ELECTROCHROMIC GLASS MARKET ANALYSIS

Electrochromic Glass Market Size and Trends

The Electrochromic Glass Market is estimated to be valued at USD 2.41 Billion in 2024 and is expected to reach USD 5.12 Billion by 2031, exhibiting a compound annual growth rate (CAGR) of 11.4% from 2024 to 2031.

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The electrochromic glass market is expected to witness significant growth over the forecast period. The growing construction industry especially in commercial construction is expected to drive the demand for electrochromic glass.

Electrochromic glass offers features like control of light, heat, and glare which makes them ideal for use in buildings. Their ability to improve indoor comfort and reduce energy costs makes them an attractive proposition for commercial establishments and factories. Additionally, rising disposable income and growing focus on green buildings in developing nations will further provide opportunities for market growth in the coming years.

The growing demand for smart windows in commercial buildings

Electrochromic glass allows the automatic adjustment of the amount of light, heat, and glare passing through glass based on current exterior light conditions and interior programmable settings. This allows for significant energy savings potential by reducing heating/cooling loads and improving occupant comfort through manual or automated control of natural daylight and solar heat gain. Many commercial building owners are recognizing these benefits and are incorporating more smart glazing solutions in their construction and renovation projects. Particularly for large office towers, hospitals, and educational institutes, smart windows offer multi-fold returns through reduced energy costs and optimizing worker/student productivity by reducing eyestrain and improving focus in varying light conditions throughout the day. With growing environmental consciousness and stringent energy-efficiency norms, major real estate developers and commercial building owners are more willing to invest in novel building technologies like electrochromic glass that provide quantifiable returns over the lifecycle.

For instance, in February 2022, ChromoGenics entered a cooperation agreement with Finnglass Oy for the manufacturing, marketing, and distribution of ConverLight Dynamic, a dynamic glass known for its integration of electrical functions and modern manufacturing processes. Finnglass Oy is a leading supplier of advanced glass solutions.

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In addition to commercial building applications, automakers are actively exploring ways to bring more smart and adaptive technologies to vehicles. Consumers are increasingly demanding advanced safety, connectivity, and comfort features in their cars. Electrochromic glass offers an elegant solution to control heat and light inside vehicles without compromising exterior design aesthetics. With a touch of a button, drivers can opt for the perfect blend of natural light and shade on-the-go. Especially for larger trucks and SUVs where the entire roof area can be covered by a smart sunroof, there is opportunity to significantly enhance occupant experience. Auto manufacturers have taken note of this emerging trend and some luxury brands have already starting including these innovation sunroofs as differentiators. Meanwhile, as electrochromic glass technology progresses on aspects like switch speeds and charge cycles to achieve tint transitions in real-time, it opens up the opportunity for mass integration across many vehicle categories. This promises to be a major revenue generator for electrochromic glass companies looking to expand beyond buildings into transportation.

For instance, in May 2022, AGC, a leading manufacturer of glass chemicals and high-tech materials, developed a light-control panoramic roof with Low-E coating. The panoramic roof can provide both an open cabin experience and a pleasant cabin temperature due to the use of Low-E glass*2 with strong solar control and heat-insulating capabilities.