Smart Glass Market For Photochromic Glass, In Terms Of Value And Volume, 2017-2025

Smart glass market is expected to reach USD 8.35 Billion by 2023 from USD 2.80 Billion in 2016, at a CAGR of 16.61% between 2017 and 2023.

Declining prices of electrochromic materials

At present, electrochromic materials are offered as both smart electrochromic glasses and electrochromic films. Various reasons make electrochromic materials an ideal material for smart windows. Being an active technology, electrochromic windows can be directly controlled manually or by building automation systems for optimum comfort and energy control. The performance and capabilities of electrochromic materials are well understood because of their widespread adoption in auto mirrors.

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Electrochromic glasses exhibit long product life as electrochromic materials are not easily deteriorated by light. Electrochromic windows are a highly functional technology that is at, or near, full commercialization. With these characteristics, the popularity of electrochromic glasses has increased. Moreover, the prices of electrochromic glasses are also declining with increasing economies of scale. Sage Electrochromics managed to reduce the cost of smart glass by 50% over the past 4 years by scaling up the new manufacturing capabilities with economies of scale.
Higher cost of smart glass

The smart glass was used for the first time in the 1980s, but the technology was commercialized after 2000. The smart glass industry has undergone many changes and advancements in terms of the technologies and applications. The cost of smart glass is two to four times higher than that of conventional windows and glass in spite of the significant technological advancement. The high cost of these glasses inhibits its large-scale adoption. Manufacturers find it difficult to quantify the return on investment to end users and, hence, its application has been mainly across the high-end and luxury verticals.

While the smart glass technology was introduced to the market almost a decade back, it is only in the last couple of years that manufacturers have secured the funding and support necessary to launch large volume production. With the opening of large volume manufacturing facilities, the manufacturers are expected to achieve economy of scale, which, in turn, will lower the cost. With the increasing volume of production, the cost of smart glass is estimated to reduce by 30%-40%.

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This release was published on openPR.