Electrochromic Glass Market

Electrochromic Glass Market is Expected to be Flourished by Growing Demand for Smart Windows

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Electrochromic glass, also known as smart glass or switchable glass, is a technology that allows glass to change its light transmission properties when small electric voltages are applied. It is used in applications such as windows, partitions, doors, and skylights. When activated, the glass can darken to block excess light or glare from the sun and provide greater privacy and security. The global electrochromic glass market is estimated to be valued at US$ 2300.68 million 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 demand for smart windows: Rapid urbanization and increasing construction of smart commercial buildings are major factors driving the demand for smart windows globally. Smart windows with electrochromic glass offer energy efficiency by controlling heat and glare automatically. They help reduce electricity consumption by HVAC systems and lower carbon footprint of buildings.

Rising environmental consciousness: Concerns about global warming and climate change have raised global environmental consciousness. Buildings account for nearly 40% of global annual CO2 emissions. Electrochromic glass helps optimize daylighting and reduce the need for artificial lighting and cooling/heating. This drives their adoption to lower the overall carbon footprint of buildings and meet sustainability targets.

Segment Analysis
The global electrochromic glass market size is segmented on the basis of technology into polymer-based electrochromic glass and particle-based electrochromic glass. Among these, the polymer-based electrochromic glass segment dominates the market and accounts for around 71% share due to its better contrast ratio and easy fabrication. Polymer-based electrochromic glass switches rapidly between clear and darkened states and requires less voltage than particle-based glass.

PEST Analysis
Political: Governments across regions are introducing strict laws and regulations to promote energy efficient buildings and encouraging the use of energy efficient glass including electrochromic glass. For instance, new guidelines in Europe mandate the use of smart windows for all commercial buildings.
Economic: High availability of affordable window films and rising construction of green buildings are boosting the demand for electrochromic glass. However, high initial costs affecting its adoption in residential sector.
Social: Increasing awareness about energy conservation and benefits of smart windows is driving the consumers towards electrochromic glass. Growing construction of LEED certified buildings also favoring the market growth.
Technological: Advancements in material science are helping manufacturers to develop electrochromic glass with faster switching speed, better durability and lower electricity consumption. Integration of smart technologies is further enhancing the functionalities.

Key Takeaways
The global electrochromic glass market size was valued at US$ 2300.68 Mn in 2023 and is expected to reach over US$ 3500 Mn by 2030, expanding at a CAGR of around 5.3% during the forecast period.

Regional analysis: North America dominates with over 35% share owing to strict energy efficiency mandates and presence of major players in the region including SAGE Electrochromics, View Inc. and Gentex Corporation. Europe is the second largest regional market supported by favorable regulations for green buildings in countries like Germany, France and UK.

Key players operating in the electrochromic glass market are Sage Electrochromics, Research Frontiers, View Inc., AGC, Gentex, Hitachi Chemicals, Pleotint and Saint Gobain. Sage Electrochromics and View Inc. dominate the polymer-based electrochromic glass segment, while Saint Gobain and Hitachi Chemicals have strong presence in particle-based electrochromic glass space. Companies are investing in R&D to develop value added products and advanced technologies to gain competitive edge. Collaboration with construction players and architects is another focus area for key players.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it