by Electrochromic glass is a type of smart glass that can change its light transmission properties when voltage is applied. It uses electronically stimulated chromogen embedded between two panes of glass to darken under the effect of a low voltage. Various types of electrochromic windows are used in residential, commercial and automotive applications owing to their ability to let in natural light while reducing heat gain and providing glare control. They are widely installed in office buildings, hotels, schools and homes to optimize natural lighting and energy usage. With the ability to switch between clear and dark states easily, electrochromic glass offers flexibility and passive solar control to manage temperature and lighting conditions.
The global electrochromic glass market is estimated to be valued at US$ 2650.39 Mn in 2024 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 key trends:
The increasing demand for energy efficient buildings is a key trend fueling the growth of electrochromic glass market. Electrochromic glasses help significantly reduce energy consumption from heating, ventilation and air conditioning systems by controlling heat and light transmission based on changing outdoor conditions. They also improve occupant comfort levels by regulating glare and heat absorption. This has boosted their adoption rate across various types of structures. Another aspect augmenting market growth is technological advancement leading to higher switching speeds, improved durability and lower maintenance costs. Ongoing R&D is improving product performance and expanding application scope such as integration with internet of things and sustainable building materials, thus opening up new opportunities in the coming years.
Porter’s Analysis
Threat of new entrants: New players find it difficult to enter this market as it requires high investments in R&D and manufacturing facilities. Existing players have established brand names and distribution networks.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of various product options from different manufacturers. Switching costs are low.
Bargaining power of suppliers: A few major players dominate the supply side resulting in lower bargaining power of suppliers.
Threat of new substitutes: Alternatives like photochromic glass and smart glass possess potential threat.
Competitive rivalry: The market is moderately competitive with presence of multiple international and local players.
Key Takeaways
The Global Electrochromic Glass Market Demand is expected to witness high growth. The global electrochromic glass market is estimated to be valued at US$ 2650.39 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031.
The Asia Pacific region is expected to dominate the market and witness the highest CAGR during the forecast period due to rapid urbanization and increasing construction activities in countries like China and India. Countries like China, India are the major demand generators on account of surge in construction projects including skyscrapers and commercial buildings.
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. These players are focusing on new product development and expansion to meet the growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
