The global electrochromic glass market was valued at US$ 1,911.8 Million in 2021 and is expected to surpass US$ 4,350.1 Million by 2030, registering a CAGR of 9.7% during the forecast period (2022-2030), according to the Global Electrochromic Glass Market Report, by Application (Windows, Mirrors, Displays, and Others), by End-Use (Commercial, Residential, Transportation, Others) by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
Incorporation of photovoltaic devices with this material, is one of the major trends expected to gain traction over the forecast years. The photovoltaic electrochromic (PVEC) systems include non-conductive transparent substrate, thin-film solar panel (Si-TFSC) substrate, and electrochromic solution to feature a semi-transparent property. Increased transmittance, propagation of uniform electric fields, and other properties are its advantages, which is expected to propel demand for these devices and fuel growth of the electrochromic glass market over the forecast period.
The architecture market has been identified as a significant growing area for electrochromic glass. The ability of dynamic light transmission adjustment of electrochromic smart glass, allows users to manage the amount of sunlight that passes through the glass (and thus heat) with a simple switch. As a result, electrochromic glass is becoming a more common choice for commercial and residential windows, doors, skylights, and walls. For instance, AGC glass Europe is investing in new lamination line at the plant in Osterweddingen in Germany. The investment is estimated to be above 10 million euros.
- In January 2020, OnePlus, a smartphone manufacturing company, introduced the Concept One phone at CES (International Consumer Electronics Show), an annual trade show organized by the Consumer Technology Association, which employs electrochromic glasses to cover its rear triple cameras when not in use.
Global Electrochromic Glass Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic has affected company activities, personal living, and economic growth across the globe. Several enterprises that were prospering prior to the pandemic have faced major revenue losses and seen a slow growth rate. Borders were closed and mass lay-offs and economic uncertainties curtailed customer spending which declined the demand for electrochromic glass in the residential sector, and hence, the global electrochromic glass market experienced slow growth during the pandemic.
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Key Trends and Analysis of the Global Electrochromic Glass Market:
- Europe is expected to account for the largest market share over the forecast period, owing to the research and development activities carried out to explore the use of electrochromic glass in different applications. For instance, AGC Glass Europe, a company expert in glass composition and coating, in October 2021, invented a glass coating Planibel Easy that protects against Covid-19 contamination.
- Asia Pacific is expected to witness significant growth over the forecast period, owing to increased urbanization in countries such as India, China, Indonesia, and others. Green construction has been mandated in Chinese government projects, and subsidies are provided to encourage construction of green buildings. For instance, in the 13th Five Year Plan for Building Energy Efficiency and Green Building Development, the Ministry of Housing and Urban-Rural Development of China established specific objectives for the development of green buildings by 2020.
- Among end-use, transportation was the dominant segment in terms of revenue share in 2021 and is expected to retain its dominance over the forecast period. Electrochromic glass is mostly used in the transportation industry to improve passenger’s experience while travelling. Electrochromic glass is used on sunroofs to allow light and fresh air to enter the passenger compartment and in exterior and interior automatic dimming of rear-view mirrors to ensure safety while driving at night. Hence, electrochromic glass has a wide range of applications in the transportation sector.
- 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