Smart windows or the switchable smart glass windows are vast and huge terms that re utilized to describe the PDLC switchable goods that are installed in the applications of window. Smart window is utilized in a window application for privacy necessities as privacy is an issue with the transparent glass windows that can easily be seen through.
The Smart window market was valued at US$ 4.29 Bn in 2021 and is forecast to reach a value of US$ 11.22 Bn by 2030 at a CAGR of 11.6% between 2022 and 2030.
Figure 1: Global Smart Window Market Value (US$ Bn) Analysis and Forecast, 2017 - 2030
North America held a dominant position in the Global Smart Window Market Share in 2021
North America held dominant position in the Global Smart Window Market in 2021, accounting for 48.3% share in terms of volume.
Figure 2: Global Smart Window Market Share (%), By Region, 2021
In April 2020, IKEA with a strategy aims on increasing the development in retail to guarantee the overall growth. IKEA enlarged its range of smart house goods with the approval of the new smart blinds, FYRTUR and KADRILJ which can be regulated wirelessly with a timer, making it very comfortable to regulate the lighting situations.
In August 2020, IKEA declared its strategy to build a regional distribution of the supply chain center which costs US$ 212 million in Malaysia, the center is also projected to regulate an inventory of 9,500 stock keeping the units worth US$ 1.54 billion yearly and to guarantee the whole development, the company works enhancing its manufacturing and distribution areas and hence enhancing the sales.
|Base Year:||2021||Market Size in 2021:||US$ 4.29 Bn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||11.6%||2030 Value Projection:||US$ 11.22 Bn|
Inter IKEA Systems BV, Somfy Systems Inc., The Shade Store LLC, Lutron Electronics Co. Inc., Griesser AG, Hunter Douglas and Springblinds.
|Restraints & Challenges:||
As per a recent survey there was an estimated of 175 million smart homes over the globe with North America and Europe are declaring the prominent and appropriate shares with the huge number of the smart homes sequentially in the same order which is anticipated to drive the growth of the global smart window market.
The number of devices connected in a household is also on the development , for instance, in 2019, Plume household had a minimal of 18 Wi-Fi linked devices, and the organization expects that the count to extend up to 31 by 2022. The outshow of the smart home devices or the appliances is not restricted till computers , phones and tablets and the frequent digital assistant running on the indoor Wi-Fi networks.
Convectional window coverings are very budget friendly, the price differs depending upon the drape materials such as selected by the consumer from a vast range of different materials. However, the cost of the setup and the installation are same as many windows covering come in rod based support installations.
Furthermore, the cost of the motorized units is higher when compared to that of the conventional solutions, For instance, IKEA FYRTUR blackout roller blinds are costed at US$ 154, that is notably vast than the cost of the conventional roller blinds which is anticipated to hinder the growth of the global smart window market.
The upcoming generation of the smart window market is anticipated to develop in the future due to the rise in the urbanization, smart homes ecosystem evolution and the transition of the consumer behavior towards the storage of the energy. The region of Asia-Pacific is anticipated to have huge growth in the future.
The rising demand of the smart window products which have been effected in the year 2020 due to the coronavirus. The imposition of the stringent regulations across the globe there had been a decline in the requirement of the smart window commodities due to the decrease in the customer tendency to spend.
Market Key Takeaways/Trends:
As per a survey and a report that is published by MHI 2020, the IoT based on the devices acquirement rate is anticipated to reach 25% by the year 2025 from 26% as the technology had been commercialized broadly. Furthermore, as per the Huawei report, there might be a 20 billion real time smart home devices by the year 2025.
The development and the growth of the smart speakers and the hubs that are enabled with the voice assistance are being an essential part of the households, and with the continuous acquirement of the smart speakers, the market of the smart window coverings is anticipated to develop in the upcoming future.
Major companies involved in the growth of the global smart window market are Inter IKEA Systems BV, Somfy Systems Inc., The Shade Store LLC, Lutron Electronics Co. Inc., Griesser AG, Hunter Douglas and Springblinds
Double glazed smart window are strongly one of the very expensive smart window options, with a complex production process that is needed to produce it. The PDLC layer encased inside the unity is totally protected from the outside threats and risks such as weather, moisture or the damage that is caused to it physically.
Vendors in the market are making the providing best suitable for smart and as well as traditional homeowners. Anyhow, the rising adoption and acquirement of the advanced and developed curtains is anticipated to fuel the growth of the smart homes and the smart windows market.
Motorized shades are thought to be damaged very easily if there is no proper care taken comparatively to the traditional curtains, usually comprising of the replacement of the slats, etc., Price is the main reason due to which the incorporation of motor has a warranty period and several standard affecting the pricing of the product.
The ecosystem could offer the companies with novel and the better chances and provide opportunities to partnership with other smart home ecosystem and further innovate the commodities, there is also a possibility or the chance of the startups getting adopted by these mega companies for a better expenditure base.
Key features of the study: