Market Analysis
The global smart window market will touch USD 9083.7 million
at a whopping 17.8% CAGR between 2019- 2025, states the recent Market Research
Future (MRFR) analysis. Smart windows or switchable glass, simply put, is a
glass whose light transmission properties that can be altered when heat, light,
or voltage is applied. The lens generally changes from translucent to
transparent by blocking some wavelengths of light to letting light pass
through. This glass is made from special glass that changes light transmittance
properties. The characteristics of such glasses change resting on various
ambient conditions through the help of lightly applied or heat voltage. This
glass helps in reducing the costs of lighting, heating, and AC, among others,
as well as blocks, UV light.
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Key Players
Prominent contenders profiled in the global smart window
market report include Innovative Glass Corporation (US), Nippon Sheet Glass
Co., Ltd (Japan), Hitachi Chemical Co., Ltd (Japan), AGC, Inc. (Japan),
ChromoGenics AB (Sweden), E-Chromic Technologies, Inc. (US), Pleotint, LLC
(US), Merck KGaA (Germany), Gentex Corporation (US), Kinestral Technologies,
Inc. (US), LTI Smart Glass, Inc. (US), PPG Industries, Inc. (US), RavenWindow
(US), and Saint-Gobain Group (France).
Various factors are propelling the global Smart
Window Market share. According to the recent MRFR report, such
factors include increasing adoption in the healthcare sector and transportation
applications, growing use of smart windows in commercial and residential
buildings for better aesthetics, and technological advances.
On the contrary, limited awareness and complexities, high cost
of products, ongoing R&D for substitutes, and the COVID-19 outbreak may
limit the global smart window market growth over the forecast period.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of
the global smart window market based on application and technology.
By technology, the global smart window market is segmented
into photochromic, SPD, PDLC, and electrochromic technology. Of these, the SPD
segment will lead the market over the forecast period.
By application, the global smart window market is segmented
into power generation, consumer goods, marine, aircraft, automotive,
transportation, and architecture and construction. Of these, the architectural
and construction will dominate the market over the forecast period.
Regional Analysis
By region, the global smart window market report covers the
growth opportunities and recent trends across Europe, North America, the Asia
Pacific (APAC), & the Rest of the World (RoW). Of these, North America will
spearhead the market over the forecast period. The growing popularity of smart
glass as a building material, increasing use as a multi-purpose building
material which architects use for different purposes, widespread feature in the
commercial design sector owing to its aesthetic value, used as an appealing
product in the building sector with the growing demand for greener designs, and
growing adoption of smart windows from the government sector are adding to the
global smart window market growth in the region.
In Europe, the global smart window market is predicted to hold
the second-largest share over the forecast period. Government policies for the
use of energy-efficient products, the presence of several key industry players,
and a surge in energy costs are adding to the global smart window market growth
in the region.
In the APAC region, the global smart window market is
predicted to have sound growth over the forecast period. Growing demand in
Japan, South Korea, Australia, and China, better technological innovation, high
disposable income, cost-efficient production, and increasing use in the
construction and automobile sector, energy generation and electronics, and China
being a top consumer and manufacturer of smart glass are adding to the global
smart window market growth in the region. China has the utmost share in the
market.
In the Rest of the World, the global smart window market is
predicted to have steady growth over the forecast period.
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