The smart window market is witnessing increasing revenue growth. Increasing uses and the growing demand for smart windows from the transportation and healthcare sector boost the growth of the market. Due to their cost-effective and eco-friendly window-installation solution, smart windows are increasingly used in a wide range of industries, such as healthcare, defense, and media & entertainment, among others.
The adoption of smart windows is increasing continually in architectural and construction applications. Moreover, rising smart city projects and government initiatives of infrastructure development provide impetus to market growth. Additionally, government support, high technical expertise, and increasing construction projects act as major smart window market drivers.
Moreover, advantages such as reduced energy usage, enhanced security, long life span, and easy customization options increase the smart window market share. Subsequently, the market is expected to garner significant traction worldwide. In this regard, a leading research firm, Market Research Future (MRFR), asserts that the global smart Window market is poised to grow at a whopping CAGR during the review period (2020-2027).
Government initiatives from emerging markets worldwide to promote green building to modernize infrastructure and build a healthier, more sustainable future present untapped opportunities for the smart window market growth. Conversely, the lack of awareness of smart window advantages hampers the market growth to a great deal. Also, the use of smart windows is still not mandatory for small-scale projects in various countries, which could restrain the market growth, slowing down the sales and adoption of the product in the coming years.
Smart Window Market - Segmentation
The smart window market forecast is segmented into technology, application, and regions. The technology segment is sub-segmented into electrochromic technology, PDLC, SPD, photochromic, and others. The application segment is further sub-segmented into architectural & construction, transportation, automotive, aircraft, marine, consumer goods, and power generation. The region segment is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
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Smart Window Market - Regional Analysis
North America leads the global smart window market and would continue to maintain its market position throughout the assessment period. Factors such as the presence of a number of key players, including PPG Industries, LTI Smart Glass, Kinestral Technologies, and others, drive the smart window market growth.
The growing construction sector and high demand for these smart window technology solutions by contractors, architects, and building owners in the region foster market growth. The US and Canada derive major shares in the regional market. Furthermore, the increasing demand for green building structures influences the smart window market size.
Europe accounts for the second biggest share in the global smart window market. The market growth is driven by the booming construction sector witnessing constant renovation activities in the already well-defined infrastructure. Additionally, the high utilization potential, increasing R&D centers, and the well-developed economy boost the regional market growth. Significant expansion of the prominent end-use industries increases the smart window market share in the region.
Asia Pacific is growing as a promising market for smart windows. Factors influencing the APAC smart window market scope include the rapid economic growth and heightened demand from the burgeoning construction sector.
Besides, smart window market opportunities provided by end-use sectors position the APAC among the key contenders in the global market. Also, lowering interest rates on construction loans and increasing consumer purchasing power propel market growth. India, Japan, and China are the largest market for smart windows in the region.
Smart Window Market - Competitive Analysis
Highly competitive, the smart window market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaborations, expansion, and product/ technology launch.
Players leading the global smart Window market include RavenWindow (US), Saint-Gobain Group (France), PPG Industries, Inc. (US), Kinestral Technologies, Inc. (US), LTI Smart Glass, Inc. (US), Gentex Corporation (US), Pleotint, LLC (US), Merck KGaA (Germany), E-Chromic Technologies, Inc. (US), AGC, Inc. ( Japan), ChromoGenics AB (Sweden), Hitachi Chemical Co., Ltd (Japan), Innovative Glass Corporation (US), and Nippon Sheet Glass Co., Ltd (Japan).
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