Electrochromic glass, also known as electronically switchable glass, has various applications such as partitions, windows, skylights, mirrors, and displays. It enables user to control the light and heat passing through such glass, aiding in regulating temperature through remote operated switch. It works on the principle of electrochromism, which requires the utilization of materials that can change color or opacity on applying the potential difference across the surface. Moreover, these materials do not require electricity to maintain particular shade after the change has been achieved. Owing to these relative advantages over conventional glass, the global electrochromic glass market is expected to witness growth over the forecast period.
Energy can be conserved by using windows, sun roofs, and displays made from this glass and this is expected to be among the prominent factors propelling growth of electrochromic glass market. In high opacity state, these materials are characterized to reflect around 98% of the incident light, reducing the requirement of high cost air conditioning systems. According to U.S. Department of Energy's National Renewable Energy Laboratory (NREL), windows made from this glass material can save around 8% of the total energy consumption of the buildings, as these utilize low amounts of electricity to change from transparent to dark. Furthermore, benefits such as offering privacy at the flick of switch (increasing opacity of the glass), protection of furniture and pictures from fading due to excessive light are anticipated to propel the growth of the global electrochromic glass market over the forecast period.
The growth of the market is expected to be adversely affected by some of the technical drawbacks such as delay in switching time and lack of 100% opaqueness property. Theoretically, these films can reflect 100% of the light and heat incident on it, though, these are featured to block only 98%, and the delay in switching times can take up to several minutes to change its state. However, no constant requirement of electricity to maintain a particular state, in addition to featured benefits will present substantial growth prospects for the market over the forecast period.
Global Electrochromic Glass Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 severely impacted the infrastructure and automotive industries. Due to the spread of the COVID-19 across the globe, lockdowns were imposed by many countries, and this impacted the movement of people and material. The infrastructure and automobile projects either faced delays or were postponed due to the unavailability of manpower and material as supply chain operations were disrupted during the pandemic. This had a direct impact on the global electrochromic glass market and hence exhibited slow growth during the pandemic.
Europe held a dominant position in the global electrochromic glass market in 2021
Europe held a dominant position in the global electrochromic glass market in 2021, followed by Asia Pacific.
Electrochromic Glass Market Report Coverage
|Base Year:||2021||Market Size in 2021:||US$ 1,911.8 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||9.7 %||2030 Value Projection:||US$ 4,350.1 Mn|
Asahi Glass Co. Ltd., Chromogenics AB, Guardian Industries Corporation, Gentex Corporation, Magna Mirrors Holding GmbH, PPG Industries, Ravenbrick LLC, Sage Electrochromics, Inc., View, Inc., Diamond Glass, Compagnie de Saint-Gobain S.A., Research Frontiers Inc., Kinestral Technologies Inc., Hitachi Chemical Co. Ltd, and Pleotint LLC
|Restraints & Challenges:||
Figure 1: Global electrochromic glass market Share (%), By Region, 2021
Europe held a dominant position in the global electrochromic glass market in 2021 and is expected to maintain its dominance during the forecast period. The European government is focusing on sustainable green buildings by increasing the use of electrochromic glass for windows and doors. The use of electrochromic glass saves the cost incurred for heating, lighting, and air conditioning of buildings. Sustainable green buildings are increasingly promoted in European countries such as France, Germany, Belgium, and others. Hence, the adoption of sustainable green buildings is driving the electrochromic glass market growth in the European region.
Asia Pacific is expected to emerge as the fastest-growing region for the electrochromic glass market as the automotive market in the countries such as India, China, and Japan is growing rapidly. The Electrochromic glass is used for side view and rear mirror, sunroofs, backlights, windshield, window tint and sidelights in the automotive industry. Hence electrochromic glass market is expected to gain traction in the forecast period in the Asia Pacific region.
Windows segment is expected to drive the global electrochromic glass market during the forecast period
Among applications, the windows segment was the dominant segment market, and is expected to retain its dominance over the forecast period. Increasing application of these glass as windows in commercial, residential, automotive, and aerospace segments, in order to control the light and heat transmitted inside, is among the prominent factors contributing to growth of the segment.
Figure 2: Global Electrochromic Glass Market Value (US$ Mn) Analysis and Forecast, 2017 - 2030
The global electrochromic glass market was valued at US$ 1,911.8 Mn in 2021 and is expected to reach US$ 4,350.1 Mn by 2030, growing at a CAGR of 9.7% between 2022 and 2030.
Major players operating in the global electrochromic glass market include Asahi Glass Co. Ltd., Chromogenics AB, Guardian Industries Corporation, Gentex Corporation, Magna Mirrors Holding GmbH, PPG Industries, Ravenbrick LLC, Sage Electrochromics, Inc., View, Inc., Diamond Glass, Compagnie de Saint-Gobain S.A., Research Frontiers Inc., Kinestral Technologies Inc., Hitachi Chemical Co. Ltd, and Pleotint LLC
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