Electrochromic glass, also known as smart glass or switchable glass, can vary its light transmission properties when small electric current, voltage or charge is applied. It has the ability to change from transparent to translucent/ opaque and vice versa with the touch of a button or automatically in response to UV light/ Solar radiation. These self-tinting/self-dimming windows find extensive applications in architectural and automotive industries such as smart windows in buildings and rear-view mirrors & sunroofs in vehicles.

The global electrochromic glass Market is estimated to be valued at US$ 2650.39 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The expanding construction industry globally owing to rapid urbanization is expected to drive the demand for electrochromic glass in architectural applications such as residential and commercial buildings. According to estimates, at least 2.5 trillion square feet of new construction is projected by 2060 worldwide with more than half of this new development expected to take place in Asia and Africa. The smart windows installed in modern high-rise buildings and energy efficient homes deliver enhanced user comfort alongside energy savings by controlling heat and light transmission into interior spaces automatically. This cost effective and sustainable feature of electrochromic glass is anticipated to garner more popularity among builders and real estate developers in the coming years.

Porter's Analysis

Threat of new entrants: The electrochromic glass market requires high R&D investment and possesses economies of scale, thereby posing moderate threat of new entrants.

Bargaining power of buyers: The buyers have moderate bargaining power due to availability of alternatives like photochromic and thermochromic glasses.

Bargaining power of suppliers: The suppliers have moderate bargaining power due to availability of substitute raw materials.

Threat of new substitutes: Substitutes like photochromic and thermochromic glasses pose low-moderate threat due to limitations in functionality.

Competitive rivalry: Intense due to presence of global and regional players.

SWOT Analysis

Strengths: Growing construction industry and increasing demand for energy efficient buildings.

Weaknesses: High costs of electrochromic glass and maintenance requirements. Limited applications.

Opportunities: Increasing adoption in automotive sector and emergence of next generation technologies.

Threats: Economic slowdowns hindering new construction projects. Competition from alternative smart glass technologies.

Key Takeaways

The Global Electrochromic Glass Market Demand is expected to witness high growth during the forecast period. The global electrochromic glass Market is estimated to be valued at US$ 2650.39 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031.

North America dominates the market currently due to high demand from the construction industry in the US. The Asia Pacific region is expected to grow at the fastest pace with increasing construction in China, India and other developing nations.

Key players operating in the electrochromic glass market are Sandvik Coromant, Kennametal Inc., Iscar Ltd., Mitsubishi Materials Corporation, Seco Tools, Walter AG, Kyocera Corporation, Tungaloy Corporation, Sumitomo Electric Industries, Ltd., Ceratizit Group, Ingersoll Cutting Tool Company, TaeguTec Ltd., Valenite LLC (Kennametal), Lamina Technologies, Vargus Ltd. Kennametal Inc. and Saint Gobain are among the leading players due to their product portfolio and global presence.

For more insights, Read- https://www.rapidwebwire.com/electrochromic-glass-market-growth-demand-and-overview/

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