Market Research Future published a research report on “Electrochromic Window Market Research Report – Global Forecast till 2027” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.
Market Analysis
The electrochromic window market size will touch USD 4.96 billion at a stellar 14.2% CAGR in the forecast period 2020- 2027, according to the latest Market Research Future’s (MRFR) electrochromic window market report. Electrochromic is a method where the color of a substance gets controlled by applying voltage. Windows with this form of glass can help in blocking the infrared and UV light automatically. Such windows are coated with multiple thin layers of glass material over the others. This technology has immense environment-related perks.
Various factors are fuelling the global electrochromic window market growth. As per the recent MRFR market estimates, such factors include the growing need for electrochromic windows in commercial buildings, use of smart electrochromic glass in residents, growing use of these glass and features like improved security and privacy at the touch of a switch, increasing use in the automotive sector in windscreens and windows, escalating urbanization, and increasing trend of smart offices and smart homes that demand the use of smart technologies like electrochromic smart glass displays.
On the contrary, slower responsiveness of large glass surfaces over small-sized glass, lack of awareness among end users like architects and builders, lack of innovation, and high price of electrochromic glass may impede the global electrochromic window industry growth in the forecast period.
COVID-19 Analysis
The COVID-19 outbreak has cast its shadow on almost every industry and the Electrochromic Window Market is no different. There has been a halt in production in the construction and automotive sector owing to shortage of labor following the pandemic. This resulted in economic losses and reduction in the production output. Such factors have affected the end users of electrochromic glass products in the likes of increased price or supply shortage, thus impeding the market growth.
Key players
MRFR recognizes the key players in the global Electrochromic Window Market. These include Click Materials, AGC Inc, Corning Inc, Saint-Gobain, Vitro Architectural Glass, View Inc, RayenBrick, Polytronix, Gentex Corporation, Diamond Glass, Scienstry, Pleotint, and Kinestral Technologies. These players focus on innovation and, thus, invest in research & development to present a cost-effective product portfolio. There have been recent mergers & acquisitions among the key players, which is a strategy the business entities leverage to strengthen their reach to the customers.
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Key Segments
The global electrochromic window market has been segmented based on product, application, and region.
By Product, the global electrochromic window market has been segmented into polymer laminate EC and all solid-state EC.
By application, the global electrochromic window market has been segmented into residential and commercial building.
By region, the electrochromic window market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Regional Analysis
North America dominated the electrochromic window market during the forecast period. However, Asia-Pacific is expected to show the highest CAGR during the forecast period. Europe is the second-largest regional market in terms of revenue. The region comprises the UK, Germany, France, Spain, and the rest of Europe. The key factor behind the growth of the electrochromic window market in the UK is its flexible building material used in the commercial, hospitality, healthcare, and residential sectors. These windows are electronically switchable that can be adjusted according to the customer’s requirement. Moreover, the UK government is encouraging the use of EC windows due to their eco-friendly nature. Germany is registering increased demand for electrochromic windows for conservator roofing systems, wherein polycarbonate glazing sheets were previously used. Several other countries, including France, Sweden, and the Netherlands, are registering a demand for EC windows to be used in the residential sector.
Asia-Pacific significantly falls behind Europe in terms of shares in the global electrochromic window market. However, the regional market is expected to show the highest growth rate during the forecast period; China and Japan are anticipated to be the major contributors to the market. The growth of the electrochromic window market in Asia-Pacific is also attributed to the growing number of construction and architectural projects. Government support on using energy-efficient building materials is also boosting the electrochromic window market. Most of the players operating in the electrochromic window market are start-ups in this region trying to compete with established players in Asia-Pacific. As the challenges to new entrants in the market are high, the growth of the regional market is expected to be limited. The governments of several Asian countries have made stringent regulations for adopting Industry 4.0. This is expected to indirectly impact the growth of the regional market due to the high energy efficiency of glass building materials.
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