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oil and gasOctober 8, 2020

Smart windows market set for 4.8pc growth by 2025

The global smart windows market is growing at a steady pace and is poised for a CAGR of 4.8 per cent in the next five years, thanks to the growing demand in the automotive, aerospace and the commercial and residential building sector, said an expert.

Smart windows can dynamically regulate light transmitting properties based on weather conditions and personal preferences, thus increasing the comfort of inhabitants and improving building energy efficiency by reducing the HVAC energy use, lighting loads, and glare, according to a eading market intelligence company InForGrowth.

Smart windows are identified with several functionalities and competences, including innovative technologies that can drive growth in the commercial and residential building market.

Nanostructured materials offer new opportunities for next generation smart window technology. Nano materials can provide enhanced coloration efficiency, faster switching kinetics and longer lifetime, it stated.

Europe is the prominent region for the smart windows market which is estimated to grow at a CAGR of 40.57% during the forecast period 2020–2025.

This growth can be attributed to the governmental policies towards the use of energy efficient products and robust presence of significant industry players. The recent surge in energy costs has led to the growing demand for energy efficient products, hence improving the market penetration for smart windows, stated the report.

Apart from its wide use in automotive and aerospace sector, the commercial building sector is a major application area for the smart windows markets.

According to research findings, the active-on-demand types of smart windows will hold the largest market share during the forecast period.

The segment is estimated to grow at a CAGR of 38.57% during the forecast period 2020–2025, and reach $1.68 billion by 2025.

The report pointed out that with electric cars being the future of vehicles, the installation of smart glass windows will help in maintaining the inner temperature of vehicles.

With reduced A/C load, electric vehicles can extend their travel distance as well. From 2016 to 2020, the sales of EVs has increased by more than 57%. Also, solar panel sunroofs installed in these vehicles convert solar energy from the sun into electrical energy and send the electrical energy to a battery in the motor vehicle, which is an added advantage, it stated.