Electrochromic Glass Market Overview
The global electrochromic glass market was valued at $1.4 billion in 2021 and is projected to reach $2.6 billion by 2027, growing at a CAGR of 9% from 2022 to 2027. Electrochromic glass is a sort of smart or switchable glass that uses an electrochromic mechanism to work. By allowing the user to manage the quantity of light and heat going through the glass, these glasses have unique temperature-regulating properties. When a charge is applied to an electrochromic material, it changes color and opacity. Remote controls, wall switches, light sensors, and timers, among other things, can be used to activate the transition of electrochromic glass from transparent to opaque. During the forecast years, the global Electrochromic Glass Market is expected to increase significantly due to the advantages of electrochromic glass over ordinary glass.
The demand from end-user industries is a primary driver of the worldwide electrochromic glass market's expansion. One of the key elements driving expansion is the potential of electrochromic glass windows, displays, and sunroofs to conserve energy. Furthermore, rising demand from residential and commercial structures, owing to its benefits of providing opacity at the touch of a button, is propelling the market forward. Also, several variables influence the need for automobile glass. With an increase in the total vehicle population and miles driven, the number of glasses that need to be replaced rises. Weather and traffic conditions might further increase the need for auto glass repair and replacement.
Source: MRFR analysis
The electrochromic glass market is segmented across five regions: Europe, Latin America, North America, Asia Pacific, and the Middle East & Africa. Among these, North America followed by Europe holds a major share of the market and is expected to be a dominant region with an encouraging CAGR during the forecast period. The Asia Pacific is anticipated to be the fastest growing market during the forecast years. The rapid growth of the automobile industry along with the growing investment in infrastructural development is fuelling the growth of electrochromic glass in the developing countries of Asia Pacific. China, India, and Japan are the largest consumers of electrochromic glass in this region. North America is a major market of electrochromic glass. The developed end-user industries such as construction, automotive, and aerospace among others are significantly driving the market growth. Moreover, the growing investment in the renovation of infrastructure coupled with the high adoption rate is other factor growing the demand for electrochromic glass.
The European market is mainly driven by the developed automobile and marine industry. Moreover, the growing government encouragement in the development of green buildings has augmented the use of electrochromic glass, especially in countries such as Germany, France, and Belgium.
The global electrochromic glass market is segmented into the material, application, and end-user industry. On the basis of the material, the market is segmented into transition metal oxide (TMO), nanocrystal, viologen, polymer, reflective hydride. On the basis of the application, the global electrochromic glass market is segregated into windows, mirrors, displays, doors and others. On the basis of the end-user industry, the market is bifurcated into building & construction, automotive, aerospace, marine, and others.
Some of the prominent players operating in the global electrochromic glass market are SAGE Glass, Inc.(U.S.), ChromoGenics AB (Sweden), RavenBrick LLC (U.S.), Asahi Glass Company (Japan), Gentex Corporation (U.S.), PPG Industries (U.S.), Magna Glass & Window, Inc. (U.S.) , Guardian Industries Corporation (U.S.), PPG Industries (U.S.), and View, Inc. (U.S.) among others
The report covers brief analysis of the major geographic regions namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
|Market Size||2030: Significant value|
|CAGR||(2020-2030): 3.80% CAGR|
|Forecast Period||2020 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Material, Application, End-Use Industry and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||SAGE Glass, Inc.(U.S.), ChromoGenics AB (Sweden), RavenBrick LLC (U.S.), Asahi Glass Company (Japan), Gentex Corporation (U.S.), PPG Industries (U.S.), Magna Glass & Window, Inc. (U.S.) , Guardian Industries Corporation (U.S.), PPG Industries (U.S.), and View, Inc. (U.S.) among others|
|Key Market Opportunities||The advantages of electrochromic glass over the conventional glass during the forecast years.|
|Key Market Drivers||The demand from the end use industries is a major factor driving the growth|
North America has the lead in the global electrochromic glass market.
The growth of the global electrochromic glass market can be inspired by companies like ChromoGenics AB (Sweden), SAGE Glass, Inc.(U.S.), Asahi Glass Company (Japan), Gentex Corporation (U.S.), RavenBrick LLC (U.S.), Magna Glass & Window, Inc. (U.S.), PPG Industries (U.S.), PPG Industries (U.S.), Guardian Industries Corporation (U.S.), and View, Inc. (U.S.).
Several tactical moves like mergers, better R&D, acquisitions, advertising, production plan, product launch, collaborations, and others would be launched by leading market players of the electrochromic glass market.
The building and construction sector is expected to hold the maximum share of the electrochromic glass market.
The ability to regulate temperature and light is a major property of the electrochromic glass, which is gaining substantial demand from several end user industries and can inspire growth for the market.