SMART WINDOW MARKET ANALYSIS

Market Challenges And Opportunities

Market Restraint:

Restraint 1:

High product cost and capital investment for research and development of smart window products is expected to hamper the growth of the global smart window market. As the set-up of smart window is motorized and the bases are installed before setting the windows. It is time consuming and hence hampers the growth of the global smart window market. 

Restraint 2:

The initial cost involved in the installation, parts, energy consumption, poses a challenge for the market. The consumers tend to look for hassle-free methods that need lower upfront costs for simple fixtures. This is expected to restraint the growth of the global smart window market.

Market Opportunities:

Opportunity 1:

Smart windows are combined with lighting and air conditioning control systems to safeguard greater thermal and visual comfort for the occupant’s and generate significant energy savings. Apart from this, the integration of smart windows with the Internet of Things (IoT) has assisted in offering users with enhanced manageability and configuring abilities. This is expected to offer lucrative opportunities in the growth of the global smart window market.

Opportunity 2:

Due to increasing Research & Development activities, manufacturers are designing smart windows with electrochromic technology. It assists the building owners and operators to conserve energy and optimize cooling, heating and lighting costs. Similarly, products are being developed using perovskites that turn dark at high temperatures and can harvest solar energy like PV cells. This is projected to propel the growth of the global smart window market.

Market Drivers:

Driver 1:

Increasing demand of smart homes is anticipated to fuel the growth of the global smart window market. For instance, as per a recent survey, there were an estimated 175 million smart homes across the globe.

Driver 2:

The demand for smart home solutions is growing significantly. It is due to various government initiatives to adopt connected solutions. This is anticipated to drive the growth of global smart window market. As per the Ambient, the US penetration of smart homes stood at over 32.4%, or approximately 41.3 million smart homes.