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SMART WINDOW MARKET ANALYSIS

Smart Window Market, By Technology Type (Electrochromic, Photochromic, Thermochromic, Liquid Crystal, and Others), By Application (Residential, Commercial, Automotive, Aerospace, and Others), By End User (Building and Construction, Automotive Industry, Transportation, and Others), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

  • Published In : Sep 2024
  • Code : CMI5146
  • Pages :161
  • Formats :
      Excel and PDF
  • Industry : Smart Technologies

Smart Window Market Size and Trends

Global smart window market is estimated to be valued at US$ 5.76 Billion in 2024 and is expected to reach US$ 10.82 Billion by 2031, exhibiting a compound annual growth rate (CAGR) of 9.4% from 2024 to 2031.

Smart Window Market Key Factors

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The growing construction industry across the world especially in developing countries is the primary factor driving increased demand for smart windows. The smart window market is expected to witness significant growth over the forecast period. Advancements in smart glass and sensor technologies that allows windows to change properties according to outside temperature, light and weather conditions are increasing their adoption. Growing focus on energy conservation and rising consumer preference for aesthetically appealing and multifunctional windows will further boost demand for smart windows among residential and commercial end-users. Rapid urbanization along with increasing green building construction will provide continued impetus to market expansion through 2031.

Market Driver - Growing demand for energy-efficient buildings and sustainable architecture

Energy efficiency in buildings has become a major focus area globally in the past decade. With rising energy costs and greater environmental consciousness, both commercial and residential builders are under increasing pressure to develop green and sustainable infrastructure. Smart windows provide an effective solution to significantly reduce electricity consumption from heating and cooling in buildings. By controlling the amount of sunlight, heat and glare entering a building, smart windows help maintain optimal and comfortable indoor environment while minimizing the need for conventional air conditioners and heaters.

As smart window technology continues to advance with the development of more accurate sensors and controls, architects have started incorporating these windows more widely in their designs. Premium office towers and luxury residential projects especially emphasize the use of smart glazing to highlight their green credentials and appeal to environmentally conscious tenants and homeowners. Both new construction as well as large-scale retrofitting projects present major market potential. Government regulations and building codes in many countries now mandate or incentivize the adoption of energy-saving solutions like smart windows. This is compelling more builders to invest in integrating these windows during planning and development stages itself.

Leading manufacturers are cognizant of the market shift towards sustainable architecture and are continuously enhancing their product lines. While historically high costs were a limitation, mass production and new low-emissivity coating technologies have brought down per unit prices significantly. Affordable smart window options are now available for mainstream commercial and housing segments beyond the premium tier. With their ability to deliver sizable savings on energy bills along with aesthetic advantages, smart windows are showing high return on investment for building owners and developers over the long run. This is helping strengthen the business case for wider adoption going forward.

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Increasing awareness of smart home technologies

The concept of a ‘smart home’ equipped with automated devices and IoT-enabled appliances has captured consumers’ imagination in recent years. While initially confined to niche early adopters, growing exposure through reality home shows, celebrity endorsements and technology conventions has brought smart homes into the mainstream. Mass media coverage highlighting the convenience and efficiency benefits of smart features like voice assistants, security cameras, lighting controls and more has accelerated this awareness. The smart home market itself has expanded at a rapid pace with influx of new startups and expanded product portfolios from tech giants.

Within the smart home landscape, smart windows represent an innovative addition that directly enhances comfort, convenience and security. Just as connected security systems and thermostats have taken off, consumers are now more receptive towards the value proposition of switchable smart glazing. Many view it as a high-impact yet affordable smart home upgrade on par with video doorbells and smart locks. The ease of remotely opening curtains/blinds for ventilation using a smartphone creates a ‘wow’ factor that resonates especially well in modern urban households.

For instance, in March 2022, SelectBlinds.com, a leading online retailer of custom window coverings, announced the launch of two new Motorized Architect Roller Shades products. These innovative roller shades are powered by Eve MotionBlinds motors, which are the first smart blind motors available to support both Bluetooth connectivity and Thread, a new smart home technology standard.

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