The global market for smart windows is expected to grow from $1.8 billion in total revenues to $8 billion by 2025 according to n-tech Research of Glen Allen, Va. Smart windows are penetrating the construction market at a brisk rate and will contribute more than $1.3 billion in revenues by 2021 compared with just $105 million in 2016.
n-tech’s report finds that control systems, interfaces and related electronics will contribute much of the value to the growth in the smart windows market. The report also explores how smart windows materials platforms — electrochromic, SPD, PDLC, photochromic and thermochromic — will adapt to this new challenge.
In the past, the benefits of smart windows have generally been defined in terms of energy efficiency. n-tech’s report finds that comfort, health and daylighting are growing in importance.
Electrochromic (EC) technology will account for 75 percent of revenues in the smart windows space in 2021, more than twice its space in 2016. The advent of EC film will enable a smart windows retrofit market to emerge for the first time, as well as novel EC materials being used. EC technology is also where the bulk of investment dollars are flowing.
n-tech expects manufacturers of the other active smart windows materials platforms (PDLC and SPD) to respond with new marketing and R&D efforts to broaden the market for these technologies. The firm sees SPD, while smaller than EC technology, reaching around $280 million by 2021.