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Electrochromic Glass market Landscape
The integration of electrochromic glass technology in smart buildings and Internet of Things (IoT) applications is a major growth driver.
WILMINGTON, DE, UNITED STATES, October 11, 2024 /EINPresswire / -- A recent report by Allied Market Research titled, "Electrochromic Glass Market by Application (Windows, Mirror, Display) and End-use
industry (Construction, Automotive, Aerospace, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032" projects the global electrochromic glass market to grow significantly over the next decade. Valued at $1.7 billion in 2022, the market is expected to reach $4.1 billion by 2032, registering a compound annual growth rate (CAGR) of 9.2% from 2023 to 2032.
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Key Growth Drivers:
Smart Buildings & IoT: The integration of electrochromic glass technology in smart buildings and Internet of Things (IoT) applications is a major growth driver, as it enables dynamic control of light and heat, enhancing energy efficiency and occupant comfort.
Automotive Applications: Increasing use of electrochromic glass in automotive windows and sunroofs further propels market growth.
Opportunities: Rising demand for green building certifications offers promising avenues for market expansion.
Challenges: The high cost of electrochromic glass continues to impede more widespread adoption.
Market Segmentation
Application Segment:
- Windows: Dominated the market in 2022, accounting for over half of the global revenue. This is attributed to the growing use of electrochromic windows in residential construction.
- Mirrors: Expected to grow at the fastest rate, with a projected CAGR of 9.6% from 2023 to 2032. Electrochromic mirrors are finding applications across various sectors, including automotive rearview mirrors, bathroom mirrors, and retail spaces.
End-Use Industry:
- Construction: Led the market in 2022 with a one-third revenue share, driven by the integration of electrochromic glass in smart building systems to optimize daylight and energy efficiency.
- Aerospace: Expected to witness the highest growth rate (CAGR of 9.7%) due to the increasing use of electrochromic glass in aircraft sunroofs and skylights, including private jets and helicopters.
Geographical Insights
- Asia-Pacific: The region held the largest market share in 2022, with a CAGR of 9.6%. Countries like Japan and South Korea are adopting electrochromic glass for its energy-saving advantages.
- Europe: Despite Asia-Pacific's growth, Europe dominated the overall market in 2022, accounting for one-third of the total share. Electrochromic glass is especially popular in Europe for preserving historical buildings and artifacts, particularly in countries such as Italy and France.
Key Market Players
- AGC INC.
- Chromogenics
- Saint-Gobain
- Pleotint LLC
- Polytronix, Inc.
- Guardian Industries
- View, Inc.
- RavenWindow
- SageGlass
- Gentex Corporation
These companies are adopting strategies such as product launches, collaborations, expansions, and joint ventures to maintain their market dominance.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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