Electrochromic Glass Market is Estimated to Witness High Growth Owing to Increasing Demand from Construction Industry
Electrochromic glass is a technology that allows glass to change its light transmission properties when voltage, light, or heat is applied. This adaptive glass allows control over the amount of light, glare, and heat that passes through. It can switch from transparent to dark or vice versa. It provides both energy savings and occupant comfort benefits in buildings. It is increasingly being used in architectural and automotive applications as window glass or glass facade that can darken or lighten depending on external conditions.
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 Dynamics:
One of the key drivers for the electrochromic glass market growth is increasing demand from the construction industry. Electrochromic glass provides energy savings to buildings by controlling heat and glare. It reduces the need for roller blinds and curtains in buildings. According to the US Department of Energy, implementation of dynamic glass technologies can reduce heating and cooling loads in commercial buildings by up to 20%. In addition, it enhances occupant comfort as the tint of glass can be changed according to external light and heat conditions. Rising construction of smart and energy-efficient buildings worldwide is fueling the demand for adaptive electrochromic glass, thereby propelling the market growth over the forecast period.
SWOT Analysis
Strength: Electrochromic glass has three main strengths - it is energy efficient as it can regulate interior light and heat levels automatically, reducing the need for artificial lighting and HVAC systems. It is sustainable as it can help reduce building's carbon footprint. It provides high level of comfort as users have full control over the amount of light and heat entering the indoor space.
Weakness: Electrochromic glass is currently more expensive than conventional glasses due to advanced technology and manufacturing processes involved. The technology is comparatively new in the construction industry and lacks widespread brand awareness among potential customers.
Opportunity: Popularity of green buildings and rising consumer preference for energy efficient products and solutions present significant opportunities for electrochromic glass manufacturers. Growing construction industries in Asia Pacific and Middle East regions with their hot climates offer new regions for market expansion. Integration of smart glass with smart home technologies will further augment demand.
Threats: Availability of cheaper substitutes like low-e coated glasses, shutters and blinds pose threats. Economic slowdowns and downturns adversely impact overall construction activities and hence demand for electrochromic glass.
Key Takeaways
Global Electrochromic Glass Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Regionally, the Asia Pacific electrochromic glass market is projected to grow the fastest due to rapid infrastructural development and urbanisation across countries like China, India and Indonesia. China currently dominates Asia Pacific electrochromic glass market with largest production and consumption.
Key players operating in the electrochromic glass market are SAGE Electrochromics, Research Frontiers, View Inc., Asahi Glass Co. Ltd., Gentex Corporation, Hitachi Chemicals, Glass Apps, Pleotint and Saint-Gobain. SAGE Electrochromics dominates the commercial architectural market while Gentex leads the automotive segment. Saint Gobain has a strong presence across Europe while Asahi Glass's dominance extends across Japan. View Inc. has significantly strengthened its product portfolio through acquisitions and partnerships.
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