Electrochromic glass market an emerging green-building initiative
The global electrochromic glass market is expected to grow at an annual rate of 16.8 percent over the next several years, according to a new report.
The overall market value is projected to jump to $6.22 billion by 2024, up from $2.1 billion last year, “Global Electrochromic Glass Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024” by Energias Research shows.
Factors driving the growth are increasing demand for energy efficient solutions, controlling 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 carbon emission. Moreover, supportive government policies and growing concerns of the municipalities and government agencies toward environmental issues also augment that steady climb.
A major trend driving success in the industry is an increase in the use of photovoltaic-integrated electrochromic devices in applications of smart glass. However, lack of technical experts and awareness among people may hamper that growth, researchers found.
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. Electrochromic technology can be employed in indoor applications such as protecting objects under the glass of museums, displays or showcases and picture frames 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.
Key findings of the global electrochromic glass market report:
- Based on the mode of operation:
o The reflectance segment is the largest segment of the global electrochromic glass market in 2017
o 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:
o The inorganic electrochromic glass segment is the largest segment in the global electrochromic glass market in 2017
- Based on products:
o 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:
o The aviation segment is the largest segment of the global electrochromic glass market in 2017
- Based on the application:
o The windows segment is the largest segment in the global electrochromic glass market in 2017
- The Asia-Pacific region is expected to be the fastest growing market in the global electrochromic glass market due to the expansion of end-user industries.
- North America accounted for the major share of the global Electrochromic glass market, due to huge investments in research and development.