Smart Window Market is Estimated to Witness High Growth Owing to Increasing Demand for Energy Efficient Properties
Smart Window Market is Estimated to Witness High Growth Owing to Increasing Demand for Energy Efficient Properties
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The smart window market comprises windows that have electronically tintable glass or switchable glass. These smart windows provide advantages such as glare control, heat and noise control and are rapidly being adopted for commercial and residential applications owing to their energy efficiency.
The Global smart window market is estimated to be valued at US$ 5.76 Billion in 2024 and is expected to reach US$ 10.82 Billion by 2031, exhibiting a compound annual growth rate (CAGR) of 9.4% from 2024 to 2031.
Key Takeaways
Key players operating in the smart window market are Inter IKEA Systems BV, Somfy Systems Inc., The Shade Store LLC, Lutron Electronics Co. Inc., Griesser AG, Hunter Douglas and Springblinds. The key players are focusing on new product launches and strategic collaborations to gain more market share.
The key opportunities in the smart window market include rising demand from the construction industry for eco-friendly and energy efficient buildings. Smart windows help reduce energy costs substantially by controlling heat and lighting needs without manual intervention.
Globally, the Smart Window Market Size is expanding rapidly driven by growth in construction activities across North America, Europe and Asia Pacific. The increasing spending on commercial real estate coupled with rising environmental concerns is boosting the adoption of smart windows worldwide.
Market Drivers
Stringent regulations regarding energy efficiency in residential and commercial construction across different countries are a major market driver. For example, standards such as Title 24 in California mandate minimum requirements for window glazing and solar heat gain to reduce power consumption from lighting and cooling. This is significantly boosting the demand for switchable smart windows in both retrofit and new construction applications.
PEST Analysis
Political: Smart windows face minimal political risks as the technology has wide acceptance. Governments in various countries support smart and eco-friendly technologies.
Economic: The rising construction of green buildings and increasing disposable income are driving the economic growth of smart windows. High installation and maintenance costs could hamper market growth.
Social: Greater environment awareness and changing lifestyles are increasing the social acceptance of smart windows. They provide comfort and help conserve energy which aligns with social trends of sustainability.
Technological: Advanced technologies such as integrated sensors, automated tinting mechanisms and smart coatings are enabling greater functionality of smart windows. Manufacturers are focusing on product innovations to enhance energy efficiency and user control features.
The smart window market in terms of value is highly concentrated in North America and Europe due to stringent building codes and initiatives to promote green construction in countries like the US, copyright, Germany, UK, and France. Asia Pacific is the fastest growing regional market led by government policies supporting smart city development and rising construction spending in China, India, and Southeast Asian nations.
The smart window market is witnessing rapid expansion in the Asia Pacific region. Factors such as increasing construction activities, growing population, rapid urbanization, rising disposable incomes, and favourable government policies are fueling market growth across emerging countries of China, India and other Southeast Asian nations. Furthermore, initiatives to develop smart sustainable cities provide a impetus to smart window adoption.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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