Global Electrochromic Glass and Devices Market 2015 is expected to reach $3.39 billion by 2022
The Global Electrochromic Glass and Devices market is accounted for $1.37 billion in 2014 and is expected to grow at a CAGR of 11.94% to reach $3.39 billion by 2022. Automotive sector, government mandates, and transportation sector are the factors favouring the growth of the market. However, factors such as lack of awareness, high cost and slower response towards large glass surfaces are limiting the market growth. Green building initiatives and energy-efficient products are the favorable growth factors.
Electrochromic mirror is expected to be the key contributor to the overall electrochromic glass and devices market. The architecture segment is identified as trending market for electrochromic glass. The simple switch adjustment of electrochromic smart glass offers ease of controlling the sunlight passing through the glass. Thus, electrochromic glass is becoming an increasingly popular choice for windows, doors and partitions in commercial and residential buildings. The transportation sector in application is another attractive segment. The doors, windows and rear view mirrors are accounted into automotive segment in smart glass products market and electrochromic glass is becoming a popular choice for rear view mirrors and sunroofs as it has the property of controlling the glare, tinting, and so on.
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Global Electrochromic Glass and Devices market is segmented by material, by product, by application and by geography. Based on material, market is segmented into polymers, transition metal oxides, reflective hydride, viologen and nanocrystal. Based on product, market is classified into windows, displays, mirrors and others. Based on application, market is categorized into healthcare, residential, commercial, transportation, hospitality and retail. Market by geography is segmented into North America, Europe, Asia Pacific and Rest of the World. North America is the leading region in terms of market revenue for the electrochromic glass market, and APAC region is expected to grow at the highest CAGR during the forecast period.
The Key players in the market include Gentex Corporation, Magna Glass & Window, Inc., Econtrol-Glas GmbH & Co., PPG Industries, SAGE Electrochromics, Inc., View, Inc., Guardian Industries, RavenBrick LLC and ChromoGenics AB. Sage Electrochromics, Inc holds the leading position in the electrochromic glass and devices market in 2014. Gentex Corp. (U.S.) is the market leader in the global electrochromic automotive rear view mirrors, accounting for about 78% of the market share.