Increase in construction application of electrochromic glass and government incentives for installing energy-saving solutions have boosted the growth of the global electrochromic glass market.
PORTLAND, Oregon, Feb. 19, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Electrochromic Glass Market by Application (Windows, Mirror, and Display) and End-User Industry (Construction, Automotive, Aerospace, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global electrochromic glass industry was pegged at $1.20 billion in 2018 and is expected to reach $4.1 billion by 2026, growing at a CAGR of 17.2% from 2019 to 2026.
Chief reasons for market fluctuations
Increase in construction application of electrochromic glass and government incentives for installing energy-saving solutions have boosted the growth of the global electrochromic glass market. However, high price of electrochromic glass hampers of the market. On the contrary, surge in demand from end-use industries is expected to create lucrative opportunities in the near future.
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Windows segment dominated the market
By application, the windows segment held the largest share in 2018, contributing to more than half of the global electrochromic glass market, owing to increased use of smart windows and rise in construction of new and renovation of old office buildings in North America and Europe. However, display segment is expected to register the fastest CAGR of 19.2% during the forecast period, owing to rise in trend of smart homes and offices and increase in demand for smart technologies in developing countries.
Automotive segment to manifest the fastest growth through 2026
The automotive segment is expected to manifest the fastest CAGR of 18.1% during the forecast period, owing to increase in use of sunroofs, side windows, sun-visors, and rear windows in automotive. However, the construction segment held the largest share in 2018, accounting for more than one-third of the global electrochromic glass market, due to increase in use of electrochromic glasses in countries such as North America.
Europe, followed by North America, garnered largest share
The global electrochromic glass market across Europe, followed by North America, dominated the market in 2018, accounting for one-third of the market, due to presence of key end-use industries such as major automotive companies and construction companies. However, the market across Asia-Pacific is estimated to portray the fastest CAGR of 18.1% during the forecast period, due to increasing use of smartphones in the region.
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