of valves.
VKR Group, Fakro, Kingspan are identified as prominent vendors in the global skylight market.
The complete overview of the latest market research report on the global skylight market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges and provides market sizing and forecast for major geographical regions and key countries.
Arizton – Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
+1 302 469 0707
Feb 23, 2024
Digital Biomarkers Market- More than $6 Billion Opportunities in the Next 6 Years – Arizton
The global digital biomarkers market was valued at USD 2.49 billion in 2023 and is expected to reach...
Feb 23, 2024
Home Energy Management System Market to Reach from $4 Billion in 2023 to $9 Billion by 2029 - Arizton
The market is experiencing substantial growth, projected to expand at a CAGR of 15.23% during the fo...
Feb 15, 2024
Automotive ADAS Sensors Market Revenue to Reach to $38.54 Billion by 2029, A 2X Growth in the Next 6 Years – Arizton
APAC Dominating the Market with $14.72 Billion Opportunities by 2029 ...