Surge in construction application of electrochromic glass coupled with government incentives for installing energy-saving solutions drives the growth of the global electrochromic glass market. The market across Asia-Pacific is estimated the market is expected to register the highest CAGR of 9.9% during the study period. However, dearth of raw materials and disrupted supply chain has affected the manufacturing of electrochromic glass.
Portland, OR, July 02, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global electrochromic glass market garnered $1.40 billion in 2019, and is anticipated to garner $2.6 billion by 2027, registering a CAGR of 9.0% from 2020 to 2027.
Surge in construction application of electrochromic glass coupled with government incentives for installing energy-saving solutions drives the growth of the global electrochromic glass market. However, high price of electrochromic glass hinders the market. On the contrary, increase in demand from end-use industries would open new opportunities for the market players in the coming years.
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Covid-19 scenario: The outbreak of Covid-19 has greatly affected the global electrochromic glass market.
- Lockdown in various countries across the globe and shortage of labor has temporarily suspended the manufacturing of advanced materials.
- Dearth of raw materials and disrupted supply chain has affected the manufacturing of electrochromic glass.
The global electrochromic glass market is divided on the basis of application, end-user industry, and geography. Based on application, the market across windows, mirror, and display. The display segment is projected to register the highest CAGR of 10.9% during the forecast period. However, the windows segment held the largest share in 2019, accounting for more than half of the market.
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On the basis of end-use industry, the market is categorized into construction, automotive, aerospace, and others. The construction segment dominated the market in 2018, contributing to more than one-third of the market. However, the automotive segment is anticipated to portray the highest CAGR of 9.9% during the forecast period.
The global electrochromic glass market is analyzed across several regions such as North America, Asia-Pacific, Europe, and LAMEA. The market across Asia-Pacific is estimated the market is expected to register the highest CAGR of 9.9% during the study period. However, the market across Europe held the largest share in 2019, accounting for nearly one-third of the total revenue.
The global electrochromic glass market report includes an in-depth analysis of the major market players such as AGC Inc., ChromoGenics AB, Polytronix Inc., Smartglass International Ltd., Compagnie de Saint-Gobain S.A., Kinestral Technologies Inc., Hitachi Chemical Co. Ltd., Pleotint LLC, Research Frontiers Inc., and View Inc.
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