Press release
Global Electrochromic Glass Market Is Expected To Be Driven By The Recovering Construction Sector In The Forecast Period Of 2023-2028
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
Historical Market Size (2020): USD 1.47 Billion
Forecast CAGR (2020-2026): 8.4%
Forecast Market Size (2026): USD 2.39 Billion
The growth of global electrochromic glass is driven by its rising application in end-use segments of construction, automobile, and aerospace industries. The usage of electrochromic glass in sunroofs and windows of cars is primarily driven by the demand for alternatives of expensive automated sunroof and curtains.
The product, thus, provides more energy-intensive and eco-friendly solutions by allowing a single electrical discharge to modify the properties of windows and displays, thus removing the need for multiple windows or automated power-heavy displays. The growth of the electrochromic glass industry is expected to be driven by these factors in the forecast period.
Industry Definition and Major Segments
Electrochromic glass or smart glass refers to electronic active glass which changes its physical characteristics such as colour, transparency, and reflective nature. It has layer of nanoparticles sandwiched between two layers of glass which lead to change in characteristics due to oxidation or reduction caused by electric current.
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The major applications of electrochromic glass are:
Windows
Mirror
Display
The market can be broadly categorised on the basis of its end-use segments into:
Construction
Automotive
Aerospace
Others
The regional markets for electrochromic glass include:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Market Trends
North America and Europe hold a large share of the global electrochromic glass market due to early acceptance of the commodity in the automotive and construction sectors in the countries. Meanwhile, due to the rising disposable incomes and key investments by the major players in the region, the Asia Pacific is expected to be one of the fastest growing regions during the forecast period.
However, electrochromic glass is expected to see an increase in demand due to its increasingly popular use in windows, displays, and sunroofs, especially in developed regions, as the construction sector recovers after the global coronavirus pandemic. Electrochromic glass, along with other smart glass options is seeing an increased adoption in commercial spaces, becoming an energy-friendly alternative to automatic windowpanes/shutters.
Key Market Players
The major players in the market are AGC Inc, ChromoGenics, Kinestral Technologies Inc, Polytronix Inc, and Smartglass International Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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