A new study by IndustryARC, an international research and consulting firm, predicts that the global smart windows market will reach $9.1 billion by 2020 with a compound annual growth rate (CAGR) of 22.9 percent each year.

The smart windows market in 2015 had revenues of around $4.37 billion, according to IndustryARC, which says the market for these products is increasing because they have low technological risk, relatively low cost and a long life.

Smart windows incorporate a laminated glass or smart glass or switchable glazing which controls the amount of glare, privacy light and heat transmitted. To do this, smart windows make use of technologies such as photochromic, liquid crystals, suspended particle displays and electrochromics.

North America will hold a major share of the market among all the regions, and it’s expected to reach $2.5 billion by 2020. Europe is second, and it’s expected to grow at a CAGR of 20 percent.

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