Smart windows that use electrochromic film offer multiple benefits to their users. They offer instant privacy at the touch of a button as well as the ability to save a significant amount of money on energy bills. In fact, the Empire State Building managed to save $2.4 million in its first year when it got a makeover and installed smart windows.
Smart windows with electrochromic films also provide a sleek and professional look to a building when blinds and curtains can’t match. With all of these great benefits, it’s no wonder that the smart window market has continued to grow over the years.
A Broad Market
One of the aspects helping to propel smart windows and electrochromic film forward is the broad market that will only grow bigger. All homes and businesses have windows, no matter the size or purpose. The convenience and ability to save money with smart windows make it a desirable upgrade for a wide range of locations. So, even with multiple smart window companies on the market and a bit of competition, there is a lot of room for growth.
In the grand scheme of things, the smart window market is still in earlier stages. It’s not yet the norm for homes and businesses to utilize electrochromic film on their windows, and window film industry wasn’t created until 1966. With new buildings being created every year and old buildings needing to make upgrades, it’s safe to assume that smart window companies will be in business for many years to come.
Although it’s easy to deduce that automatic window tinting technology will continue to grow in popularity, there are numbers to support this projected growth. In fact, the smart glass market is expected to reach $6.9 billion by 2022. It also has a compound annual growth rate (CAGR) of 14.3% between the years of 2016 and 2022. With these numbers, thing are looking good for this industry and with good reason.
Society is consistently moving forward with new technology and changing the way that people live. Convenience sells, as does the chance to save money over time, and it’s no different when it comes to an electrochromic film. This industry is likely to continue growing for years to come. When you’re ready to hop on the bandwagon, rely on MHDT to take you there.