Global Smart Windows Market Grows at a Staggering CAGR of 11.2%

Introduction

The terms "smart window" or "switchable window" refer to glass products whose light transmission properties change in response to the application of electricity, light, or heat. Typically, the glass transitions from translucent to transparent, preventing some (or all) wavelengths of light while allowing others to pass through. Buildings with smart glass in their exterior walls become climate-adaptive shells that reduce heating, ventilation, and lighting costs and install and maintain motorized light screens, blinds, or curtains. Installing smart windows enables energy-efficient heating, environmentally or weather-responsive building envelopes, lateral illumination, and air conditioning. Smart windows are utilized most frequently in the automotive industry, commercial buildings, and residential structures. Smart window manufacturers are most interested in commercial structures, the automotive industry, and residential structures.

Market Dynamics

Surge in Demand for Products Developed Using Smart Glass in The Construction Sector Drives the Global Market

Smart glass is utilized in the building and transportation industries to control glare, light, and temperature based on environmental conditions or user input. Smart glass is widely adopted in construction because it is energy effective. The establishment of new industrial-scale production capacity, increased investment levels, and partnership announcements between smart glass technology businesses and upstream and downstream suppliers and market participants have all contributed to the growth of the smart glass market over the past year, according to available records.

Lowering Prices of Advance Materials creates tremendous opportunities

Smart or switchable windows employ the scientific principle of electrochromism, which states that materials change color when an electrical voltage is applied to modify their color from transparent to opaque. When an electric current passes through them, smart windows typically begin as a bluish hue and progressively transform into a transparent state within a few minutes, pivotal in their widespread adoption. The market for smart windows is predicted to expand strongly over the coming years as a result of the falling cost of electrochromic materials. In addition, the expansion of the glass market can be attributed to its diverse applications in the automotive and residential sectors, such as protecting objects under museum display cases and picture frames from the damaging effects of visible wavelengths of artificial light and ultraviolet rays, as well as rearview mirrors for automobiles.

Regional Analysis

North America is the most significant global smart windows market shareholder and is expected to grow at a CAGR of 9.51% over the forecast period. The regional manufacturer of smart windows frequently offers extremely low prices to all adopters but with little success. The current flow is predicted to climb three to four times annually for several years before capacity is surpassed and the need for further investment materializes. This region has also prioritized cost considerations. In order to "stay in the game," View Inc. has dragged responsible participants into its low-cost strategies. In addition, the increasing demand for smart glass in North American nations drives the industry. Several offices, hotels, and private residences have installed smart glass in recent years. The automotive and construction industries held the greatest market share in North America because of the rising demand for smart windows in architecture due to the region's advancing real estate market.

Europe is estimated to exhibit a CAGR of 13.3% over the forecast period. Europe's market is anticipated to have a very bright future. In Europe, Germany remained the market champion for smart windows, and growth is anticipated in the coming years. In competition with North America, Europe is anticipated to become the highest-revenue-generating region, with smart glass quickly becoming one of the continent's most recognizable building materials. Architects, designers, and engineers utilize smart glass as a versatile material for various applications, contributing to its popularity. Europe's growing demand for smart glass is due to its adaptability, making it useful in the commercial, hospitality, healthcare, industrial, exhibition, and residential sectors. Smart glass's applicability in various industries is evidence of the product's many practical benefits.

Key Highlights

• The global smart windows market was valued at USD 5,972.12 million in 2022. It is estimated to reach USD 15,526.11 million by 2031, growing at a CAGR of 11.2% during the forecast period (2023–2031).
• Based on technology, the global smart windows market is bifurcated into suspended particle devices light modulators, polymer dispersed liquid crystal devices, scanners, and electrochromic. The suspended particle devices light modulator segment is the most significant contributor to the market share and is predicted to exhibit a CAGR of 8.1% over the forecast period.
• Based on type, the global smart windows market is divided into OLED glass, self-dimming windows, and self-repairing. The OLED glass segment dominates the global market and is estimated to exhibit a CAGR of 10.4% over the forecast period.
• Based on application, the global smart windows market is segmented into residential, commercial, industrial, and transport. The transport segment owns the highest market share and is expected to exhibit a CAGR of 8.8% during the forecast period.
• North America is the most significant global smart windows market shareholder and is expected to grow at a CAGR of 9.51% over the forecast period.

Competitive Players

1. Pleotint LLC
2. SAGE Electrochromics Inc.
3. Research Frontiers Inc
4. Polytronix Inc
5. Gentex Corporation
6. Stellaris Corporation
7. ChromoGenics
8. Innovative Glass Corporation
9. Smart Windows Colorado
10. View Inc.

Recent Developments

• March 2023- View's Smart Windows was chosen for Phase II of the Concourse A extension at Charlotte Douglas International Airport (CLT) in North Carolina.
• January 2023- HALIO introduced a technologically advanced electrochromic glass technology that aims to lead in sustainable, net-zero construction using smart glass.

Segmentation

1. By Technology
   1. Suspended Particle Devices Light Modulator
   2. Polymer Dispersed Liquid Crystal Devices Scanner
   3. Electro Chromic
2. By Type
   1. OLED Glass
   2. Self-Dimming Window
   3. Self-Repairing
3. By Applications
   1. Residential
   2. Commercial
   3. Industrial
   4. Transport