by Electrochromic glass, also known as smart glass or switchable glass, is a type of glass whose light transmission properties are alterable. Electrochromic glass switches between opaque and clear modes on the application of low voltage. It serves as an electronically controlled dimming window for architectural and automotive applications. As an energy efficient material, electrochromic glass allows occupants to optimize daylight and control heat gain. It can also provide privacy on demand. In the architectural sector, electrochromic glass is finding increasing usage in skylights, partitions, doors, and curtain walls. The technology is helping architects and engineers design greener, sustainable buildings.
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:
Growing construction of smart buildings represents a key driver for electrochromic glass adoption. Smart glass technologies enable architects to design energy efficient building envelopes with seamless control over daylight and solar heat gain. As concerns over rising energy costs and carbon footprint intensify, there is a demand shift towards green building materials like electrochromic glass. Their self-regulating properties help reduce electricity consumption for HVAC and artificial lighting. Stringent energy efficiency standards for commercial and residential spaces are further propelling the architectural glass market. The market potential of electrochromic solutions will increase manifold with initiatives promoting net zero constructions.
Segment Analysis
The electrochromic glass market is dominated by the architectural segment which accounts for over 70% share owing to increasing adoption of smart glass solutions for commercial buildings. The architectural segment is followed by transportation which includes automotive and aircraft glazing. Within automotive, the rear-view mirror sub-segment currently leads based on high penetration of auto-dimming inside rear-view mirrors.
PEST Analysis
Political: Governments across regions are supporting green building initiatives through policies and incentives which is positively impacting the market. There are also no significant trade barriers.
Economic: Growth of the construction industry particularly in developing nations and renovation of old buildings drives demand. The affordable costs compared to traditional alternatives further support growth.
Social: Rising consumer preference for energy efficient smart homes and green buildings along with increasing disposable incomes aids market expansion. Developed regions exhibit high acceptance of innovative technologies.
Technological: Continuous R&D is allowing improved switching technologies, durability and tinting capabilities. Integration of IoT further enhances functionality for control through smart devices and assimilation in various applications.
Key Takeaways
Global Electrochromic Glass Market Size is expected to witness high growth over the forecast period. Regionally, Asia Pacific dominates led by China due to rapid infrastructure growth and real estate development activities. North America is another major regional market driven by retrofitting activities whereas Europe exhibits high demand for green buildings.
Key players operating in the electrochromic glass market are Asahi Glass, SAGE Electrochromics, Research Frontiers, View, Inc., Swift Glass, Gentex Corporation, Diam: The Digital Glass Solution., ChromoGenics AB. PPG Industries, RavenBrick LLC and Gauzy Ltd.
The global electrochromic glass market has been growing at a CAGR of around 5.3% over the past few years. As per estimates, the market valuation for electrochromic glass was upwards of US$ 2300.68 Mn in 2023. Factors such as rising building and construction spending, strict green building codes, and shifting consumer preference for energy efficient solutions are aiding the market expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
