The global electrochromic glass market is estimated to garner a large revenue and grow at a CAGR of ~10% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing usage of electrochromic glass in the automobile industry, and rising investments for research and development in smart mirror/glass technologies around the world. Along with these, the recovery of construction sector post global coronavirus outbreak is expected to bring a hike in the demand for the product in order of its high usage in displays, windows and sunroofs. This is another crucial factor predicted to drive market growth in the coming years. Furthermore, government initiatives promoting net-zero energy buildings concept is projected to offer abundant growth opportunities to the market in the near future. According to the United States Environmental Protection Agency, U.S. and Canada signed an agreement to address building energy efficiency and emissions. The collaboration will continue a 10-year research partnership aimed at building a net-zero future.
The market is segmented by application into commercial, residential, transportation, retail, and hospitality, out of which, the transportation segment is anticipated to witness the highest growth in the global electrochromic glass market. This can be accounted to the increasing utilization of electrochromic glass for manufacturing sunroofs, and exterior and interior automatic dimming rear-view mirrors, and growing adoption of these glasses in trains. Apart from these, as electrochromic glass is a cheap and low energy alternative for sunroof panels, which is also assessed to boost the growth of the market segment in the near future. Additionally, on the basis of application, the windows segment is evaluated to acquire the largest market share owing to the high adoption rate of smart windows in North American and European continents, and rise in trend of smart homes and smart offices across the globe. CLICK TO DOWNLOAD SAMPLE REPORT
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global electrochromic glass market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing usage of electrochromic glass by smartphone manufacturers to develop phone screens. In addition, rising household income and increasing urbanization are also expected to drive the region’s market growth in the forthcoming years. As per the data given by the World Bank, in 2020, the total urban population of the East Asia and Pacific region reached 60.695 percent, up from 59.887 percent and 59.052 percent in the years 2018 and 2019 respectively. Moreover, the market in North America is projected to hold the largest share during the forecast period ascribing to the growing concerns associated with energy consumption in buildings, and escalating adoption of the glass in the government sector in the region.
The global electrochromic glass market is further classified on the basis of region as follows:
Our in-depth analysis of the global electrochromic glass market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing use of electrochromic glass in automobile industry and rising investments for research and development in smart glass technologies.
The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2030.
High cost of electrochromic glass is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the growing usage of electrochromic glass by smartphone manufacturers to develop phone screens.
The major players in the market are AGC Inc., Hitachi Chemical Co. Ltd., Kinestral Technologies Inc., Pleotint LLC, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by material, application, end user, and by region.
The windows segment is anticipated to hold largest market size and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.
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