by Electrochromic glass is a specialized glass which exhibits reversible color change or darkening when an electric current passes through it. It is increasingly being used in architectural and automobile applications to control heat, glare and visibility. Electrochromic glass offers excellent thermal insulation, reduces energy consumption by lowering reliance on artificial lighting and air conditioning.
The global Electrochromic Glass Market is estimated to be valued at US$ 2300.68 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
The growing demand from the construction industry for energy efficient smart windows is driving the Electrochromic Glass Market. Electrochromic glass offers self-tinting properties which helps in controlling the amount of light, heat and glare entering the building. It provides an efficient alternative to conventional windows which require shading systems such as blinds, curtains etc. This has resulted in electrochromic glass gaining immense popularity in commercial buildings and green construction projects globally. Owing to the energy saving features of electrochromic glass, there is a growing demand from architects, designers and builders for minimizing the carbon footprint of buildings.
SWOT Analysis
Strength: Electrochromic glass offers effective control of heat, light, and glare from solar radiation. It provides flexibility in terms of controlling privacy and saving energy cost through automated dimming/lightening of windows.
Weakness: High initial costs associated with electrochromic glass that limits its mass adoption. Technical challenges and reliability issues exist in manufacturing large glass panels with consistent electrochromic performance.
Opportunity: Growing demand for smart windows from commercial construction sector especially for green buildings provides significant growth opportunities. Increasing demand for privacy and glare control solutions from residential and automotive sectors offer new market channels.
Threats: Stagnant construction industry during economic downturns poses deterrent to market growth. Substitute technologies like insulating glass, films, and shutters threaten demand for electrochromic glass.
Key Takeaways
Global Electrochromic Glass Market Size is expected to witness high growth. The industry is currently dominated by North America due to high construction and automotive manufacturing in the region. Asia Pacific is projected to witness fastest growth owing to increasing construction of green commercial buildings in major economies like China and India.
Key players operating in the electrochromic glass includes SAGE Electrochromics, View Inc., Gentex Corporation, Research Frontiers, ChromoGenics, Heliotrope, Diamond Glass, and EControl-Glas. Major players are focusing on new product development and strategic collaborations to boost manufacturing and market presence worldwide.
The electrochromic glass industry has evolved considerably over the past decade with advancement in materials and coating technologies. Demand from architectural and automotive sectors has fuelled R&D towards developing cost-effective and energy-efficient smart glass solutions. Industry participants are optimizing manufacturing with Internet of Things (IoT) integration and artificial intelligence (AI) for mass customization, remote operation, and predictive maintenance of glass panels.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
