Global Viologen Electrochromic Glass Market - Segmented by Product (Windows, Mirrors, Displays), Application (Commercial, Residential, Transportation), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global Viologen electrochromic glass market is projected to grow at a CAGR of 11.42% over the forecast period (2018 - 2023). This report provides information about the leading players in the market and a corresponding detailed analysis of the top vendors in the Viologen electrochromic glass market. In addition, the report discusses the major drivers that influence the growth of the market. It also outlines the challenges faced by the vendors and the market at large, as well as the key trends that are emerging in the market.
Need for Mandates and Legislations Set by the Government is Driving Market Growth
The key factors driving the global Viologen electrochromic glass market are the supportive initiatives from the government sector and its energy efficiency, coupled with low maintenance costs of these glasses. The increasing demand for high-end luxury cars is fueling growth of this market. Further, the encouragement from various governments for usage of these products in commercial applications is driving the growth of the market. Additionally, increasing need for energy-efficient products is expected to provide high growth opportunities. However, lack of awareness will hamper the growth of the market.
Mirrors Held the Largest Share in the Market
Electrochromic mirrors or auto-dimming mirrors are used widely industries like automotive due to its ability to sense bright light that blocks the bright beam of vehicles behind. The companies within the automotive industry are keenly focused towards building brand differentiation, technological changes, and government regulations. This segment was the largest revenue generator in 2017. The electrochromic display market is expected to grow exponentially owing to its wide usage in e-paper display along with sunglasses.
North America is the Major Contributor for the Market
The North American market is the highest contributor in the market as it is the most developed region for smart glass. The governments in the US and Canada have set policies that promote the usage of energy-efficient products. Policies from environmental agencies of various countries in the region (US Environmental Protection Agency founded in 1970) are leading to the usage of these products. The Asia-Pacific market is the fastest growing market and is expected to grow at a very fast pace during the forecast period as compared to other regions.
Key Developments in the Market