A smart window is a technologically developed window system that can alter its optical power. These windows are made of several layers of smart glass which turns from transparent to translucent to control the amount of sunlight and heat entering a room.
Statistics:
The global smart window market is estimated to account for US$ 4.68 Bn in terms of value by the end of 2022.
Opportunity:
The pandemic has also shown the necessity for green buildings and the advantage of having a sustainable living space. Governments and world organizations are moving toward sustainability. In which green buildings have a major role in achieving a carbon-neutral society. This is expected to create robust opportunities for the growth of global smart window market. As a part of the EU (European Union) Green Deal, the European Commission has set a target to make Europe a climate-neutral continent by 2050, focusing on sustainable building and energy performance.
Recent Development:
In January 2020, the company, Caseta Smart approved two products, Caseta Smart motion sensor and the Caseta repeater. The Caseta Smart motion center is a free standing, battery powered motion sensor which can be wirelessly controlled by the Lutron lights and Serena shades. Furthermore, in March 2020, Caseta Smart collaborated with the Cree Lighting with a focus to announce variety of novel connected lighting goods.
Restraint:
Use of passive smart windows in extreme temperatures has been a concern due to their functioning related to the surroundings rather than user preference. Further, recycling of smart windows is also a major concern. These factors are anticipated to hinder the growth of the global smart window market.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/smart-window-market-5146
Global Smart Window Market - Impact of Coronavirus (Covid-19) Pandemic
The Covid-19 pandemic across the globe have executed certain precautionary measures. With the schools being shut and the communities being asked to stay at indoor, various organizations find problematic and let their employees work from home and hence, this led to the adoption of video communicating applications. In past 6-8 months, the new registration on the video communication platforms such as zoom, and google meet have abruptly increased and let people complete their tasks using these platforms.
Key Takeaways:
The global smart window 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 CARG of 11.6% between 2022 and 2030.
Motorized roller shades held the dominant position in the global smart window market in 2021, accounting for 28.6% share in terms of value, increasing approval and launch of new products is expected to propel the growth of the segment during the forecast period.
Market Trends/ Takeaways:
Trend 1:
The self-cleaning property of smart glass provides users a superior experience at the low cost of maintenance. Smart window products also possess a UV-blocking property, which helps maintain a healthy ambiance in buildings. Hence, smart glass not only offers customized lighting and heating experiences but also maintains hygienic and healthy surroundings. The use of smart windows in various applications in architecture increases the aesthetic value of a building and significantly decreases the heating, cooling, and lighting costs. This is expected to act as a leading trend in the market.
Trend 2:
Smart windows provide the architects, energy efficiency and improved aesthetics. The applications of smart windows in architecture include doors, partitions, windows, skylights, and elevators. Smart window products have inherent properties that help in market growth. This is expected to act as key trend in 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
