NEW YORK, Sept. 06, 2018 (GLOBE NEWSWIRE) -- The global Electrochromic glass market is expected to increase from USD 2.1 billion in 2017, to USD 6.22 billion in 2024 at a significant CAGR of 16.8% during the forecast period from 2018 to 2024. Factors driving the market growth are increasing demand for energy efficient solutions, control the amount of heat based on ambient temperature, emerging green building initiatives, rapid investments in setting up industrial-scale production capacities, escalating technology scalability potential, and swift emission of carbon. Moreover, supportive government policies and growing concerns of the municipalities and government agencies toward environmental issues also augment the growth of the Electrochemical market, globally. A major trend that will hop in the Electrochromic market is an increment in use of photovoltaic-integrated Electrochromic devices in applications of smart glass. However, lack of technical experts and awareness among people may restrain the growth of the global Electrochromic glass market.
Electrochromic glass or electronically switchable glass is a kind of smart glass whose optical transmission properties are altered when voltage or heat is applied. When a voltage is applied, the Electrochromic glass responds to the applied voltage and transforms its state from transparent to translucent, blocking some or all wavelengths of light. While improving reliability, it saves cost, space, ruggedness, and sustains the life of electronics and active optics. Furthermore, Electrochromic technology can be employed in indoor applications such as, protecting objects under the glass of museum, display or showcases and picture frame from the harmful effects of the visible and UV wavelengths of artificial light. Electrochromic smart glasses can also be used in educational, commercial, corporate and residential buildings, hospitals, hotels, labs, and retail outlets to create partitions in their windows, walls and skylights.
The global Electrochromic glass market is segmented on the basis of mode of operation (reflectance and transmittance), materials (Inorganic and organic), products (Smart Dimming glass and Display), end-user (building & construction, electronics, healthcare, automotive, aerospace or aviation, marine, and others) application (windows, mirrors, doors, displays, sunglasses, and others), and region (North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa). On the basis of end-user, transportation segment is anticipated to be a major segment. Based on material, the inorganic and organic sub-segment consist of nanocrystal (Inorganic), transition metal oxides (Inorganic), reflective hydride (organic), viologen (organic), and polymers (organic).
Key companies profiled in this market are Saint-Gobain S.A., SAGE Electrochromics, View Inc., Asahi Glass Co. Ltd., E. I. du Pont de Nemours and Company, Gentex Corporation, Ravenbrick Llc, and Smartglass International Limited.
Key Findings from the Report:
- The global Electrochromic glass market is expected to grow at a CAGR of 16.8% during the forecast period
- Based on the mode of operation:
- The reflectance segment is the largest segment of the global Electrochromic glass market in 2017
- The transmittance segment is expected to be the fastest growing market segment in the global Electrochromic glass market during the forecast period
- Based on the material:
- The inorganic Electrochromic glass segment is the largest segment in the global Electrochromic glass market in 2017
- Based on products:
- The smart dimming glass segment is expected to be the fastest growing market segment in the global Electrochromic glass market during the forecast period
- Based on end-user:
- The building segment is the largest segment of the global Electrochromic glass market in 2017
- Based on the application:
- The windows segment is the largest segment in the global Electrochromic glass market in 2017
- The windows segment is the largest segment in the global Electrochromic glass market in 2017
- Electrochromic glass component has the wide application in manufacturing of windows, mirrors, doors, displays, sunglasses, and others
- Asia-Pacific region is expected to be the fastest growing market in the global Electrochromic glass market owing expansion of end-user industries
- North America is accounted to hold the major share of the global Electrochromic glass market, owing to huge investments in R&D
Global Electrochromic Glass Market–
Electrochromic glass finds its application in various verticals such as building & construction, electronics, healthcare, automotive, aerospace or aviation, marine, and others. The automotive sector is expected to hold the major Electrochromic glass market share, during the forecast period.
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Global Electrochromic glass Market - Regional Insight
Geographically, the global Electrochromic glass market is segregated into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to be the fastest growing market during the forecast period. The expansion of end-user industries in this region such as automotive and construction is expected to fuel the market growth. Additionally, North America holds the largest market share of the global Electrochromic glass market during the forecast period.
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