Smart windows, or switchable glass windows, is glass that employs advanced technologies to obstruct the path of light and insulate. The glass's light diffusion properties can be impacted by light, heat or electricity. It means the window changes from translucent to transparent, blocking some, all or specific wavelengths of light.
Statistics:
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
Key Developments:
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.
Figure 2: Global Smart Window Market Share (%), By Region, 2021
Market Drivers:
Driver 1:
Increasing demand of smart homes is anticipated to fuel the growth of the global smart window market. For instance, as per a recent survey, there were an estimated 175 million smart homes across the globe.
Driver 2:
The demand for smart home solutions is growing significantly. It is due to various government initiatives to adopt connected solutions. This is anticipated to drive the growth of global smart window market. As per the Ambient, the US penetration of smart homes stood at over 32.4%, or approximately 41.3 million smart homes.
| Report Coverage | Details | ||
|---|---|---|---|
| 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 |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Inter IKEA Systems BV, Somfy Systems Inc., The Shade Store LLC, Lutron Electronics Co. Inc., Griesser AG, Hunter Douglas and Springblinds. |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Market Restraint:
Restraint 1:
High product cost and capital investment for research and development of smart window products is expected to hamper the growth of the global smart window market. As the set-up of smart window is motorized and the bases are installed before setting the windows. It is time consuming and hence hampers the growth of the global smart window market.
Restraint 2:
The initial cost involved in the installation, parts, energy consumption, poses a challenge for the market. The consumers tend to look for hassle-free methods that need lower upfront costs for simple fixtures. This is expected to restraint the growth of the global smart window market.
Market Opportunities:
Opportunity 1:
Smart windows are combined with lighting and air conditioning control systems to safeguard greater thermal and visual comfort for the occupant’s and generate significant energy savings. Apart from this, the integration of smart windows with the Internet of Things (IoT) has assisted in offering users with enhanced manageability and configuring abilities. This is expected to offer lucrative opportunities in the growth of the global smart window market.
Opportunity 2:
Due to increasing Research & Development activities, manufacturers are designing smart windows with electrochromic technology. It assists the building owners and operators to conserve energy and optimize cooling, heating and lighting costs. Similarly, products are being developed using perovskites that turn dark at high temperatures and can harvest solar energy like PV cells. This is projected to propel the growth of the global smart window market.
Market Key Takeaways/Trends:
Trend 1:
The increasing investments in the smart home department is projected to help the manufacturers of several smart windows systems. The smart window system consists of rollers, blinds the integration of smart speakers that transits into the smart home ecosystem. This is expected to act as a key trend in the growth of global smart window market.
Trend 2:
The ecosystem could offer companies with new and better opportunities to collaborate with other smart home ecosystems and further innovate the product. There is also a possibility of the startups getting acquired by these mega companies for a bigger funding base. This is expected to fuel the growth of the global smart window market.
Competitive Landscape:
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
Smart window options are very popular mainly for their effectiveness and obtainability both in terms of price and installation. Smart Glass Vision Panels make use of the space for glass window vision panels often seen on interior doors in places such as offices, hospitals, schools and banks.
Market Dynamics:
Enhancing the energy efficiency of homes, businesses, schools, and industries is imperative to balance energy supply and demand. This is projected to drive the growth of global smart window market. As per the US Department of Energy (DOE), heating, cooling, and lighting of buildings together held only 25% of the total energy costs of the country. Growth in restoration activities of commercial and residential buildings is providing adequate replacement opportunities as the traditional buildings lack energy-efficient infrastructure.
On Contrary, the contrast ratio of the front view/object often gets disturbed, leading to improper visibility. This is expected to hamper the growth of the global smart window market.
Key features of the study:
Detailed Segmentation:
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