Electrochromic glass is a kind of smart glass which can change its light transmission properties when small voltage is applied by making the glass darker, clearer or changing its tint. It can control heat and glare without the need for blinds or shades. Electrochromic glass helps optimize natural daylight, saves energy and provides visual comfort. It is commonly used on building windows, skylights and curtain walls to reduce cooling requirements by blocking unwanted solar heat gain, and increase natural light when needed.
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:
Reduced energy usage presents a major market opportunity for the electrochromic glass market. Electrochromic glass helps reduce energy consumption as it can automatically adjust to let in or block sunlight and heat coming through windows based on external conditions. This results in reduced need for artificial lighting and heating or cooling. By optimizing the use of natural daylight, electrochromic window technologies can cut building energy costs by an estimated 30% primarily through lighting and HVAC savings. With growing importance of energy efficiency and conservation, electrochromic glass is suitable for achieving green building norms and standards. This growing demand for energy efficient technologies and solutions from the construction industry is expected to drive significant growth of the electrochromic glass market over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. Due to high R&D and capital requirements for setting up a production facility, new companies may find it difficult to enter this market.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of multiple established players offering electrochromic glass. Buyers can negotiate on price and demand customized products.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are few raw material suppliers and technology providers for electrochromic glass production.
Threat of new substitutes: The threat of substitutes is low as electrochromic glass offers unique properties like variable light transmission and energy efficiency.
Competitive rivalry: The competitive rivalry is high due intense competition among key players.
SWOT Analysis
Strength: Electrochromic glass offers properties like variable light transmission, energy efficiency and glare control. Growing construction industry drives its adoption.
Weakness: High cost of electrochromic glass limits its use in commercial buildings. Technical challenges exist in large scale production.
Opportunity: Increasing focus on green buildings and rising construction of smart homes and offices boost market growth.
Threats: Economic slowdowns can decrease spending on construction and real estate. Supply chain disruptions affect production.
Key Takeaways
Global Electrochromic Glass Market Size is expected to witness high growth. The market size for 2023 is US$ 2300.68 Mn with a CAGR of 5.3% during the forecast period of 2023 to 2030.
North America dominates the global electrochromic glass market currently due to high architectural construction and renovation activities in commercial and residential buildings. Stringent government regulations regarding energy conservation also support market growth. The Asia Pacific region is expected to grow at the fastest pace owing to rising construction sector and government initiatives for green buildings in countries like China and India.
Key players operating in the electrochromic glass market are Kinestral Technologies, View, Inc., SAGE Electrochromics, Diamond Glass, Gauzy, Electrochrome Technologies, and Asahi Glass Co. Kinestral Technologies is a leading player with significant market share due to its varied product portfolio including switchable glass and film products. View, Inc. offers smart windows for commercial buildings and construction industry.
