PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1308686
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1308686
According to Stratistics MRC, the Global Smart Windows Market is accounted for $6760.44 million in 2023 and is expected to reach $16102.75 million by 2030 growing at a CAGR of 13.2% during the forecast period. Smart windows, also known as switchable windows, are made of glass and have light transmission characteristics that change in response to the application of electricity, light, or heat. Normally, the glass changes from translucent to transparent, allowing some light wavelengths to pass through while blocking others. Smart glass exterior walls transform buildings into climate-adaptive shells that can reduce heating, cooling, and lighting energy costs, as well as the cost of installing and maintaining motorized light screens, blinds, or curtains.
According to the U.S. Department of Energy, 25% to 35% of energy wasted in buildings is due to inefficient windows. The California Energy Commission estimates that around 40% of a typical building's cooling requirements are expected to solar heat gain through windows and smart windows can reduce energy needs by up to 40% by regulating the transmission of visible and near-infrared light.
The global Smart Windows market expected to drive growth during the forecast period. Smart glass used in the construction and transportation industries offers dynamic glare, light, and heat control based on environmental factors or manually adjusted settings. Energy-efficient smart glass is widely used in the construction industry. The establishment of new industrial-scale production capacity, increased investment levels, and partnership announcements between smart glass technology companies and upstream and downstream suppliers and participants are among the encouraging developments for the smart glass market that have been seen over the past year, according to records. It is anticipated that these factors will stimulate market growth.
The global Smart Windows market expected to hinder growth during the forecast period. The growth of the smart window market is anticipated to be hampered by consumers' lack of knowledge about the features and advantages of smart glass. However, extensive marketing initiatives with a specific geographic roll-out strategy are anticipated to boost sales by raising consumer awareness. The difficulty brought on by a lack of awareness is anticipated to decrease with increased usage and public recognition. However, it is anticipated that the commercialization of the global market for smart glass will soon take place due to improved operational and cost efficiency, a wide range of applications, and the incorporation of cutting-edge materials.
The global Smart Windows market expected to drive growth during the forecast period. Electrochromism, a scientific theory that states materials change color when an electrical voltage is applied to change their color from clear to dark, is the basis for smart or switchable windows. When an electric current passes through smart windows, they typically start out as a bluish color and gradually turn transparent within a few minutes. This feature plays a significant role in the adoption of smart windows. The market is anticipated to grow strongly during the forecast period due to the drop in the cost of electrochromic materials used in smart windows.
The global Smart Windows market expected to hamper growth during the forecast period. Alternative technologies, like conventional blinds and curtains that may be more familiar to customers and more affordable, compete with smart windows. Customers who are not yet aware of the advantages of smart windows may prefer these alternatives because they are frequently viewed as a more practical solution. Manufacturers will need to keep creating and promoting the distinct advantages of smart windows, such as convenience and energy efficiency, as well as figure out how to make the technology more widely available and reasonably priced, in order to defeat this threat. This might entail working with retailers or providing financing options to assist customers in switching.
On the market for smart windows, the COVID-19 pandemic has had a conflicting effect. The supply chain has been disrupted, and consumer spending has decreased, but it has also brought attention to the significance of energy efficiency and indoor air quality, which could eventually result in a rise in demand for smart windows. Additionally, the popularity of remote work and home automation may spur the use of smart window and, the pandemic has caused consumer preferences to shift in favor of touchless and automated solutions, which may lead to an increase in demand for smart windows with hands-free controls. The pandemic's impact on the economy, though, may still make it difficult for the market to expand.
The residential segment is expected to be the largest share during the forecast period. This is because there is a growing market for automated, energy-efficient homes, which has increased the use of smart windows in residential structures. By limiting the amount of heat and light that enters residential buildings, smart windows can lower energy costs while also enhancing occupant convenience and comfort. Smart windows also make it easier to control the temperature and lighting inside the building. In addition, the adoption of smart home systems and the rising acceptance of home automation are fueling the expansion of the residential sector of the smart window market.
The OLED glass segment is anticipated to witness the fastest CAGR growth during the forecast period. In order to create OLED glass, a thin layer of organic material is applied to the glass surface. It has a wide range of uses, including displays, lighting, and windows. OLED glass windows are excellent for applications requiring privacy and shading because they have a high degree of transparency and can be switched between an opaque and transparent state. The development of OLED glass is anticipated to continue in the years to come, propelled by factors like improvements in display technology, rising demand for energy-efficient lighting, and the expanding trend toward smart homes and buildings.
The North America region market is estimated to witness a largest share of the global Smart Windows market during the forecast period, due to factors like government initiatives to promote energy efficiency, rising consumer awareness of the advantages of smart windows, and the expanding trend toward smart homes and buildings, the United States is the largest market for smart windows in North America. The growth of the smart window market in North America is also being fueled by the regional presence of a number of significant manufacturers, including View Inc., SageGlass, and Research Frontiers Inc.
Asia Pacific is projected to have the highest CAGR over the forecast period. This is brought on by rising demand for smart homes and buildings, rising adoption of energy-efficient solutions, and government programs supporting sustainable development in this region. The Asia-Pacific region's market for smart windows is also significantly influenced by the region's rapid urbanization, expanding population, and rising demand for environmentally friendly structures. Additionally, the area has seen a lot of investment in infrastructure development, which is anticipated to further accelerate market growth.
Some of the key players in Smart Windows market include Ambilight Inc., Asahi Glass Co. Ltd., ClearVue Technologies Ltd., Compagnie de Saint Gobain S.A., E-chromic technologies, inc., Gentex corporation, Glasnovations ltd., Heliotrope technologies, Hitachi Chemicals Co., Ltd., Innovative Glass Corp, Lutron Electronics Co. Inc., Nippon sheet glass co., ltd, Polytronix Inc, PPG Industries Inc., RavenWindow, Research Frontiers Inc, SAGE Electrochromics Inc., Saint-gobain group, Stellaris Corporation and Vista window company.
In August 2022, Josh.ai has integrated with Somfy, the producer of tubular motors for indoor window coverings and outside shading systems in the world, to further increase the capabilities and scope of artificial intelligence in the home. The collaboration not only unites two well-known firms in the design-build community-focused custom integration channel, but it also offers several shades and screening fabricators a suggested voice control platform.
In July 2022, the retrofit curtain solution from smart home business Aqara is now available in the US and Europe. The Aqara Curtain Driver E1 costs USD 89.99 and fits into an existing curtain track or rod to automatically open and close curtains. It was previously only available in China. It is compatible with the Aqara ecosystem as well as HomeKit from Apple, Alexa from Amazon, Google Home, and IFTTT. Aqara claims that when the new smart home standard launches later this fall, it will also be compatible with Matter.
In March 2022, the launch of two of their Motorized Architect Roller Shades products, powered by new Eve MotionBlinds in conjunction with Apple HomeKit Technology, has been announced by SelectBlinds.com, the online custom window decor provider. These are the first connected blinds and shade motors on the market that enable Thread smart home technology in addition to the Bluetooth capabilities of the Eve MotionBlinds motors.
In January 2022, a partnership between View Inc. and the home design firm Nabr, co-founded by the architects Bjarke Ingels and Roni Bahar, and Nicholas Chim in the field of development, has been revealed.
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.