The global electrochromic storage devices market to grow at a CAGR of 12.10 % during the period 2017-2021.
The report, Global Electrochromic Storage Devices Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
According to the report, one of the major drivers for this market is the demand for energy-efficient homes. Electrochromic storage devices are used on doors, windows, roofs, and in smart and energy-efficient homes, such as zero energy homes. The increased demand for electrochromic windows, glasses, and roofs in various sectors, such as residential and commercial, is because they help in the efficient storage of energy.
An electrochromic material has the characteristic to change color when exposed to heat and light. This makes these devices the preferred choice for many smart homes. Electrochromic storage devices can be controlled with a button. These devices are integrated into a glass or added to a glass. When they are switched on, they use the energy stored in the glass or the external energy and change the amount of heat and light that passes through the glass. The increased demand and adoption of electrochromic devices in commercial places will drive the market.
Further, the report states that one of the major factors hindering the growth of this market is the high cost of electrochromic storage devices. The high cost of electrochromic storage devices is a major challenge for the market. A glass printed with electrodes and fancy metal coatings is more expensive to install compared with ordinary glasses. A single large window glass equipped with electrochromic storage devices may cost as much as $1,000. Therefore, the majority of the population worldwide prefers using traditional methods to control heat and light instead of using electrochromic storage devices.