Electrochromic Storage Devices Market 2024 : Key Growth Drivers, Current, Upcoming Industry Trends Key Players Analysis

Electrochromic storage devices consist of Electrochromic materials which can change their optical properties when subjected to electric potential. Electrochromic storage devices follows the principle of electroluminescence wherein certain materials emit light in response to an electric current passing through it. Smart windows are one of the most important applications of Electrochromic storage devices, it can be used to save energy and to reduce the solar radiation. Smart windows are the future for connected home that can provides both economic and environmental advantages. Transmission and reflection are the two important modes used in devices which utilizes electrochromic color modulation. In transmission or transmittance mode, the intensity of light passing through the windows are controlled by the conducting electrode, this mode is used in smart windows. In reflection mode, the conducting electrode is replaced by a reflective surface which controls the light intensity. The reflection mode is used in rear view mirrors of cars. Electrochromic storage devices can change its transmittance under different voltage levels.  Smart windows one of the important applications have three switching modes. At normal conditions, it allows both heat and light to enter through the glass. At cooling mode, it blocks heat and only allows light to pass through the smart windows, which helps to cool down the room temperature and also saves energy. At dark mode, it blocks both heat and light to pass through the glass. These switching modes enables the window to operate in various weather condition which is helpful for energy savings and comforts. For Instance, Boeing has installed Electrochromic devices in their ‘Dreamliner’ aircraft with 5-level modes. Electrochromic storage devices are widely used in electrochromic windows for home and commercial use, car mirrors for reduce light reflections and in eyewear i.e. in motorcycle helmet visor.

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There are various factors which are driving the growth of Electrochromic storage devices market. The increasing growth of smart windows in aeroplanes is one of the key driver in the growth of electrochromic storage device market. There are also other factors such as use of smart windows in both home & commercial purpose and the increasing demand for energy efficient homes, these factors to further drive the electrochromic storage device markets. Scientist are also experimenting the use of solar cells with the storage devices in order to save electricity instead of allowing the lights to be reflected back from the smart windows. However, there are some major restraints such as high cost of electrochromic storage devices can lead to use of substitute product or increasing in strategic raw material cost prices can hinder the growth of electrochromic storage devices market.

The Electrochromic storage device market can be segmented by material, by sector and by geography. By material can be further segmented as metal oxides, conducting polymers, in-organic oxides and others. By sector, it can be sub-segmented as commercial, transportation, residential and others.

Geographically, Electrochromic storage device market is divided into Asia Pacific, Europe, North America, Latin America and Middle East & Africa. North America is expected to dominate the Electrochromic storage device market due to adoption of smart windows in their airline services. Further, the adoption of smart windows in commercial and household sectors and the use of electrochromic material in rear view mirrors in automotive sectors can benefit Asia Pacific region.

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Key players in the Electrochromic storage device markets include Gentex Corporation, Plansee SE Corporation, PPG Industries, ChromoGenics, Prelonic technologies, View Inc., Hitachi chemical Co ltd., SAGE Electronics, SmartGlass International Ltd, Asahi Glass Co Ltd., Saint-Gobain S.A and so on. Gentex was first to introduce the dimming mirror which are widely being used automotive vehicles. In order to gain a competitive advantage in the transparent display market, these tech-giants are strongly involved in organic and inorganic production and expansion strategies, collaborations, partnerships, agreements, and new product development and improvements in existing products are some of the important strategies followed by them.

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