Electrochromic Glass Market Estimated To Witness High Growth Owing To Growing Construction Industry
Electrochromic glass is an electronically tintable glass which changes its light transmission properties when a voltage is applied. It is being increasingly used in applications such as architectural and automotive windows to provide glare protection, privacy control and daylight management. The growing construction industry worldwide is driving the demand for electrochromic glass windows in residential and commercial buildings.
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 Dynamics:
Growing construction industry: The expanding construction industry globally due to rapid urbanization is the key driver for the electrochromic glass market. Electrochromic glass helps in energy efficiency by controlling heat and glare in buildings.
Privacy and security benefits: Electrochromic glass provides privacy and security benefits as it can instantly switch between clear and darkened states on applying voltage. This makes it popular for residential as well as commercial building applications like hotel rooms, office cubicles etc. The ability to control light and heat flow is further propelling its adoption.
SWOT Analysis
Strength:
- Electrochromic glass provides energy savings by blocking heat and sunlight. It can reduce energy costs by 30% compared to conventional glass.
- It has self-cleaning and anti-reflective properties which reduce maintenance costs.
- Electrochromic glass switches between transparent and opaque states automatically based on external conditions like light and temperature.
Weakness:
- The manufacturing process of electrochromic glass is complex which increases production costs.
- The switchable properties reduce light transmission which impacts visibility compared to regular glass.
Opportunity:
- Growing demand for energy efficient and sustainable building designs presents an opportunity for electrochromic glass in commercial buildings and houses.
- Increasing adoption of smart homes and offices will drive demand for switchable glass that can alter natural light and heat levels automatically.
Threats:
- Availability of cheaper substitutes like low-e glass poses competition in the commercial building segment.
- Fluctuations in raw material prices like silver and lithium can increase production 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 solutions in construction and automotive industries.
Regional analysis:
North America dominates the electrochromic glass market currently due to strict energy conservation policies and growing construction activities in the US and Canada. Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising infrastructure development and automotive production in China, India, and South Korea.
Key players:
Key players operating in the electrochromic glass market are Asahi Glass Co. Ltd., Chromogenics AB, Gentex Corporation, Magna Mirrors Holding GmbH, PPG Industries, Ravenbrick LLC, Sage Electrochromics, Inc., View, Inc., Compagnie de Saint-Gobain S.A., Research Frontiers Inc., Kinestral Technologies Inc., Hitachi Chemical Co. Ltd, and Pleotint LLC. The electrochromic glass market is consolidated with top players accounting for major market share.
For More Insights, Read- https://www.zupyak.com/p/3943881/t/window-films-is-fastest-growing-segment-fueling-the-growth-of-electrochromic-glass-market
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