by Electrochromic glass is a type of smart glass which is capable of changing its tint or opacity when an electric current is applied. It finds application in architectural and automotive glass as it helps reduce the amount of heat and light entering a building or vehicle without the need to close blinds or curtains. The global electrochromic glass market is witnessing significant growth owing to advantages such as real-time dimming and clearing of glass, maintenance of indoor environment and energy savings. The rising concerns over greenhouse gas emissions are compelling homeowners and commercial building owners to adopt energy efficient windows, thereby fuelling the demand for electrochromic glass. The global electrochromic glass market is estimated to be valued at US$ 2300.68 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Electrochromic glass provides an effective control over the amount of heat, glare and light entering buildings thus reducing the need for artificial lighting and cooling. It enhances visual comfort and protects furnishings from fading. The self-regulating property of electrochromic glass helps conserve energy by automatically adjusting the tint according to the external environmental conditions. Growing awareness about reducing carbon footprint and saving on energy bills is driving increased adoption of electrochromic glass in residential as well as commercial building projects across the globe. Furthermore, the availability of government incentives and rebates for energy efficient technologies and products is propelling the electrochromic glass market growth.
Market key trends:
Architectural applications account for the largest share of electrochromic glass demand owing to benefits such as improved indoor environment quality and energy savings potential. As per estimates, the architectural segment currently holds over 70% share of the overall electrochromic glass market. However, growing automotive sector in emerging economies along with stringent fuel efficiency regulations are expected to drive faster growth of electrochromic glass in automotive applications during the forecast period. The rising trend of connected vehicles and development of smart windows technology integrated with sensors, control units and tinting system is further expanding the scope of electrochromic glass in modern vehicles. Ongoing research and development activities are focused on enhancing product performance, reducing production costs and scaling up manufacturing capabilities to meet the rising market demand.
Porter’s Analysis
Threat of new entrants: Low barrier to market entry due to availability of technology, however strong competition from established players will keep new entrants at bay.
Bargaining power of buyers: Buyers have moderate bargaining power due availability of substitutes and supply from various vendors.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of various raw material suppliers and suppliers are moving towards differentiated products.
Threat of new substitutes: Threat from new substitutes like smart windows is moderate as electrochromic glass offers advantage of rapid tinting and clearing.
Competitive rivalry: Intense competition from global players due to technology leadership and strong portfolio.
Key Takeaways
The global Electrochromic Glass market is expected to witness high growth.
Regional analysis: North America dominates the global electrochromic glass market followed by Europe owing to growing demand from commercial and residential sectors in these regions. Asia Pacific region is expected to be the fastest growing region in the forecast period.
Key players operating in the electrochromic glass market are Saint-Gobain, AGC, Gentex, View, Inc., PPG Industries, ChromoGenics AB, Ravenbrick LLC, e-Chromic Technologies, Inc., Sage Electrochromics, Inc.).
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