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Vacuum Insulated Glass Market Report Overview
global vacuum insulated glass market size was USD 247.1 million in 2022 and market is projected to touch 692.23 Million by 2031, exhibiting a CAGR of 12.1% during the forecast period.
Vacuum insulated glass (VIG) is an advanced glazing technology that offers enhanced thermal insulation performance compared to traditional double-glazed windows. It consists of two or more glass panes separated by a vacuum or low-pressure gas-filled space, creating an insulating barrier between the interior and exterior environments of a building. VIG is designed to minimize heat transfer through the glass, thereby reducing energy consumption, improving thermal comfort, and enhancing overall energy efficiency. One of the key advantages of Vacuum Insulated Glass is its exceptional thermal insulation performance. By significantly reducing heat transfer, VIG helps to minimize heat loss during colder seasons and heat gain during warmer seasons, thereby reducing the reliance on heating, ventilation, and air conditioning systems. This can result in substantial energy savings, reduced carbon emissions, and improved sustainability of buildings.
The vacuum insulated glass market is experiencing significant growth and is expected to continue its upward trajectory in the coming years. Vacuum insulated glass, also known as thermal insulating glass or vacuum glazing, is a highly efficient glass technology that offers superior thermal insulation properties. It consists of two or more glass panes separated by a vacuum space and sealed to create an airtight unit. The market for vacuum insulated glass is driven by the increasing demand for energy-efficient building solutions, stringent government regulations for energy conservation, and the growing focus on sustainable construction practices.
COVID-19 Impact: Lockdown Caused Labor Shortages Impeding the Market Growth
The Covid-19 pandemic has had a notable impact on the vacuum insulated glass market. The construction industry, a key end-user of vacuum insulated glass, experienced disruptions due to lockdowns, labor shortages, and supply chain disruptions. Many construction projects were delayed or put on hold, leading to a temporary decline in the demand for vacuum insulated glass. As economies recover, the market is expected to rebound. The pandemic has also heightened awareness about the importance of indoor air quality and energy efficiency, driving the demand for high-performance building materials like vacuum insulated glass in the post-pandemic era.
Latest Trends
"Increasing Adoption of Smart Glass Technologies to Boost the Market Development"
Smart glass, also known as switchable glass or dynamic glass, allows users to control the amount of light, heat, and glare entering a building. It offers enhanced privacy, energy efficiency, and comfort by dynamically adjusting its transparency based on external conditions or user preferences. The integration of smart glass technologies with vacuum insulated glass is gaining traction, providing additional functionalities and benefits to end-users. This combination offers improved thermal insulation, solar control, and privacy features, contributing to the overall energy efficiency and comfort of buildings.
Vacuum Insulated Glass Market Segmentation
- By Type Analysis
According to type, the market can be segmented into tempered VIG, non-tempered VIG. Tempered VIG being the leading segment of the market by type analysis.
- By Application Analysis
Based on application, the market can be divided into architecture & furniture, home appliance, others. architecture & furniture being the leading segment of the market by application analysis.
Driving Factors
"Growing Focus on Energy-Efficient Buildings to Drive the Market Growth"
The increasing emphasis on energy efficiency in buildings is a significant driver for the vacuum insulated glass market. With rising energy costs and growing concerns about environmental sustainability, building owners and occupants are seeking solutions that reduce energy consumption. Vacuum insulated glass offers superior thermal insulation properties compared to traditional insulating glass units, enabling buildings to reduce their heating and cooling requirements. The demand for energy-efficient buildings is further fueled by government regulations and green building certifications that incentivize or mandate the use of energy-saving technologies.
"Rising Construction Activities in Emerging Economies to Drive the Market Development"
Emerging economies, particularly in Asia Pacific and the Middle East, are experiencing rapid urbanization and industrialization, leading to increased construction activities. The construction of residential, commercial, and infrastructure projects requires the use of advanced building materials, including vacuum insulated glass. As these regions strive to develop sustainable and energy-efficient buildings, the demand for vacuum insulated glass is witnessing significant growth. The expanding middle-class population, rising disposable incomes, and supportive government initiatives are driving construction investments, further propelling the demand for vacuum insulated glass.
Restraining Factors
"High Manufacturing and Installation Costs Associated with this Technology to Hamper the Market Growth"
The production of vacuum insulated glass requires specialized equipment and processes, making it relatively expensive compared to conventional glazing solutions. Additionally, the installation of vacuum insulated glass requires skilled professionals and meticulous sealing to maintain the vacuum integrity. These factors contribute to the higher upfront costs of vacuum insulated glass systems, which can pose a challenge for cost-conscious consumers and builders. However, as the market matures and economies of scale are realized, the costs are expected to reduce, making vacuum insulated glass more accessible and affordable.
Vacuum Insulated Glass Market Regional Insights
"Strong Focus on Energy Efficiency and Sustainable Building Practices in North America to Bolster the Market Development in the Region"
The North American vacuum insulated glass market is experiencing significant growth due to the region's strong focus on energy efficiency and sustainable building practices. Governments and regulatory bodies in North America have implemented stringent energy efficiency regulations and certifications, such as ENERGY STAR and LEED, to promote environmentally friendly construction practices. These regulations drive the adoption of vacuum insulated glass in both commercial and residential buildings, as it offers superior thermal insulation properties compared to conventional glazing solutions. Building owners and developers in North America are increasingly recognizing the long-term benefits of vacuum insulated glass in terms of energy savings, reduced carbon footprint, and enhanced comfort for occupants. The increasing demand for green buildings in North America is also driving the growth of the vacuum insulated glass market. As environmental consciousness rises and sustainability becomes a priority, building owners and occupants are seeking energy-efficient solutions that align with their eco-friendly goals.
The Asia Pacific vacuum insulated glass market is poised for rapid growth, primarily driven by the booming construction industry in countries like China, Japan, and South Korea. The region is experiencing rapid urbanization, with a significant increase in infrastructure development, commercial buildings, and residential complexes. As a result, there is a growing demand for high-performance building materials, including vacuum insulated glass, to meet the energy efficiency and sustainability requirements. Governments in the Asia Pacific region have recognized the importance of energy efficiency and have implemented initiatives and regulations to promote sustainable building practices. For example, China has set ambitious energy-saving targets and introduced policies to encourage the use of energy-efficient technologies in buildings.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled Players
- Nippon Sheet Glass (Japan)
- Guardian Glass (U.S.)
- Vitro Architectural Glass (Mexico)
- AGC (Japan)
- LandGlass (China)
- Panasonic (Japan)
- Taiwan Glass (Taiwan)
- V-Glass (South Korea)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 247.1 Million in 2022 |
Market Size Value By |
US$ 692.23 Million by 2031 |
Growth Rate |
CAGR of 12.1% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the vacuum insulated glass market expected to touch by 2031?
The global vacuum insulated glass size is expected to reach USD 692.23 Million by 2031 .
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What CAGR is the vacuum insulated glass market expected to exhibit by 2031?
The vacuum insulated glass is expected to exhibit a CAGR of 12.1% by 2031.
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Which are the driving factors of the vacuum insulated glass market?
Growing focus on energy-efficient buildings and rising construction activities in emerging economies are the driving factors of the vacuum insulated glass market.
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Which are the key players or most dominating companies functioning in the vacuum insulated glass market?
The dominating companies in the vacuum insulated glass market are Nippon Sheet Glass, Guardian Glass, Vitro Architectural Glass, AGC and LandGlass.