The global smart window market will touch USD 9083.7 million at a whopping 17.8% CAGR between 2019- 2025, states the recent Market Research Future (MRFR) analysis. Smart windows or switchable glass, simply put, is a glass whose light transmission properties that can be altered when heat, light, or voltage is applied. The lens generally changes from translucent to transparent by blocking some wavelengths of light to letting light pass through. This glass is made from special glass that changes light transmittance properties. The characteristics of such glasses change resting on various ambient conditions through the help of lightly applied or heat voltage. This glass helps in reducing the costs of lighting, heating, and AC, among others, as well as blocks, UV light.
Various factors are propelling the global smart window market share. According to the recent MRFR report, such factors include increasing adoption in the healthcare sector and transportation applications, growing use of smart windows in commercial and residential buildings for better aesthetics, and technological advances.
On the contrary, limited awareness and complexities, high cost of products, ongoing R&D for substitutes, and the COVID-19 outbreak may limit the global smart window market growth over the forecast period.
The MRFR report highlights an inclusive segmental analysis of the global smart window market based on application and technology.
By technology, the global smart window market is segmented into photochromic, SPD, PDLC, and electrochromic technology. Of these, the SPD segment will lead the market over the forecast period.
By application, the global smart window market is segmented into power generation, consumer goods, marine, aircraft, automotive, transportation, and architecture and construction. Of these, the architectural and construction will dominate the market over the forecast period.
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By region, the global smart window market report covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), & the Rest of the World (RoW). Of these, North America will spearhead the market over the forecast period. The growing popularity of smart glass as a building material, increasing use as a multi-purpose building material which architects use for different purposes, widespread feature in the commercial design sector owing to its aesthetic value, used as an appealing product in the building sector with the growing demand for greener designs, and growing adoption of smart windows from the government sector are adding to the global smart window market growth in the region.
In Europe, the global smart window market is predicted to hold the second-largest share over the forecast period. Government policies for the use of energy-efficient products, the presence of several key industry players, and a surge in energy costs are adding to the global smart window market growth in the region.
In the APAC region, the global smart window market is predicted to have sound growth over the forecast period. Growing demand in Japan, South Korea, Australia, and China, better technological innovation, high disposable income, cost-efficient production, and increasing use in the construction and automobile sector, energy generation and electronics, and China being a top consumer and manufacturer of smart glass are adding to the global smart window market growth in the region. China has the utmost share in the market.
In the Rest of the World, the global smart window market is predicted to have steady growth over the forecast period.
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Prominent contenders profiled in the global smart window market report include Innovative Glass Corporation (US), Nippon Sheet Glass Co., Ltd (Japan), Hitachi Chemical Co., Ltd (Japan), AGC, Inc. (Japan), ChromoGenics AB (Sweden), E-Chromic Technologies, Inc. (US), Pleotint, LLC (US), Merck KGaA (Germany), Gentex Corporation (US), Kinestral Technologies, Inc. (US), LTI Smart Glass, Inc. (US), PPG Industries, Inc. (US), RavenWindow (US), and Saint-Gobain Group (France).
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