Technavio analysts forecast the global electrochromic glass marketto grow at a CAGR of over 12% during the forecast period, according to their latest report.
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Technavio has published a new report on the global electrochromic glass market from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the global electrochromic glassmarketfor 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The global electrochromic glass market is expected to grow at a steady pace backed by increasing demand from the building and construction sector, which accounted for 57.42% of the global share and includes building and construction activities in both commercial and residential segments.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global electrochromic glass market:
Robust demand for energy efficient systems
The advancement in nanotechnology, environmental concerns (global warming), and rising pressure on the energy efficiency of buildings has necessitated the application of energy-efficient systems translating into the use of electrochromic glass in different applications, particularly in the construction of buildings.
Kshama Upadhyay, a lead glass and ceramics research analyst at Technavio, says, "The energy saving solution of electrochromic glass is because it channelizes and reflects the heat and light passing through the glass. Further, well executed and conceived architectural designs will be able to produce an acceptable and energy-efficient indoor environment in buildings
Advancements in the automobile sector
The continuance of the automobile industry with a focus on equipping vehicles with energy-saving devices has fueled the demand for electrochromic glass. Electrochromic glass goes into vehicle components such as windows and roofs of premium automobiles. Globally reputed brands such as BMW and Mercedes-Benz employ smart glass technology pertaining to the use of electrochromic suspended particles.
"Electrochromic glass is also used in buses, trains, marine craft, and aircraft. The ongoing trend pertaining to embedding electronics, including sensors to switch automobile windows into infotainment displays represents yet another favorable factor for the market," adds Kshama.
Adoption of green or LEED buildings
The mounting public interest of national government agencies and municipalities has sparked off the growth of environment-friendly buildings. This trend has necessitated the construction of green buildings, which has emerged as a global trend. A green building refers to a building that reduces negative impacts on climate and natural resources.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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