The electrochromic glass market is projected to grow at a CAGR of 12.97% to reach US$3,349.290 million by 2026, from US$1,426.500 million in 2019
Electrochromic glass is a form of smart glass that changes transparency when a voltage is applied to it. Depending on how much voltage is given to the glass, it becomes opaque or translucent. This electrochromic glass is utilized in non-residential buildings all over the world, including workplaces, hospitals, and hotels. It is extremely energy efficient and does not let extra heat enter a room, keeping the space cooler in the summer and lowering air conditioning costs. This is accomplished by reflecting light back onto the glass, keeping the room colder. The industry is being boosted by an increase in the usage of electrochromic glass, as well as features such as privacy at a touch of a button and better security. Electrochromic glass has also made its way into the automobile industry, where it may be seen in car windows and windscreens. In the automobile industry, electrochromic technology has long been utilized in rearview mirrors. It now has uses in switchable windows, sunroofs, and other areas thanks to recent developments. Though electrochromic smart window technology is not widely utilized in architecture or construction applications, it is projected to change the architecture industry in the future years, with electrochromic smart windows accounting for a significant portion of the market during the forecast period. Early users of electrochromic technology are likely to be commercial buildings (business and government).
The growing adoption of electrochromic glasses in the residential and commercial sectors, owing to rising demand for innovative smart glass products and stringent energy conservation regulations in the United States and Canada, is likely to drive the electrochromic glass industry's growth in North America. Furthermore, technology improvements in small, medium and big businesses are likely to help the industry in the area, with the goal of improving the comfort of personnel working behind closed doors. The presence of large electrochromic glass producers in the area is also expected to boost market expansion in the coming years.
One of the major reasons for the growth of the electrochromic glass industry is the growing demand for electrochromic glass across various industry sectors. Electrochromic glass is great for heat and glare management in automobiles, aircraft, and other transportation applications. Electrochromic glass is utilized in applications like as rearview mirrors, windows, sunroofs, and windshields in the automobile industry. Smart glass shields the automobile from harmful ultraviolet (UV) rays, reduce glare, aids in temperature control, and saves energy on temperature maintenance. This accounts for the increasing demand for electrochromic glass in the automotive industry.
High cost associated with electrochromic glass
A major restraint in the growth of the electrochromic glass market is the high cost associated with electrochromic glass. In terms of technology and applications, electrochromic glass has seen numerous changes and improvements. Because of considerable technical developments, the cost of electrochromic glass is 2 to 4 times more than that of traditional windows and glass. The exorbitant price of these spectacles prevents widespread use. Manufacturers find it difficult to measure the return on investment for end consumers, thus its main use is in the high-end and luxury sectors limiting the market growth during the forecast period.
Impact of COVID–19
The COVID-19 pandemic has had a great impact on the world as a whole and has led to economic breakdown and loss of life. Production activities are interrupted because of lockdown measures enforced in numerous countries. In addition, there have been supplying chain disruptions and delays in the operations of enterprises. Trade barriers have restrained the stock. The COVID-19 impact on the electrochromic glass market has been negative owing to the production halt by industries due to the temporary lockdown implemented by several governments to break the cycle of the virus. The disruption in the demand and supply chain has further hampered the market in the forecast period. As a result, industrial output was reduced, resulting in economic losses. End consumers of electrochromic glass goods will be impacted by such variables, which will result in a supply scarcity or an increase in price, stifling regional electrochromic glass market growth. The unfavorable conditions risen due to the COVID-19 virus have had a negative impact on the electrochromic glass market. However, in the post COVID scenario, the electrochromic glass market is expected to bloom with the surging demand in various industry sectors in the forecast period.
The market leaders for the pretreatment coating market are Chromogenics AB, Gentex Corporation, Saint-Gobain, Halio, Inc., View, Inc, Heliotrope Technologies, Inc., AGC Inc., EControl-Glas GmbH & Co. KG, Polytronix Inc., and Research Frontiers Inc.
|Market size value in 2019||US$1,426.500 million|
|Market size value in 2026||US$3,349.290 million|
|Growth Rate||CAGR of 12.97% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Materials, Product, End-user industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Chromogenic AB, Gentex Corporation, Asahi Glass, Saint-Gobain, Polytron Technologies, View Inc., Schott AG, Heliotrope Technologies, Inc., US e-Chromics Technologies, Inc., Halio Glass|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global electrochromic glass market?
A1. Electrochromic Glass Market was valued at US$1,426.500 million in the year 2019.
Q2. What will be the electrochromic glass market size by 2026?
A2. The electrochromic glass market is expected to reach a total market size of US$3,349.290 million by 2026.
Q3. What are the growth prospects for the electrochromic glass market?
A3. The global electrochromic glass market is expected to grow at a CAGR of 12.97% over the forecast period.
Q4. What factors are anticipated to drive the electrochromic glass market growth?
A4. The increasing use of electrochromic glass in the construction sector is expected to boost its market growth during the forecast period.
Q5. Who are the major players in the electrochromic glass market?
A5. Prominent/major key market players in the electrochromic glass market include Asahi Glass, Saint-Gobain, Polytron Technologies, and View Inc. among others.