The electrochromic glass market is predicted to grow at a CAGR of 12.97% to attain a market size of US$3,349.290 million by the end of 2026. This market was worth US$1,426.500 million in the year-end 2019. The market for electrochromic glass has grown starts out transparent, but once activated, it becomes translucent, blocking some or all wavelengths of light. with the use of features such as improved security and privacy at the push of a button. Electrochromic glass is technically a composition of chromogenic material that responds to external voltage and changes transparency depending on its exposure to light and heat. Known as dynamic glass due to its benefits as a screen that offers on-demand privacy, energy efficiency, and control, it is popular in the electronics industry. When activated, the glass changes from transparent to translucent, blocking some or all wavelengths of light. In the future, commercial applications of electrochromic glass will be augmented by technological advancements, which will enable it to be used in new environments, such as the Internet of things, next-generation hospitals, and more.
Electrochromic Glass Has a Variety of Applications
Non-residential buildings, such as offices, hospitals, and hotels, worldwide, use electrochromic glass. The device saves a lot of energy and prevents excess heat from entering the room, so the room stays cooler during summer and air conditioner costs are minimized. Light reflected from glass keeps rooms cooler since it reflects light back. Sharing and open spaces can easily be transformed into private ones with this smart glass. A switchable glass partition is a feature that is quite important in an office since it gives you the privacy that you need in your office.
Residential buildings are increasingly using electrochromic glass, partitions, and doors. Skylights, doors, and windows can easily be fitted with them. Smart Glass can be used to control both the amount of light that enters a building as well as privacy. The glass could prevent privacy invasion without requiring any blinds or curtains.
Both big and small hotels can benefit from smart glass' aesthetics and efficiency. Private spaces such as bathrooms, shower cubicles, and spas can benefit from it. By simply clicking on the glass, guests can change it from clear to opaque and back again according to their preferences. A smart glass partition can also be used as a part of a conference room, bar, or restaurant in a hotel.
People with compromised immune systems visit hospitals. Since they require extra care, smart glasses are the ideal solution. Because of smart glass, traditional drapes, curtains, or blinds are no longer necessary. In addition to protecting patients from outside noise, these smart glass partitions also provide an extra layer of confidentiality by keeping outside noise out.
Sustainable Infrastructure Practices Lead To a Rise in Market Demand
Eco-friendly/green buildings are expected to drive the growth of the market for electrochromic glass. Electrochromic glass is a growing market in part due to government regulations regarding energy conservation. Green building initiatives and eco-friendly structures, such as green buildings, are expected to offer market growth opportunities. Banks in Europe, for example, have devised a mortgage program for green homes that encourages the purchase of energy-efficient products such as smart glass. Recent years have seen smart glasses gain popularity due to their energy-saving features, thermal and acoustic insulation, and 3D design capabilities. A recent $240 million equity investment in Nexamp, a subsidiary of Diamond Generating Corporation (DGC), enables DGC to accelerate its decarbonization efforts while strengthening its innovative portfolio. The company's sustainable energy services will be offered to an additional 65 million consumers and businesses if it receives the recent $440 million debt financing.
Construction and Automobile Sectors Are Growing:
Several factors contribute to the market's growth, including the steady growth of the construction industry and the rise in infrastructure investments. Over the next few years, glass is also expected to gain traction over bricks and cement walls as consumers prefer glass. The building and construction sector is expected to continue dominating the electrochromic glass market over the forecast period as the main end-user industry in the market. Office, hospital, and residential buildings are driving this growth. They are commonly used in windows, doors, sunroofs, and display cases, among other applications. In the automotive market, rear-view mirrors, sunroofs, and windshields are among the fastest-growing products. Growth in the electrochromic glass market is also spurred by its increasing use in automotive. With Electrochromic Glass, Mercedes-Benz has manufactured 5 models. A light-blocking glass can be adjusted on the SLC roadster, the most affordable model. The use of Smart Glass by Mercedes is the next step in making the technology more widely available. Bentley Mulliner developed and built a comprehensive heating, ventilating, and air conditioning (HVAC) system. For the first time in a Bentley, electrochromic 'smart glass' separates the front and rear seats. At the touch of a button, the whole panel can be converted to opaque for complete privacy.
High-Cost May Hinder the Market Growth
While low awareness about the benefits of smart glass and high base costs are likely to impede demand to a certain extent over the forecast period, they could still hamper the market considerably. Technical advances and government subsidy schemes can reduce the overall cost by addressing these challenges. Innovation is another key factor that hinders the market's expansion.
COVID -19 Insights:
Several major industries, including construction and automotive, have been halted by the outbreak of COVID-19. Several industries are kept closed or operated under restrictive conditions including shorter working hours and fewer employees. There was a shortage of workers and raw materials in the glass industry as a result of the pandemic. A number of industries were affected by the COVID-19 pandemic. Further, the glass industry is experiencing lower sales activity due to trade restrictions over national and international boundaries. With the slowdown of the construction industry, building glass demand also fell drastically.
In the United States, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed. Business owners who suffered from the pandemic were granted some relief. The act provided special loans to businesses and individuals facing economic hardship as a result of the epidemic. A number of small and medium-sized companies have managed to survive during the pandemic with the help of the act.