BANGALORE, India, Sept. 13, 2021 /PRNewswire/ -- The Electrochromic Glass Market is segmented by Type (Windows, Mirror, Display), by Application (Construction, Automotive, Aerospace): Global Opportunity Analysis and Industry Forecast, 2021–2027. It is published in Valuates Reports under Automotive Industry Category.
The global electrochromic glass market was valued at USD 1.4 Billion in 2019 and is projected to reach USD 2.6 Billion by 2027, growing at a CAGR of 9% from 2020 to 2027.
Electrochromic glass is a type of smart glass that changes its transparency when it is exposed to a voltage. Depending on how much voltage is supplied to the glass, it becomes opaque or translucent.
Major factors driving the growth of the Electrochromic glass market are:
Increasing adoption in various end-user industries such as offices, hospitals, automotive, and hotels is expected to drive the growth of the Electrochromic glass market.
Electrochromic glass is energy efficient and does not allow excess heat to enter a room, keeping the space cooler in the summer and lowering air conditioning costs. This feature is in turn expected to increase its adoption, thereby driving the growth of the Electrochromic glass market.
The Electrochromic Glass market is further boosted by an increase in the usage of electrochromic glass and features such as privacy at a touch of a button and increased security.
TRENDS INFLUENCING THE GROWTH OF ELECTROCHROMIC GLASS MARKET
Electrochromic glasses are used in the automobile industry, for example, in-car windows and windscreens. Electrochromic glass is utilized in sunroofs, side windows, sun visors, and rear windows in automobiles. Electrochromic glass is used in these automobile parts to reduce unwanted light and glare, as well as build up heat within the car, making it superior to regular glasses. This increases vehicle fuel economy while also lowering carbon emissions. As a result, the increased use of electrochromic glass in automobiles is likely to propel the Electrochromic Glass market forward.
Factors such as architectural aesthetics coupled with functional features are expected to drive the growth of the Electrochromic Glass market. Electrochromic Glass essentially eliminates the need for blinds or curtains because the glass dims and brightens to match the outside light conditions — this is important for regulating the ambiance and temperature of a room while also lowering a building's energy consumption.
The electrochromic glass requires a brief electrical charge to tint and the charge can be withdrawn once the chemical reaction has occurred, making this technology incredibly energy efficient. On a hot day, they can block out the light and reflect a large portion of the heat, lowering air conditioning costs. They could even be combined with other technologies like self-cleaning properties and photovoltaic materials to make Smart Glasses even smarter, lowering cleaning costs and generating electricity in the process. Such advantages are expected to increase the adoption thereby driving the Electrochromic Glass market growth.
Based on the application, the display segment is estimated to grow with the highest CAGR during the forecast period. More smart technologies, such as electrochromic smart glass displays, are being demanded by the growing trend of smart homes and smart offices. Due to the development efforts in these regions, the expanding urbanization in Asia-Pacific and LAMEA has the potential to contribute to this market.
Based on the end-user, the Automotive segment is projected as the fastest-growing segment. The automotive segment is estimated to grow with the highest CAGR in the electrochromic glass market forecast. In the automotive industry, electrochromic glass is used in sunroofs, side windows, sun-visors, and rear windows. The use of electrochromic glass in these automotive parts ensures reduction of unwanted light & glare and build-up heat inside the vehicle, thereby, making them preferable over normal glass. This improves the vehicle's fuel efficiency and reduces carbon emission as well.
Based on region, Asia-Pacific would exhibit a CAGR of 9.9% during 2020-2027.
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