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Electrochromic Glass Market to Reach USD 2.6 Billion by 2027 at a CAGR of 9% | Valuates Reports
The global electrochromic glass market was valued at USD 1.4 Billion in 2019 and is projected to reach USD 2.6 Billion by 2027, growing at a CAGR of 9% from 2020 to 2027.
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Major factors driving the growth of the Electrochromic glass market are:
Increasing adoption in various end-user industries such as offices, hospitals, automotive, and hotels is expected to drive the growth of the Electrochromic glass market.
Electrochromic glass is energy efficient and does not allow excess heat to enter a room, keeping the space cooler in the summer and lowering air conditioning costs. This feature is in turn expected to increase its adoption, thereby driving the growth of the Electrochromic glass market.
The Electrochromic Glass market is further boosted by an increase in the usage of electrochromic glass and features such as privacy at a touch of a button and increased security.
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ELECTROCHROMIC GLASS MARKET SHARE ANALYSIS
Based on the application, the display segment is estimated to grow with the highest CAGR during the forecast period. More smart technologies, such as electrochromic smart glass displays, are being demanded by the growing trend of smart homes and smart offices. Due to the development efforts in these regions, the expanding urbanization in Asia-Pacific and LAMEA has the potential to contribute to this market.
Based on the end-user, the Automotive segment is projected as the fastest-growing segment. The automotive segment is estimated to grow with the highest CAGR in the electrochromic glass market forecast. In the automotive industry, electrochromic glass is used in sunroofs, side windows, sun-visors, and rear windows. The use of electrochromic glass in these automotive parts ensures reduction of unwanted light & glare and build-up heat inside the vehicle, thereby, making them preferable over normal glass. This improves the vehicle’s fuel efficiency and reduces carbon emission as well.
Based on region, Asia-Pacific would exhibit a CAGR of 9.9% during 2020-2027.
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