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Electrochromic Glass Market is Expected to Reach $2.6 billion by 2027

 
 

quote A boost in demand for electrochromic glass from end-use industries such as automotive and consumer electronics is likely to offer new growth opportunities to players operating in the market. The key players operating in these end-use industries are constantly on a lookout for innovative solutions such as electrochromic glass to upgrade their product offerings to enhance user experience. For instance, leading car companies are planning to replace traditional rear-view mirrors with electrochromic glass displays. Similarly, the possibility of smartphone glass panels being replaced by electrochromic glass to hide camera lenses and enhance its look is being explored, this trend may expand to other consumer electronics as well, which is anticipated to propel the market growth quote

Eswara Prasad
Manager, Material & Chemicals at Allied Market Research

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According to a new report published by Allied Market Research, titled, "Electrochromic Glass market  by application and end-use industry:  Opportunity Analysis and Industry Forecast, 2020-2027," The global electrochromic glass market was valued at $1.4 billion in 2019 and is projected to reach $2.6 billion by 2027, growing at a CAGR of 9% from 2020 to 2027. 

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 propel 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 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 2019 and is expected to grow with the CAGR of 8.7% during the forecast period. The display segment is estimated to grow with the highest CAGR of 10.9% during the forecast period. 
On the basis of end-user industry, the market is bifurcated into construction, automotive, aerospace and others. The construction segment was the highest contributor to the market in 2019 and is expected to grow with the CAGR of 8.6% during the forecast period. The automotive segment is estimated to be the fastest growing segment and is expected to grow with a CAGR of 9.9% during the forecast period. 

Geographically, the market is segmented into North America, Europe, Asia-Pacific and LAMEA. Europe was the highest revenue contributor in 2019 and is estimated to grow with a CAGR of 9.4% 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 2019, the Europe market held a share of over 32.91% in the Electrochromic Glass market share.

  • The Asia-Pacific region is expected to grow with the highest CAGR of 9.9%during the forecast period.

  • The construction segment is projected to grow at a CAGR of 8.6% by 2027.

  • The U.S. was the highest revenue contributor in North America electrochromic glass market size and is expected to grow with the CAGR of 8.2% .

  • 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. 

Impact Of Covid-19 On The Global Electrochromic Glass Market

  • The outbreak of COVID-19 has disrupted the global economy by halting the operations of major industries such as the construction and automotive. 

  • Industries are being kept closed or operated under restricted environments such as less employees and working times. 

  • The pandemic resulted in shortage of labor and raw materials in the glass industry. The severity of the impact may result in closure of some glass manufacturers.

  •  On the demand side, the major end-users of electrochromic glass such as construction and automotive manufacturers had their production halted due to non-availability of labor. This led to a reduction in production output and thus incurring economic losses. 

  • Such factors will affect the end users of electrochromic glass products in the form of supply shortage or increased price; thus, hampering the regional electrochromic glass market growth.

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quote Electrochromic Glass Market by Application (Windows, Mirror, and Display)and End-User Industry(Construction, Automotive, Aerospace, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027 quote

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