Electrochromic Glass Segment Is The Largest Segment Driving The Growth Of Electrochromic Glass Market
Electrochromic glass is a technology which allows glass to change its light transmission properties when voltage, light or heat is applied. It is self-tinting glass that darkens when electric current passes through it. The key advantage is its ability to automatically respond to ambient lighting conditions by controlling heat and light transmittance.
The global Electrochromic Glass Market is estimated to be valued at US$ 2300.68 Mn or Bn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the electrochromic glass market is the increasing use of self-tinting glass facades in residential and commercial buildings. Electrochromic glass helps in reducing energy consumption by automatically controlling solar heat gain and lighting. It maintains comfort levels and minimizes the need for artificial lighting and heating/cooling during daytime. Some key players are focusing on developing more energy efficient electrochromic glass products to cater to growing demand from green buildings. The technology allows architectural designs with invisible windows that transition from clear to dark states reversibly with the application of low voltage.
SWOT Analysis
Strength: Electrochromic glass offers efficient switchable properties that help save energy. Its ability to change tint and light transmission on applying voltage makes it an effective smart window material.
Weakness: High initial costs associated with electrochromic glass hinder its mass adoption. The technology also lacks standardization.
Opportunity: Growing focus on energy conservation and the demand for smart homes and green buildings present opportunities for electrochromic glass manufacturers. Rapid urbanization further drives its need.
Threats: Stagnant construction spending in some countries poses challenges. Strict environmental regulations also increase compliance costs.
Key Takeaways
The Global Electrochromic Glass Market Size is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing demand for energy-efficient smart windows in residential and commercial construction.
Regional analysis: North America dominates the electrochromic glass market currently due to high construction spending and tech adoption. Asia Pacific exhibits high potential owing to urbanization and infrastructure growth in countries like China and India.
Key players operating in the electrochromic glass market include Asahi Glass Co. Ltd., Chromogenics AB, Guardian Industries Corporation, Gentex Corporation, Magna Mirrors Holding GmbH, PPG Industries, Ravenbrick LLC, Sage Electrochromics, Inc., View, Inc., Diamond Glass, Compagnie de Saint-Gobain S.A., Research Frontiers Inc., Kinestral Technologies Inc., Hitachi Chemical Co. Ltd, and Pleotint LLC.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
