by Electrochromic glass is a kind of electrically tintable glass whose optical properties can be reversibly changed upon application of an electric potential. It can function like an electronic filter, blocking or transmitting light with the press of a button. This smart glass technology finds applications in windows, mirrors, sunroofs, and other architectural and automobile glazing products to automatically adjust light and heat transmission. Smart windows made using electrochromic glass allow occupants to control sunlight and save energy by regulating indoor air temperature.
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:
Two primary drivers contributing to the growth of the electrochromic glass market are increasing demand for energy-efficient smart window systems and rising adoption of green building technologies. Stringent energy efficiency regulations across countries are propelling commercial and residential builders to opt for electrochromic glazing that can self-tint in response to sunlight. Their self-regulating properties help reduce energy costs associated with artificial lighting and heating/cooling. Meanwhile, green construction initiatives are gaining traction as electrochromic windows aid in obtaining LEED certifications. Their dynamic light transmission capabilities play a vital role in sustainably designed eco-friendly buildings.
Segment Analysis
Electrochromic glass market is segmented by technology type into electrochromic and protonic acid. Among these, the electrochromic segment accounts for the largest market share as it provides efficient dimming and switching properties with minimal current requirements. Moreover, these glasses only require a low driving voltage of 1.2-1.5 V making them suitable for large-scale applications.
PEST Analysis
Political: Governments across regions are supporting the use of smart and energy efficient glasses through various subsidies and incentives. For instance, the U.S. government provides a 30% tax credit for commercial buildings that use dynamic glasses.
Economic: The rising disposable income and growing construction industry globally is promoting the demand for advanced architectural design features like electrochromic glasses. Furthermore, optimization of energy consumption through these glasses is encouraging commercial adoption.
Social: Increasing consumer preference for sustainable and eco-friendly products is driving the need for electrochromic solutions. These glasses aid in minimizing HVAC energy costs and provide natural lighting experience indoors.
Technological: Advancements in material science have led to the development of all-solid-state and nanoparticle based electrochromic glasses with enhanced durability, switching speed, and color range. Moreover, integration of IoT connectivity is allowing remote operation and monitoring of these glasses.
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 from construction and automotive industries.
Regional analysis:
North America dominated the market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to rising construction of green buildings requiring electrochromic glazing in the U.S. and Canada. Asia Pacific is projected to be the fastest growing regional market owing to surging infrastructure development and automotive production in major economies like China and India.
Key players operating in the electrochromic glass market are Asahi Glass Co. Ltd., Chromogenics AB, Guardian Industries Corporation, Gentex Corporation, Magna Mirrors Holding GmbH, PPG Industries, Ravenbrick LLC, Sage Electrochromics, Inc., View, Inc., Diamond Glass, Compagnie de Saint-Gobain S.A., Research Frontiers Inc., Kinestral Technologies Inc., Hitachi Chemical Co. Ltd, and Pleotint LLC. These players are involved in new product launches and strategic collaborations to strengthen their market position. For instance, in 2022, View partnered with Pleotint to commercialize the latter’s nanoparticle-based photovoltaic electrochromic glass.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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.
