According to a recent report published by Allied Market Research, titled, "Smart Windows Market by Technology, Type, and Application: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global smart windows market size was valued at $3.91 billion in 2018, and is projected to reach $8.97 billion by 2026, registering a CAGR of 11.4% from 2019 to 2026.
Smart windows are glasses with an incredible feature of absorbing Ultraviolet light, controlling heat, and getting their transmission properties changed from opaque to translucent to transparent by application of voltage, heat, or light. The smart windows market is expected to witness notable growth in the coming years due to increase in demand for smart glass-based products in various industrial sectors such as automotive, aerospace, marine, commercial & residential buildings, and others. Also, these have helped reduce the expenditure on air-conditioning, lighting, heating along with interior objects such as blinds, curtains, and others.
Increase in demand for smart glass in automobile is fueling the growth of global smart windows market due to the adoption of green initiatives, such as eco-friendly and green buildings, non-electric technologies, such as thermochromics and others, along with government support and initiatives all across the globe. The transportation and aerospace sector is anticipated to come into view as a major application segment, contributing to market revenue. Commercialization of suspended particle device (SPD) products has revealed several smart windows market opportunities, such as fixing in side-view windows, rear-view mirrors, automobile doors and in the sunroofs.
Smart windows or switchable windows change in color from clear to dark by using a scientific idea called electrochromism, in which materials change color, after passing an electrical current across them. Typically, smart windows start off as a bluish color and gradually within few minutes turn transparent when the electric current passes through them, which plays a major role in adoption of smart window. With decrease in price of electrochromic materials used in smart windows, which is expected to experience robust smart windows market growth during the forecast period.
In addition, electrochromic smart windows can change their light transmission rate according to an electrical current. It is transparent, and becomes translucent or opaque after a current is passed through, although this transition can take some time. Once, the change has been achieved, no electricity is required further to maintain that particular shade. The property of electrochromic glass begins from darkening the window or glass from the edges, moving inward, and is a slow process that takes many seconds to few minutes depending on the window size.
Asia-Pacific is estimated to be the third largest region in the smart windows market. For instance, researchers at the Shanghai University introduced the first ever smart window producing electricity. This smart window is similar to a solar panel and uses vanadium oxide to produce electricity. The market is witnessing growth in offices, residential areas, and hotels. The major concern is the conservation of energy and prevention of depletion of fossil fuels, which can be achieved by these smart windows that help in saving electricity without harming the environment and its resources, thus helping the technology obtain a huge smart windows market trends in these regions.
Key Findings of the Study:
- Based on technology, the suspended particle devices segment generated the highest revenue in the global smart windows market in 2018.
- Based on type, the OLED glass segment generated the highest revenue in the global smart windows market share in 2018.
- Based on application, the transport segment generated the highest revenue in the global market share in 2018.
The key players profiled in the report include Pleotint LLC, SAGE Electrochromics, Inc, Research Frontiers Inc, Polytronix, Inc, Gentex Corporation, Stellaris Corporation, ChromoGenics, Innovative Glass Corporation, Smart Windows Colorado, and View, Inc. These key players adopt several strategies such as, new product launch and development, acquisition, partnership and collaboration and business expansion to increase the global market share during the forecast period.