Electrochromic glass, also known as smart glass or switchable glass, can change its properties when a voltage is applied and allow control over the amount of light, solar heat and glare passing through the glass. It has gained significant interest due to its potential in optimizing energy use in buildings and vehicles by controlling heat and light transmittance and thereby reducing energy consumption for heating and cooling. The global Electrochromic Glass Market is estimated to be valued at US$ 2300.68 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Energy Savings
The opportunity in energy savings is driving the demand for electrochromic glass as it can significantly reduce energy consumption in buildings by controlling solar heat gain and minimizing the need for artificial lighting and heating/cooling. Electrochromic glass switches between clear and dark states and according to studies can reduce building energy use by around 15% and cut cooling loads by up to 50%. With growing focus on lowering carbon footprint and energy costs, electrochromic glass is increasingly being adopted in commercial buildings and its market is expected to witness significant growth owing to the vast potential for energy savings.
Porter's Analysis
Threat of new entrants: High capital requirements for manufacturing plants and R&D act as a barrier for new entrants in the electrochromic glass market.
Bargaining power of buyers: Buyers have high bargaining power due to the availability of substitute products like traditional glasses.
Bargaining power of suppliers: The suppliers of raw materials have moderate bargaining owing to the availability of alternative suppliers.
Threat of new substitutes: Technologies like switchable films and photochromic materials poses threat of substitution.
Competitive rivalry: The market is highly competitive with the presence of global players focusing on new product development.
SWOT Analysis
Strength: Electrochromic glass offers features like control over heat, glare and visibility. It provides enhanced environmental regulation and energy efficiency.
Weakness: High initial capital cost and maintenance charges. Complex manufacturing process. Issues with uniform tinting.
Opportunity: Growing adoption in non-residential construction sector for applications in smart windows and skylights. Increasing demand for energy efficient and sustainable buildings.
Threats: Availability of cheaper substitutes like curtains, blinds and traditional glasses limits the demand. Integration challenges with existing buildings.
Key Takeaways
The global electrochromic glass market size is expected to witness high growth owing to rising environmental concerns and stringent regulations regarding energy consumption in buildings.
North America dominates the electrochromic glass market led by US due to stringent energy efficiency mandates and presence of global players like SAGE Electrochromics, View Inc, and Pleotint. The Asia Pacific region will exhibit the highest CAGR during the forecast period due to rapid urbanization and increasing construction activities in countries like China and India.
Key players operating in the electrochromic glass market are SAGE Electrochromics, Research Frontiers, View Inc, Gentex Corporation, AGC, and Hitachi Chemicals.
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