The increasing focus on energy-efficient buildings and vehicles has driven the adoption of electrochromic glass. It helps reduce the need for artificial lighting and air conditioning by controlling the amount of sunlight entering a space.
PORTLAND, Ore., Nov. 20, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Electrochromic Glass Market by Application (Windows, Mirror, Display) and End-use Industry (Construction, Automotive, Aerospace, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global electrochromic glass market was valued at $1.7 billion in 2022, and is projected to reach $4.1 billion by 2032, growing at a CAGR of 9.2% from 2023 to 2032.
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Prime determinants of growth
The global electrochromic glass market is experiencing growth due to several factors such as growth of smart buildings and the Internet of Things (IoT) where the innovative electrochromic glass technology allows for the dynamic control of light and heat entering a building, which enhance energy efficiency and occupant comfort. However, high cost of electrochromic glass hinders the market growth to some extent. Moreover, the demand for green building certifications offers remunerative opportunities for the expansion of the electrochromic glass market.
Report Coverage & Details:
Market Size in 2021
Market Size in 2031
No. of Pages in Report
Application, End-Use Industry, and Region.
The growth of smart buildings and the Internet of Things (IoT)
Increase in usage of electrochromic glass in automotive sunroofs and windows
The demand for green building certifications
High cost of electrochromic glass
The mirror segment is expected to grow faster throughout the forecast period
By application, the windows segment held the highest market share in 2022, accounting for more than half of the global electrochromic glass market revenue and is estimated to maintain its leadership status throughout the forecast period. This is due to Electrochromic windows are increasingly being adopted in residential construction. However, the mirror segment is projected to manifest the highest CAGR of 9.6% from 2023 to 2032, as electrochromic mirrors have a wide range of applications, from traditional bathroom mirrors to two-way observation mirrors, vehicle rearview mirrors, and even mirrors used in retail spaces.
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The construction segment is expected to lead the trail by 2032
By end-use industry, the construction segment held the highest market share in 2022, accounting for around one third of the global electrochromic glass market revenue and is estimated to dominate during the forecast period. This can be attributed to the fact that electrochromic glass is integrated into smart building systems to optimize daylight harvesting. It adjusts its transparency based on external light conditions, ensuring a balance between natural light and heat gain. However, the aerospace segment is projected to manifest the highest CAGR of 9.7% from 2023 to 2032, as electrochromic glass is used for sunroofs and skylights in aerospace applications. Sunroofs be found in various aircraft, including private jets and helicopters.
Europe to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share and fastest growing region in terms of revenue in 2022 representing for 9.6% of the CAGR and is expected to dominate the market in terms of revenue throughout the forecast timeframe. Several countries in Asia-Pacific, such as Japan and South Korea, have embraced electrochromic glass for its energy-saving benefits. It control the amount of sunlight and heat entering a building, reducing the need for artificial cooling and heating. However, Europe dominated the market accounting for one third of the market share in 2022. In European countries with a rich architectural heritage, such as Italy and France, electrochromic glass is used to protect historical buildings and artworks.
Leading Market Players: –
- AGC INC.
- PLEOTINT LLC
- POLYTRONIX, INC.
- GUARDIAN INDUSTRIES
- VIEW, INC.
- GENTEX CORPORATION
The report provides a detailed analysis of these key players in the global electrochromic glass market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Originally published at https://www.prnewswire.com/news-releases/electrochromic-glass-market-to-reach-4-1-billion-globally-by-2032-at-9-2-cagr-allied-market-research-301993347.html
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