PUNE, MAHARASHTRA, INDIA, October 14, 2019 /EINPresswire.com/ — Summary:
A new market study, titled “Discover Global Smart Window Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
Global Smart Window Market
Technology helped humanity to evolve, and these days, each and every component involved with the human is becoming smarter, and windows are no exception. The emergence of smart windows has raised many eyebrows with excitement and doubt, but the fast-moving industry is an example of people’s acceptance of innovative technology. Smart windows are also known as switchable glass is a type of glass that can alter it's light transmission property when it subjected to heat, light, or voltage. By blocking certain wavelengths of light, the glass can become translucent to transparent. It blocks the Ultra Violet (UV) radiation, which is extremely harmful to the human body, particularly eyes. It saves an extra penny by reducing the cost of air conditioning.
As energy consumption is significantly low, which is around 3-5 watts per square meter, the glass is becoming popular across the world. The automobile sectors are the biggest consumer of Smart Window. It is widely used in Electric Vehicles (EVs) as it reduces the inner temperature. By decreasing the A/C load, an Electric Vehicle can improve its travelling distance. According to a study, the number of sold Electric Vehicle increased by 57% from 2016 to 2017. As a result, the number of sold smart windows are also increased in a significant manner. The global market is expected to show an impressive compound annual growth rate during the forecast period.
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Market Segmentation of Global Smart Windows Market
The global Smart Window market is segmented by Technology, Application, and Regions.
On the basis of Technology, the market is divided into thermochromic, SPD, electrochromic, and others. Among these, the electrochromic segment is leading the industry in terms of market share. As the electrochromic windows are helpful in eliminating the use of window coverings such as blinds and shades.
By Application, the market is divided into construction, medical applications, and transportation. The construction segment further divided into commercial and residential. The automotive segment is leading the segment owing to the increased demand in the automotive industry.
Geographical Market Segmentation of Global Smart Windows Market
The geographical segmentation of the international Smart Window industry covers areas like North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa region.
The focused countries include the USA, Brazil, Mexico, Japan, Australia, Germany, Canada, India, China, the UK, Italy, and France.
North American region is leading the industry owing to various government initiatives to conserve energy and the development of advanced technologies. North America is followed by Europe. The Asia Pacific is expected to achieve the highest Compound Annual Growth Rate during the forecast period.
Latest News from Global Smart Windows Market
By using smart windows, one can save a reasonable amount of energy and government initiative, which are promoting efficient use of energy are the reason behind the success of this industry. In the United States, 30 states have their own policy on energy efficiency either by voluntary goals or pilot programs or mandated requirements. Most of these policies are promoting the use of smart windows, and that is the biggest reason behind the success of the industry in the USA market.
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Source: EIN Presswire