The worldwide market for energy-efficient windows is expected to exceed $15 billion by 2024, according to a new research report by Global Market Insights, a research and management consulting company based in Ocean View Heights, Del.

Triple low-e glazing is forecast to expand at a rate of more than 11 percent annual into 2024.

Replacement windows accounted for more than 60 percent of global revenue in 2015 thanks to a rise in renovation work in North America and Europe.

Residential applications were the dominant revenue contributors in 2015 because of increasing home construction across the globe. Rapid commercialization in the Asia Pacific region could boost industry growth for commercial applications, the report says.

The industry is mainly driven by government initiatives to minimize energy consumption and carbon emissions. For example, the EU has committed to cut CO2 emissions by over 300 million tons annually, mainly by focusing on residential and commercial buildings. Also, the U.S. government has initiated the Building Technologies Program (BTP). BTP works to achieve marketable net-zero-energy buildings by minimizing overall consumption of cooling and heating.

Click here to request a sample of the research report.

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