Electrochromic Glass Market to Garner $2.6 Billion, Globally, By 2027 at 9.0% CAGR, Says Allied Market Research

- Rise in construction applications of electrochromic glass and government incentives for installing energy saving solutions drive the growth of the global electrochromic glass market

PORTLAND, Ore., Nov. 26, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Electrochromic Glass Market by Application (Windows, Mirror, and Display) and End-User Industry (Construction, Automotive, Aerospace, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global electrochromic glass industry was estimated at $1.4 billion in 2019, and is anticipated to hit $2.6 billion by 2026, registering a CAGR of 9.0% from 2020 to 2027.

Drivers, restraints, and opportunities-

Rise in construction applications of electrochromic glass and government incentives for installing energy saving solutions drive the growth of the global electrochromic glass market. On the other hand, high price of the glass impedes the growth to some extent. However, surge in demand from end-use industries is expected to create multiple opportunities in the industry.

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COVID-19 scenario-

• The outbreak of COVID-19 has impacted the global electrochromic glass market badly. The global lockdown has led to substantial decrease in the demand for electrochromic glasses in non-residential buildings such as offices, hospitals, and hotels all over the world.
• Organizations manufacturing these glasses have been seen to report difficulties in procuring raw materials due to a number of factors such as late conveyances and lack of proper shipping order. Nevertheless, with several government bodies coming up with relaxations on the existing regulations, the market is projected to gradually retrieve its position in terms of revenue.

The windows segment to dominate by 2027-

Based on application, the windows segment accounted for more than half of the global electrochromic glass market share in 2019 and is expected to lead the trail by the end of 2027. Renovation of old office buildings and institutions are expected to offer fresh opportunities for the growth of the segment. The display segment, on the other hand, would register the fastest CAGR of 10.9% throughout the forecast period. Increase in trend of smart homes and smart offices are demanding more smart technologies such as electrochromic smart glass displays which, in turn, augments the segment growth.