The electrochromic glass market was valued at US$ 1.55 billion in 2016 and is projected to reach US$ 3.90 billion by 2025, exhibiting a CAGR of 10.92% over the forecast period, according to Electrochromic Glass Market, by Application (Windows, Mirrors, Displays, and Others), by End Use (Commercial, Residential, Transportation, and Others) published by Coherent Market Insights.
Electrochromic glass is a smart glass that works on the electrochromism principal and changes display shades based on the potential difference applied across the surface of these windows, partitions, automotive mirrors, and displays. Increasing application of this glass owing to its effective blocking of light as per user need without the need for any additional fittings. It also helps maintain in-house temperature and allows for provision of privacy with the flick of a switch, instead of noisy and troublesome motorized curtains are factors expected to aid in growth of films and glasses.
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Key Trends and Analysis of the Global Electrochromic Glass Market:
Among applications, window was the dominant segment accounting for over 79% of the market, and is expected to retain its dominance over the forecast period. Increasing application of these glass as windows in commercial, residential, automotive, and aerospace segments, in order to control the light and heat transmitted inside, is among the prominent factors contributing to growth of the segment.
Among end-use, transportation was the dominant segment in terms of revenue share in 2016, and is expected to retain its dominance over the forecast period. This material has been increasing used in high-end aircrafts and in the automotive industry by brands such as Daimler, BMW, and Audi for various applications such as in windows and sunroof. Moreover, in June 2015, according to Tesla Motors Club LLC (TMC), the Tesla Model X is may feature electrochromic windows and roofs for better user comforts.
Incorporation of photovoltaic devices with this material, is one of the major trends expected to gain traction over the forecast years. The photovoltaic electrochromic (PVEC) systems include non-conductive transparent substrate, thin-film solar panel (Si-TFSC) substrate, and electrochromic solution to feature a semi-transparent property. Increased transmittance, propagation of uniform electric fields, and other properties are its advantages, which is expected to propel demand for these devices and fuel growth of the electrochromic glass market over the forecast period.
Key Takeaways of the Market:
According to Coherent Market Insights’ study, Europe dominated the global electrochromic glass market in 2016, and is expected to retain its dominance over the next few years. High inclination of consumers in the region towards materials that aid in energy conservation and early adopters of new technologies are among the prominent factors fueling demand for this product. U.K., Germany, France, and Italy are the growth engines in this region.
Growth of the market is expected to be adversely affected by some of the technical drawbacks such as delay in switching time and lack of 100% opaqueness property. Theoretically, these films can reflect 100% of the light and heat incident on it, though, these are featured to block only 98%, and the delay in switching times can take up to several minutes to change its state. However, no constant requirement of electricity to maintain a particular state, in addition to featured benefits will present substantial growth prospects for the market over the forecast period.
Some of the major vendors in the global electrochromic glass market include Asahi Glass Co., Ltd., Chromogenics AB, Econtrol-Glas GmbH & Co. KG, Guardian Industries Corporation, Gentex Corporation, Magna Mirrors Holding GmbH, PPG Industries, Ravenbrick Llc, Sage Electrochromics, Inc., View, Inc., and Diamond Glass
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