The global weatherization services market to grow with a year-on-year growth of 4.0%, reaching US$ 35 Bn by the end of 2022. Weatherization enhances energy efficiency while lowering energy usage, saving money on energy bills and improve the comfort of home.
Future Market Insights delivers key insights on the global weatherization services market in its latest report titled “Weatherization Services Market: Global Industry Analysis 2013 – 2017 and Opportunity Assessment 2022 – 2028”, which examines the weatherization services market and offers critical insights for the next ten years.
According to the report’s findings, the market is expected to grow steadily over the forecast period, driven by rising stringent regulations mandating the use of insulation materials to reduce building energy consumption.
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Global Weatherization Services Market: Dynamics
Recovery in the construction industry across the globe is being accelerated by the steady growth in population, which is resulting in the growing demand for construction materials, for both residential and non-residential buildings. This, in turn, will propel the growth of the weatherization services market across the globe. The U.S. Department of Energy (DOE) recognizes the enormous potential for improving energy efficiency, safety and comfort of the existing American homes.
According to DOE, heating & cooling (Space conditioning) accounts for about 50%-60% of the total energy consumption in an average American home. Hence, the rising adoption of insulation in residential or home buildings is one of the major factors fueling the demand for insulation installations, consequently also contributing to the weatherization services market’s growth.
Energy resources are limited, every unit saved is equivalent to every unit produced and this is where the role of efficient weatherization services comes into play. An array of initiatives are being taken up by various states and federal governments across the globe to reduce CO2 emissions. More importantly, growing public awareness about climate change has proliferated the need for renewable energy systems and reduced energy waste.
This factor is positively impacting the Global weatherization services market. Further, to curb carbon dioxide emissions, the use of lightweight insulation materials with promising mechanical properties, such as stiffness, rigidity, elevated temperature durability and chemical resistance, is expected to increase. Thus, in order to gain a competitive edge, key players are likely to invest significantly to develop high-performance insulation products in the weatherization services market.
Global Weatherization Services Market: Segmentation Overview
- On the basis of application, the sidewall insulation segment dominates the global weatherization segment market. While the segment is projected to lose market share to the attic insulation segment by the end of THE forecast period, it is yet expected to maintain its prominence during the forecast period. Foam insulation is expected to be the prime material preferred for various applications and its popularity will be followed by the popularity of fibreglass for various applications in the global weatherization services market
- On the bases of construction type, the weatherization services market has been segmented into new construction and retrofit segments. The new construction segment dominated the Weatherization services market in 2017 and is expected to gain further traction owing to the steady growth of the construction industry
- On the bases of end-use, the weatherization services market has been segmented into residential and commercial & institutional. The commercial & institutional segment is expected to witness 1.5X growth in the global weatherization services market over the forecast period.
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Global Weatherization Services Market: Regional Overview
Western Europe, followed by North America, dominated the global weatherization services market in 2017. However, over the course of the forecast period, the Western Europe weatherization services market is estimated to lose its dominance to the North America weatherization services market. North America and Western Europe are collectively expected to account for over half of the global weatherization services market. Further, the top 5 countries in the Weatherization services market account for about half of the overall market. The weatherization services market is expected to witness significant growth in developing economies over the forecast period.
Global Weatherization Services Market: Vendor Insights
The report highlights some of the leading companies operating in the global weatherization services market, such as TopBuild Corp, Insulated building products, Inc., Builders FirstSource, Inc., Takashima & Co., Ltd., Dyson Energy Services Ltd., HomeWorks Energy, Inc., USA Insulation, Banker Insulation and Anderson Insulation.
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