According to a new report published by Allied Market Research, titled, "Electrochromic Glass Market by Application and End-use Industry: Global Opportunity Analysis and Industry Forecast, 2019-2026," global electrochromic glass market was valued at $1.2 billion in 2018 and is projected to reach $4.1 billion by 2026, growing at a CAGR of 17.2% from 2019 to 2026.
Electrochromic glass is a switchable glass whose light transmission property is altered when voltage is passed through it. Electrochromic glass offers energy conservation and restricts heat to enter into a room. Growing use of electrochromic glass in buildings is expected to drive the growth of the market. Furthermore, electrochromic glass has found its usage in the automotive sector, where it is utilized in car windows and windscreens, which further propels the market growth.
Installing electrochromic glasses help houses and buildings save on heating and cooling costs, which is a major contributor to the global carbon footprint. According to the Environmental and Energy Study Institute (EESI), U.S., 40% of energy in the U.S. is used in lighting, heating, cooling, and appliance operation. Conserving energy is anticipated to ease the load on energy production companies. Hence, in an effort to conserve energy, state agencies set annual energy targets and collaborate with companies to develop technological solutions. The efforts include developing new cost-effective technologies that could reduce the energy used by homes and buildings. All the aforementioned factors are likely to impact the growth of the global electrochromic glass market during the forecast period.
The Electrochromic Glass Market is segmented on the basis of application, end-user industry and geography. By application, the market is segmented into windows, mirror and display. The windows segment was the highest contributor to the market in 2018 and is expected to grow with the CAGR of 16.9% during the forecast period. The display segment is estimated to grow with the highest CAGR of 19.2% during the forecast period.
On the basis of end-user industry, the Electrochromic Glass Market is bifurcated into construction, automotive, aerospace and others. The construction segment was the highest contributor to the market in 2018 and is expected to grow with the CAGR of 16.7% during the forecast period. The automotive segment is estimated to be the fastest growing segment and is expected to grow with a CAGR of 18.1% during the forecast period.
Geographically, the Electrochromic Glass Market is segmented into North America, Europe, Asia-Pacific and LAMEA. Europe was the highest revenue contributor in 2018 and is estimated to grow with a CAGR of 17.5% during the forecast period. Asia-Pacific is estimated to be the fastest growing region in the global electrochromic glass market.
The major players analyzed in this report are AGC Inc., ChromoGenics AB, Compagnie de Saint-Gobain S.A., Hitachi Chemical Co. Ltd., Kinestral Technologies Inc., Pleotint LLC, Polytronix Inc., Research Frontiers Inc., Smartglass International Ltd., and View Inc. These market players are adopting different strategies such as product launch, partnership, and acquisition to stay competitive in the market. For instance, ChromoGenics launched ConverLight75 dynamic glass. It gives better access to neutral daylight and excellent thermal comfort by blocking unwanted heat inflow and blinding sunlight. This new product broadened the product portfolio of the company and helped it to increase its market share.
Key Findings of the Study:
- In 2018, the Europe market held a share of over 32.80% in the Electrochromic Glass market share.
- The Asia-Pacific region is expected to grow with the highest CAGR of 18.1% during the forecast period.
- The construction segment is projected to grow at a CAGR of 16.7% by 2026.
- The U.S. was the highest revenue contributor in North America electrochromic glass market size and is expected to grow with the CAGR of 16.3% .
- The qualitative data in the report aims on the electrochromic glass trends, dynamics, and developments in the electrochromic glass industry while the quantitative data provides information about the market share and market size in terms of revenue and volume.