Daylight Market Growth, Trends, And Demand Forecast

Industry Overview

The global daylight market was valued at USD 283.92 billion in 2022 and is projected to reach USD 401.82 billion by 2028, growing at a steady CAGR of 5.96%. Daylighting, which involves using elements like windows, skylights, and reflective surfaces to maximize natural light, is increasingly vital for interior illumination in buildings. This market covers a wide array of products crucial for daylighting, such as windows, skylights, and glass curtain walls, finding applications in both new constructions and renovations across residential and commercial buildings.

Notably, the Asia-Pacific (APAC) region is set for significant growth, driven by robust economic development, a surge in construction activities, and rising disposable incomes.

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Market Trends & Opportunities

1. Rising Installation of Roof Lights for Commercial Spaces

Roof lights, or windows installed in a building's roof to optimize natural light, are becoming popular in commercial settings like warehouses and offices. They enhance daylight and reduce reliance on artificial lighting, supporting sustainable building practices. This trend is extending into residential properties as businesses prioritize sustainability, aiming to cut carbon emissions and meet environmental goals.

2. Growing Sustainable and Green Buildings

The focus on sustainable and green building practices is a major driver for the daylight market. These practices emphasize energy efficiency, environmental responsibility, and occupant well-being. Daylight systems significantly reduce the need for artificial lighting during the day, leading to energy savings and lower operational costs. Many sustainable building certifications and local codes require efficient daylighting solutions, further encouraging their adoption.

Industry Restraints

High Cost of Installation

While daylighting systems offer energy efficiency and improved

worker performance, their high initial cost poses a significant challenge. Installing skylights, light tubes, and curtain walls can be expensive, depending on building design and materials. Despite this, a strategic design approach can lead to long-term savings, offsetting the initial investment. The primary challenge lies in balancing the cost and benefits, particularly as daylighting systems currently represent only a small share of the lighting market.

Segmentation Insights

By Product

• Windows: Dominating the market in 2022, the growth in this segment is driven by increased spending on new offices and commercial buildings, particularly in China and the US. These two countries are expected to account for 65% of global window sales growth.
• Curtain Walls and Skylights: With significant applications in both residential and commercial spaces, these products continue to see rising demand, particularly in regions like the Middle East and Africa (MEA), where residential construction is booming.

By Installation

• Replacement Installations: This segment held the largest share in 2022, driven by remodeling and reconstruction projects. Homeowners are increasingly upgrading their homes with daylight systems to reduce electricity use and enjoy natural light. The growing demand for smart and photovoltaic daylight systems is also boosting replacement demand across all sectors.

By End User

• Residential: The residential segment dominated in 2022, driven by the global demand for housing due to rising populations and shrinking household sizes. Major markets include China, India, Germany, and the US. Government initiatives to reduce energy consumption in buildings are also fueling this segment's growth.
• Commercial: Retail and corporate offices are significant drivers, with retail buildings accounting for about 25% of the market share and corporate offices around 31%. The hospitality sector is the fastest-growing commercial market, expected to grow at a CAGR of 7.39%.

By Distribution Channel

• Offline Channels: Dominating the market, offline channels include B2B stores, supermarkets, and hypermarkets. These channels benefit from the Direct-to-Consumer (DTC) model, with retail stores being significant revenue generators.

Geographical Analysis

The daylight market is propelled by new construction and renovation projects worldwide. In regions like North America and Europe, the focus on energy efficiency is driving increased adoption of daylighting systems. Rapid infrastructure development and construction activities are key growth drivers in emerging markets.

Regional Highlights

• North America and Europe: Heightened focus on energy efficiency and sustainability standards is leading to increased daylighting system installations.
• Asia-Pacific: Strong economic growth and construction activities, especially in China and India, are significantly boosting the market.
• Middle East and Africa: The fastest growth is expected due to rising residential construction and urban migration.

Competitive Landscape

The global daylight market is highly competitive, with numerous public and private companies vying for market share. Key players like VELUX , Brett Martin Daylight Systems , and LAMILUX lead the industry with innovative technologies. Velux, for instance, introduced smart skylights equipped with features like air quality monitoring, humidity, and temperature sensors. These innovations highlight the industry's move towards intelligent, automated daylighting solutions.

Future Outlook

The competition is expected to intensify, driven by technological advancements, product innovations, and mergers and acquisitions. Global players are likely to grow inorganically by acquiring regional or local companies, further shaping the market landscape.

Conclusion

The global daylight market is on a bright path, with substantial growth driven by sustainability trends, technological advancements, and rising construction activities. While high installation costs remain a challenge, the long-term benefits of energy efficiency and reduced operational costs make daylighting systems an attractive investment for both residential and commercial spaces. As the industry continues to innovate, the future of natural illumination looks promising.

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