ID: MRFR/SEM/8117-CR | April 2020 | Region: Global | 120 pages
Global Smart Window Market is expected to register a CAGR of 17.8%, witnessing substantial growth during the forecast period. The market was valued at USD 2,870.6 Million in 2017; it is expected to reach USD 9083.7 Million by 2025.
Smart window technology can increase the functionality of glass by reducing the noise and temperature of the surroundings. Among all the sectors and industries served by the smart window manufacturers, the suspended particle devices (SPD) technology segment has registered the highest rate of adoption. The major objective is to provide a cost-effective and eco-friendly window-installation solution to the end-users. Smart windows find a wide range of applications in the healthcare, defense, and entertainment industries, among others. The demand for electrochromic technology smart windows is rapidly increasing in many applications.
North America accounted for the largest market value of USD 844.1 Million in 2017; the market is expected to register a CAGR of 19.6% during the forecast period.
Global Smart Window Market, By Technology (2018 Vs 2025)
Source: MRFR Analysis
Based on Technology, the smart window market has been segmented into electrochromic technology, PDLC, SPD, and photochromic. Among these, the SPD technology segment dominated the market in 2018, capturing nearly a 33% market share, whereas the electrochromic technology segment is expected to register the highest CAGR during the forecast period. The electrochromic technology segment was the fastest-growing market and is projected to register the highest CAGR of 19.7% during the forecast period. Electrochromic technology reflects light, reducing the need for air conditioning (AC), which indirectly lowers the heavy cost of installing AC systems as well as the day-to-day costs associated with their maintenance. PDLC technology is mostly used for interior and exterior windows. It switches the transparency property of glass from clear to opaque in less than a second. PDLC technology is available in a self-adhesive switchable film that can be applied to existing windows and laminated smart windows and provides high privacy owing to its opaque-state suspended particle devices. SPD glass panels enable users to instantly control the dimming properties of their windows. This technology provides instant and precise light control. It has an exceptional optical feature that reduces glare and eye strain. Photochromic technology is used in transitional lenses. Photochromic technology lenses are cost-effective and also convenient for use.
The major factors boosting the growth of the market include the growing demand for smart windows in transportation applications and the use of smart windows in the healthcare sector. However, the overall limited awareness regarding the benefits of smart window technologies along with the complexities associated with it are a few challenges resulting in the slow growth of the market. The high price of the products is significantly hampering its adoption; therefore, with ongoing research & development, substitutes for smart windows are eventually expected to emerge in the market in the future.
Global Smart Window Market, by region, has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Central & South America. In 2019, North America accounted for the largest market value of USD 1,059.1 Million, whereas Asia-Pacific registered the highest CAGR of 21.8%.
The Key Players of the Global Smart Window Market are Saint-Gobain Group (France), RavenWindow (US), PPG Industries, Inc. (US), LTI Smart Glass, Inc. (US), Kinestral Technologies, Inc. (US), Gentex Corporation (US), Merck KGaA (Germany), Pleotint, LLC ( US), E-Chromic Technologies, Inc. (US), ChromoGenics AB (Sweden), AGC, Inc. ( Japan), Hitachi Chemical Co., Ltd (Japan), Nippon Sheet Glass Co., Ltd (Japan), and Innovative Glass Corporation (US), among others.
Key Questions Addressed by the Report
Frequently Asked Questions (FAQ) :
the global Smart window is expected to record a significant market valuation of USD 9.08 billion by 2025.
The expected global Smart window would register a moderate 17.8% CAGR in the forecast period.
As the fastest-growing segment, the automotive segment is expected to expand.
The APAC region is poised to develop as the fastest-growing regional market.
Some of the major market players identified in the global Smart window market are Saint-Gobain Group (France), RavenWindow (US), PPG Industries, Inc. (US), LTI Smart Glass, Inc. (US), and others.
The demand for electrochromic technology smart windows is rapidly growing in numerous applications.
The major strategies adopted by key players to increase the profitabilty of the market is growing R&D investment towards product enhancement.