Global Revenue for the Smart Window and Glass Market Is Expected to Reach Nearly $2 Billion by 2030
Market barriers include costs, lack of end user expertise and education, and competition from the window coverings industry
A new report from Guidehouse Insights examines the global market for smart windows and glass in light of the global increase in greenhouse gas (GHG) emissions and policy changes by governments around the world. The report provides an analysis of this market with a focus on North America and Europe and a global forecast through 2030.
The demand for smart windows globally has been increasing year-over-year because of the popularization of smart buildings. Smart buildings have become an important trend globally due to their ability to reduce costs, improve the occupant experience, increase sustainability, and facilitate real-time decision-making. According to a new report from Guidehouse Insights, global revenue for the smart window and glass market is projected to experience a compound annual growth rate (CAGR) of 31.2%, reaching more than $1.8 billion in revenue by 2030.
“As buildings become more digitalized and interconnected, different building technologies are becoming smarter as well,” says David Gonzalez, senior research analyst with Guidehouse Insights. “Integrating smart windows into building automation systems (BASs) can translate into lower energy usage, higher comfort levels for building occupants, and facilitate preventive maintenance rather than reactive maintenance.”
The global market for smart windows and glass for architectural applications has had slower than expected growth since 2016. This is mainly due to the expensive price of the products compared with the price of regular flat glass windows, lack of widespread education on smart windows among building owners, facilities managers, contractors, and other market stakeholders, and the lack of market competition needed for product prices to decrease. However, heavy investment in the industry and adoption from verticals such as office buildings and education in recent years could lead to higher growth rates in the coming years, according to the report.
The report, Smart Windows and Glass Overview, examines the global market for smart windows and glass considering the global increase in GHG emissions and policy changes by governments around the world. The report provides an analysis of this market with a focus on North America and Europe and a global forecast through 2030. Trends in Asia Pacific, Latin America, and the Middle East & Africa markets are also discussed. The forecast includes five regions (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) segmented by smart window type (thermochromic, photochromic, electrochromic, SPD, and PDLC), nine commercial building types, and two project types (new construction and retrofit). An executive summary of the report is available for free download on the Guidehouse Insights website.
*The information contained in this press release concerning the report, Smart Windows and Glass Overview, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.