In architecture, fenestration refers to the openings in a building’s facade, most notably the doors and windows. Basically, they are anything that allows for passage from outside to inside. Turns out, holes in the structure can actually be pretty useful.
How big is the global facade market?
The Global Facade Market Size was valued at USD 256.28 billion in 2022 and the worldwide facade market is expected to reach USD 472.11 billion by 2032, according to a research report published by Spherical Insights & Consulting.
The global facade market size was valued at USD 217.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2021 to 2028. The rise in construction-related activities has been an important factor in driving the market. Furthermore, technological innovations are leading to the development of energy-saving facade materials. These advanced products absorb solar energy and find widespread adoption in several commercial and residential buildings as a secondary source of electricity generation. The market is expected to grow at a considerable rate over the forecast period. This growth can be attributed to rising customer spending power, primarily in China, Japan, India, Brazil, and GCC countries, along with the need to provide a secure work environment to employees. Furthermore, the use of metal composite materials offers a durable, harmonious, and modern appearance to the building. Increasing usage of such composite materials to build facades is projected to boost the market growth over the coming years.
Real-estate Scene in India
The Indian real estate market size is expected to reach USD180 billion by 2020. The housing sector alone contributes 5-6 per cent to the country’s Gross Domestic Product (GDP). The growth of this sector is well complemented by the growth of the corporate environment and the demand for office space as well as urban and semi-urban accommodations. In the period FY2008-2020, the market size of this sector is expected to increase at a Compound Annual Growth Rate (CAGR) of 11.2 per cent. Retail, hospitality and commercial real estate are also growing significantly, providing the much-needed infrastructure for India’s growing needs (Fig. 1).
Cities are engines of economic growth, and it is anticipated that 40 per cent of India’s population will live in cities by 2030. With the rapid rise in the proportion of people living in urban areas, there is an increasing requirement for sustainable cities. The Government of India along with the governments of the respective states has taken several initiatives to encourage the development in the sector. The Smart City Project, where there is a plan to build 100 smart cities, is a prime opportunity for the real estate companies.
Responding to an increasingly well-informed consumer base and, bearing in mind the aspect of globalisation, Indian real estate developers have shifted gears and accepted fresh challenges. The most marked change has been the shift from family owned businesses to that of professionally managed ones. Real estate developers, in meeting the growing need for managing multiple projects across cities, are also investing in centralised processes to source material, organise manpower and hiring qualified professionals in areas like project management, architecture and engineering.