Introduction
The Global Electrochromic Glass Market was valued at USD 2.08 billion in 2022 and is projected to reach USD 4.67 billion by 2031, with a CAGR of 9.4 % during the forecast period 2023–2031.
Electrochromic glass is a chromogenic material whose light transmission characteristics can be modified in response to an external electrical stimulus. Dynamic glass offers numerous benefits, such as on-demand privacy, enhanced control, and high energy efficiency, making it an increasingly popular option for doors, windows, and partitions in a variety of commercial and residential buildings. This glass is highly energy efficient and prevents excessive heat from entering the room. Therefore, it helps keep the room cooler in the summer and reduces air conditioning costs. This is accomplished by the glass's ability to reflect light, thereby keeping the room cooler.
Market Dynamics
The rise in Construction Applications of Electrochromic Glass drives the Market's growth.
Corporate companies, hospitality businesses, and institutions in North America and Europe, such as hotels, are being upgraded to electrochromic glass windows and facades to enhance the beauty and panache of the buildings. Further, electrochromic glasses yield better energy savings and aesthetic appeal than tinted windows and can save up to 20% of energy costs and improve productivity. Due to these advantages and an increasing number of architectural designers, building developers are incorporating electrochromic glasses during the construction of new buildings, which is anticipated to propel market growth.
Increase in Demand from End-use Industries Provides Lucrative Growth Opportunities for the Market.
A rise in demand for electrochromic glass from end-use industries such as the automotive and consumer electronics sectors is likely to present market participants with new growth opportunities. The development of multifunctional electrochromic glass capable of generating solar energy will add a new dimension to the electrochromic glass product line. Combining photocatalytic remediation of indoor air with electrochromic glazing is possible, and the temperature increase caused by optical absorption in a darkened device can contribute significantly to air purification efficiency. Such advancements will transform the global market for electrochromic glass.
Regional Analysis
On the basis of geography, Global Electrochromic Glass Market has been segmented into North America, Europe, Asia Pacific, and LAMEA.
Electrochromic glass is an emerging technology, and North America's combined economic capabilities are ideal for its expansion. The market for electrochromic glass in North America is subdivided into the United States, Canada, and Mexico. Electrochromic glass is primarily utilized by the construction and automotive industries to improve energy efficiency and design options. Applications include building facades, roofing panels, windows, partition walls, sunroofs, visors, and side windows in automobiles.
Due to the presence of important end-use industries, such as major automotive and construction companies, Europe is a lucrative region for the expansion of this market. This region is subdivided into the United Kingdom, Germany, France, Spain, Italy, and the remainder of Europe.
The markets for electrochromic glass in China, Japan, Korea, ASEAN, and the rest of Asia-Pacific are analyzed. Electrochromic glass is a specialty glass used to control incident light on building facades. This is helpful for controlling the interior temperatures of buildings in hot-climate equatorial regions such as Asia-Pacific.
The presence of developing economies such as Brazil, Argentina, South Africa, and the rest of Asia-Pacific is primarily responsible for the consistent growth of the LAMEA electrochromic glass market.
Competitive Players
- AGC Inc., ChromoGenics AB
- Compagnie de Saint-Gobain S.A.
- Hitachi Chemical Co., Ltd.
- Kinestral Technologies, Inc.
- Pleotint LLC, Polytronix Inc.
- Research Frontiers, Inc.
- Smartglass International Ltd.
- View Inc.
Recent Developments
- In December 2019, Research Frontiers and South Korea-based Glatic Co., Ltd. jointly announced that Glatic had acquired a license from Research Frontiers Inc. to produce and sell SPD-SmartGlass smart windows for the South Korean architectural market. This partnership allowed Research Frontiers to expand its geographical presence in key areas of the world.
- In June 2018, Kinestral Technologies partnered with Canada-based Vitrum Glass Group to produce Halio Smart-Tinting insulating glass units for multiple commercial projects in North America. Vitrum has been supplying North American customers with top-quality architectural glass products for over 20 years. The partnership helped Kinestral penetrate the commercial North American market and increase its revenue.
- In December 2017, AGC, Kinestral Technologies Inc., and G-Tech Optoelectronics Corp. announced a joint venture that will sell, distribute, and service Halio smart glasses to the global market. The new ventures are Halio North America, Halio International, and Halio China. The joint venture helped AGC increase its market revenue.
- In December 2017, Pleotint announced a distribution partnership with Texas-based Portella Steel Doors and Windows. The partnership enables the company to offer Suntuitive glass with its steel doors and windows. Further, the partnership helped Pleotint to take advantage of the company’s dealer network and increase its market presence.
Segmentation
- By Application
- Windows
- Mirror
- Others
- By End-Use Industry
- Construction
- Automotive
- Aerospace
- Others
Reports
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