Electrochromic Glass Market to Surpass US$ 3.9 Billion by 2032 Amid Rising Demand from Construction and Automotive Industries Says Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
5 min read
Future Market Insights Global and Consulting Pvt. Ltd.
The increasing cost of energy has led to a growing demand for energy-efficient products, and smart glass is poised to become a popular solution in Europe. Smart glass has the ability to decrease a building's overall energy consumption while offering additional benefits such as on-demand privacy or glare reduction. Therefore, it is expected that the demand for smart glass will continue to rise in Europe.
DUBAI, United Arab Emirates, March 30, 2023 (GLOBE NEWSWIRE) -- The global electrochromic glass market size reached US$ 1.8 billion in 2022. Over the next ten years, global electrochromic glass demand will rise at 8.0% CAGR. By 2032, the worldwide market for electrochromic glass will touch a valuation of US$3.9billion.
Adoption of electrochromic glass will remain high in construction sector. As per the report, construction segment will thrive at 7.8% CAGR from 2022 to 2032.
Growing demand for electrochromic glass from automotive and construction sectors is driving the global market.
Electrochromic glass, also known as smart glass, is a glass type that alters its opacity in response to an electric current. It is gaining wider popularity across construction and automotive sectors. This is due to its capacity to conserve energy and enhance privacy and comfort.
Electrochromic glass can help reduce building energy consumption. This it does, by reducing the amount of heat and light that enters the interior. It is becoming a key technology for green and sustainable building concepts.
High adoption of electrochromic glass in vehicles will boost sales through 2032. One of the main advantages of electrochromic glass in automobiles is its capacity to automatically adjust its tint in accordance with ambient lighting conditions.
For example, in direct sunlight, the glass darkens to lessen glare, while in low light, the glass becomes more transparent to enhance visibility. By blocking out heat from the sun and reducing glare and improving visibility, electrochromic glass can help ease the burden on an automobile's air conditioning system.
Smart glass is used in various cars to reduce heat buildup and maintain a comfortable interior temperature. Therefore, the market for electrochromic glass is projected to expand during the assessment period as electrochromic glass adoption in automobiles rises.
Key Takeaways from the Electrochromic Glass Market Report:
Global electrochromic glass sales are set to rise at 8.0% CAGR between 2022 and 2032.
By application, windows segment will thrive at 7.9% CAGR during the assessment period.
By end-use industry, construction segment is likely to expand at 7.8% CAGR through 2032.
The United States electrochromic glass market will reach a valuation of US$ 824.4 million by 2032.
China electrochromic glass market is forecast to progress at 9.0% CAGR through 2032.
Electrochromic glass demand across Korea will increase at 8.4% CAGR between 2022 and 2032.
By 2032, Japan electrochromic glass market is set to cross a valuation of US$ 285.5 million.
“Rapid shift towards green and sustainable building is set to bolster electrochromic glass sales. Further, booming automotive sector will create growth prospects for the market. Says a lead Future Market Insights analyst.
Who is Winning?
Westminster International Ltd., AGG Inc., ChromoGenics AB, Compagnie de Saint-Gobain S.A., Showa Denko, Halio, Inc., Suntuitive Glass, Polytronix, Inc., Diamond Glass, Smartglass International, and View, Inc. are few of the leading electrochromic glass manufacturers profiled in the report.
New product launches, mergers, acquisitions, partnerships, and investments in research and development are key strategies adopted by electrochromic glass companies.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the electrochromic glass market presenting historical market data (2017 to 2021) and forecast statistics for the period from 2022 to 2032.
The study reveals extensive growth in terms of application (windows, mirrors, and display) and end-use industry (construction, automotive, and aerospace) across various regions.
Explore FMI’s Extensive Coverage on Technology Domain:
Building Access Control Security Market Demand : In 2023, it is anticipated that the market for building access control security will reach a value of US$11.89 billion. During the 2023–2033 prediction window.
Smart Building Solutions Market Size : The size of the global market for smart building solutions is projected to increase from US$ 59,733 million in 2022 to US$ 1,90,002.1 million in 2032, at a CAGR of 12.3%.
Smart Fitness Market Share : Future Market Insights estimates that the revenue from the worldwide smart fitness market would reach US$ 13 billion in 2020. (FMI). The size of the global smart fitness market is anticipated to be around US$ 50 billion by 2031, expanding at a CAGR of 12% between 2021 and 2031.
Embedded Smart Cameras Market Growth : In 2022, the market for integrated smart cameras is anticipated to be worth US$4,952.2 million. By the end of 2032, sales of integrated smart camera devices are expected to reach about US$ 19,560.52 Million, growing at a strong CAGR of 14.7% between 2022 and 2032.
Intelligent Lighting Control Market Opportunity : In 2022, it is anticipated that the global intelligent lighting control market will be worth US$22,940 Mn. The market is anticipated to develop at a CAGR of 16.5% from 2022 to 2032, reaching a worth of US$ 105,640 Mn by that year.
ABOUT FUTURE MARKET INSIGHTS, INC.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
