Among the trends driving an uptick in the residential windows and doors market worldwide are the implementation of favourable policies and advanced technologies related to smart grids, urban transportation, industrial automation, water management, and parking systems, according to a new report by Global Market Insights Inc.
Sustainability & energy efficiency policies driving eco-friendly buildings
Sustainability and energy efficiency have rapidly become imperative in business operations across myriad industrial sectors, especially construction. What’s more, in certain markets—North America in particular—government regulations mandating the use of green and energy-saving materials in residential buildings is servicing growth.
A move towards aluminium-framed products in this regard—such as those supplied by European market leader Aluprof (aluprof.eu/en), which are more environmentally friendly—is also seeing growth. Aluminium is an extremely light-weight metal and is highly weather resistant—unlike steel, wood, or copper, which decay more easily—so aluminium windows and doors may last up to 30 years.
The rise in construction and infrastructural developments to ameliorate quality of life is expected to further boost the need for technologically advanced windows and doors fittings. Other factors include rapid urbanisation, rising middle-class per capita income, and growing residential and non-residential activities in emerging nations such as India and China in recent years.
A focus on renovating and modernising institutional and commercial structures such as apartments, office buildings, and hospitals is further speeding up a residential industry currently aimed at growth of 5.3% through to 2027.
Attributable in the main to increasing renovation and replacement activities owing to emerging trends in green building practices, and based on material value, the metal doors and windows segment clocked revenue of around $35 billion in 2020.
Residential construction investment shifts during COVID-19 pandemic
Residential construction is rising again after the sharp dip during the COVID-19 pandemic, and investment interest in this sector has spiked over the past months. In the U.S., the seasonally adjusted annual rate for spending on residential development recovered to pre-lockdown levels of over $600 billion in value—up from a recorded low of $547 billion in May 2020—and presently tops $700 billion.
Europe reporting robust demand; set to grow 4.5% through to 2027
Europe is reporting robust demand for high-quality doors and windows with minimal maintenance and the industry is set to exhibit growth of 4.5% through 2027. This strong growth trajectory is a result of the rapidly increasing population and the subsequent increase in residential as well as commercial construction activities.