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Allied Market Research recently released a report titled "Electrochromic Glass Market by Application (Windows, Mirror, Display) and End-use Industry (Construction, Automotive, Aerospace, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global electrochromic glass market was valued at $1.7 billion in 2022 and is projected to reach $4.1 billion by 2032, with a CAGR of 9.2% from 2023 to 2032.

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Prime Growth Determinants

The growth of the electrochromic glass market can be attributed to several factors, including the expansion of smart buildings and the Internet of Things (IoT). Electrochromic glass technology enables dynamic control of light and heat, enhancing energy efficiency and occupant comfort. Despite this, the high cost of electrochromic glass poses a hindrance to market growth. However, the demand for green building certifications presents lucrative opportunities for market expansion.

Report Coverage Details

- Forecast Period: 2023-2032
- Base Year: 2022
- Market Size (2021): $1.7 billion
- Market Size (2031): $4.1 billion
- CAGR: 9.2%
- No. of Pages: 219
- Segments Covered: Application, End-Use Industry, and Region

Drivers and Opportunities

The report identifies the growth of smart buildings and IoT as primary drivers for the electrochromic glass market. Additionally, the increasing use of electrochromic glass in automotive sunroofs and windows contributes to market growth. Opportunities arise from the demand for green building certifications.

Restraints

The high cost of electrochromic glass is identified as a key restraint for market growth.

Segment Analysis

Windows: The windows segment accounted for over half of the global electrochromic glass market revenue in 2022 and is expected to maintain its leadership position throughout the forecast period, driven by adoption in residential construction.

Mirror: The mirror segment is projected to exhibit the highest CAGR of 9.6% from 2023 to 2032, owing to its diverse applications including traditional bathroom mirrors, vehicle rearview mirrors, and retail mirrors.
End-Use Industry Analysis

Construction: The construction segment held the highest market share in 2022 and is estimated to dominate the market during the forecast period. Electrochromic glass integration in smart building systems contributes to this dominance.

Aerospace: The aerospace segment is projected to witness the highest CAGR of 9.7% from 2023 to 2032, driven by the use of electrochromic glass in sunroofs and skylights.

Regional Analysis

Asia-Pacific: Asia-Pacific held the highest market share and is the fastest-growing region, expected to dominate the market in terms of revenue throughout the forecast period.
Europe: Europe dominated the market in 2022, accounting for one-third of the market share, with electrochromic glass being used in historical building preservation and architectural applications.

Leading Market Players:

Key players in the global electrochromic glass market include AGC INC., CHROMOGENICS, SAINT-GOBAIN, PLEOTINT LLC, POLYTRONIX, INC., GUARDIAN INDUSTRIES, VIEW, INC., RAVENWINDOW, SAGEGLASS, and GENTEX CORPORATION. These players have adopted various strategies such as new product launches, collaborations, and expansions to maintain their market dominance.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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This release was published on openPR.