(Credit: Canva Pro)The worldwide skylight industry is projected to experience significant expansion from 2022 to 2028, with a compound annual growth rate (CAGR) of 6.30%, according to a new report from Research and Markets titled, Skylight Market - Global Outlook & Forecast 2023-2028.
This growth is fueled by the escalating need for daylighting solutions, a greater focus on environmental sustainability, and decreased energy consumption in both residential and commercial buildings. The market's primary drivers are skylight installations in new buildings and the replacement or renovation of existing structures. Skylights are widely used in a variety of settings, including residential and commercial facilities like retail outlets, hospitality venues, hospitals, educational institutions, government facilities, warehouses, and other industrial spaces.
In 2022, the commercial sector experienced significant growth, with APAC countries leading the way in new building construction. Two major projects, the Seomyeon office building development in South Korea and the 360 Queen Street Office Tower in another location, received investments totaling $715 million and $608 million, respectively.
Buildings contribute to a significant portion of greenhouse gas emissions and energy consumption worldwide. As the world population grows and living standards improve, these numbers continue to rise each year. Energy shortages and adverse climate changes are expected to impact the global landscape industry in the future. As such, renewable sources like solar energy are critical to creating a sustainable energy generation system.
Skylights offer an effective solution for reducing energy consumption in commercial and residential buildings while enhancing occupant comfort and relaxation. By combining skylights with photo controls and electric lighting, buildings can reduce their energy consumption and peak load during extreme weather events. Furthermore, remodeling, infrastructural development, and renovation of existing commercial and residential buildings will also support the skylight market's growth.
Governments around the world are embracing sustainability by implementing regulations that promote efficient energy use across all stages of the energy chain. This trend is driving consumers towards renewable energy and reducing electricity consumption. In fact, lighting in residential and commercial buildings accounts for a significant portion of electricity usage. However, solutions such as skylights and daylighting can reduce the need for lighting during the day and promote efficient energy use.
In the US, the National Action Plan for Energy Efficiency is a collaborative effort between private and public organizations to increase energy efficiency and reduce consumption in homes, buildings, and schools. This initiative can save billions on utility bills and reduce the need for additional power supply. Consequently, energy efficiency regulations are expected to boost the growth of the skylight market in the coming years.
Skylights are deemed an effective method for buildings to meet sustainable standards by providing ample natural light and minimizing reliance on electric lighting during daytime hours. In the US, commercial buildings have over 64 billion feet of illuminated floor space, with the majority using fluorescent lighting systems. While only around 30% to 50% of these spaces have access to daylight through windows or skylights, many institutions, commercial buildings, and residential units have adopted daylighting strategies that involve skylights, roof windows, and similar features. This approach has been shown to significantly reduce energy consumption, contributing to the growth of the skylight market.
The future of commercial skylights looks promising as more and more building owners and architects recognize the benefits of incorporating natural light into their designs. Skylights offer several advantages over artificial lighting, including reduced energy consumption, improved occupant health and well-being, and increased productivity.
