Smart Window Market Share, is Booming Worldwide According to New Research Report
Market Analysis
The global smart window market will reach USD 2,870.6 million at a favorable 17.8% CAGR by 2025, states the latest Market Research Future (MRFR) report.
Drivers
Alluring Features to Boost Market Growth
Smart windows are highly favored for its alluring features that may boost Smart Window market growth. These features include easy to clean, reduction of cost for air conditioning, and more durable over conventional glasses as well as block UV light.
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Opportunities
Increasing Installation in Electric Vehicles to offer Robust Opportunities
The increasing installation of smart windows in electric vehicles will offer robust opportunities for the market over the forecast period. With a decrease in the A/C load, EVs can extend their travel distance too.
Restraint
Lack of Awareness to act as Market Restraint
The lack of awareness about smart windows and durability issues may act as market restraint over the forecast period.
Challenges
High Installation Cost to act as Market Challenge
The unavailability of material costs, high installation cost, and increasing electricity costs may act as market challenge over the forecast period.
Market Segmentation
The global smart window market is bifurcated based on technology and application.
By technology, the SPD segment will lead the market over the forecast period.
By application, the architectural and construction segment will dominate the market over the forecast period.
COVID-19 Analysis
Majority of the industries across the globe has been negatively affected during the COVID-19 outbreak. This is chiefly on account of significant disruptions experienced by their supply chain operations and manufacturing due to precautionary lockdowns and other restrictions which were enforced by governing authorities all over the world. This also applies to the global smart windows market. Besides, the consumer demand has also reduced subsequently as people are now more keen to eliminate non-essential expenses from their budget as most people’s general economic status has been severely affected by this crisis. Such aforementioned elements are likely to burden the revenue trajectory of the market over the forecast period. But with respective governing authorities has begun to lift such enforced lockdowns, the market is likely to recover accordingly.
Regional Analysis
North America to Head Smart Window Market
North America will head the smart window market over the forecast period. The growing awareness about the different benefits of smart windows, increasing use in the construction sector, increased efforts by the government bodies to support energy conservation, increased demand for smart windows, and technological developments are adding to the global smart window market growth in the region.
Key Players
Eminent industry players profiled in the global smart window market report include Saint-Gobain Group (France), RavenWindow (US), PPG Industries, Inc. (US), LTI Smart Glass, Inc. (US), Kinestral Technologies, Inc. (US), Gentex Corporation (US), Merck KGaA (Germany), Pleotint, LLC (US), E-Chromic Technologies, Inc. (US), ChromoGenics AB (Sweden), AGC, Inc. ( Japan), Hitachi Chemical Co., Ltd (Japan), Nippon Sheet Glass Co., Ltd (Japan), and Innovative Glass Corporation (US), among others.
Key players have incorporated several strategies to stay at the forefront such as mergers and acquisitions, new product launches, and more.
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