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Smart Glass Market Size Reached USD 3329 million in 2019 and is Projected to Grow at a Healthy CAGR of 12.4%

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Smart Glass Market Size Reached USD 3329 million in 2019 and is Projected to Grow at a Healthy CAGR of 12.4%

March 11
08:56 2022
Smart Glass Market Size Reached USD 3329 million in 2019 and is Projected to Grow at a Healthy CAGR of 12.4%
Smart Glass Market size was valued at USD 3329 million in 2019 and is expected to grow at 12.4% during the forecast period (2020-2027) due to the increasing investment in infrastructure projects. The technological innovation in smart glass and the increasing application of sustainable solutions in the automotive sector will fuel the market growth.

Smart Glass Market Dynamics

Smart or switchable glass is a glazing glass that changes its appearance and light transmission properties when applied voltage, light, or heat. Smart glass is used as an electrochromic glass in several end-use industries such as transportation, aerospace, automotive, and power generation. The accelerating disposable income, ongoing technological innovations, and rise in OEMs have resulted in a significant surge in the automotive sector, where smart glasses are largely used in sunroofs, rear and side-view mirrors, and backlights. These are the key drivers for the growth of the smart glass market over the forecast period. In order to equip existing construction with power-saving technologies, the government has issued strict guidelines. The increasing regulatory reforms, such as National Green Building Standard, LEED, Green Globes, etc., for green buildings, have encouraged commercial building owners to invest in smart power-saving technologies, such as smart glass, has encouraged smart glass market growth.

Further, the rapidly growing aerospace industry has resulted in an increase in demand. Aircraft producers are encouraging the use of more oversized windows with more passenger control. For this purpose, manufacturers use smart glasses, as they offer all essential properties required to improve aircraft functions. Leading players are emphasizing research and development activities to introduce new features in the smart glass. For instance, Fisker Inc., in 2018, introduced an Electric Vehicle Fisker E-Motion with SPD smart glass roof. The company also decided to launch SPD smart glass technology for the side windows.

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The cost of the smart glass depends upon material cost and electricity cost. These costs make the glass more expensive than the traditional glass. Thus, the high cost of the product is one of the primary reasons behind its restricted adoption. The presence of alternatives such as chemical glazes and coatings might hamper the smart glass market share.

Various key players operating in the global Smart Glass Market include Asahi India Glass Limited, ChromoGenics, Corning Incorporated, DuPont, e-Chromic Technologies, Inc., Gentex Corporation, Guardian Glass LLC, Showa Denko Materials Co., Ltd., Kinestral Technologies, Inc., and Innovative Glass Corporation.

Technology Segment Analysis

The electrochromic segment is expected to witness a faster CAGR during the forecast period. The increasing application of smart glasses equipped with electrochromic technology, primarily in the automotive and domestic sectors, is driving the segment’s growth. The SPD segment is likely to dominate in the next six years because of its potency to save more than 25% of the current electrical usage. The total energy consumption in commercial and residential buildings is reduced by managing the solar radiation through windows that decrease the use of HVAC energy.

Application Segment Analysis

The transportation segment is projected to hold a larger share in the smart glass market over the forecast period. Smart glass has found a large-scale application in windows, doors, sunroofs, rear-view mirrors, and windshields. The growing need to reduce the heat build-up and to restrict the viewing degree is another factor fuelling the market growth. On the other hand, the automotive segment is forecast to surge at the highest rate over the forecast period. The increasing demand for exclusive automobiles, primarily in the Asia-pacific region, will propel the growth of the market. Also, with smart glass, drivers can adjust the amount of light penetrating the car with a click of a button. Leading aerospace producers such as Airbus SA, The Boeing Company, and Bombardier Inc. have shifted towards the application of electronically dimmable windows.

Regional Analysis

The North American smart glass market size is expected to grow at the highest rate during the forecast period because of the strategic rules and regulations. The government of the U.S. has decided to lodge the electronics equipment with smart glasses, which will bolster the market growth. The increasing concerns of energy consumption, primarily in the commercial sector, have significantly fuelled market growth. Also, the smart glass market forecast projects that the region has witnessed strong adoption of technology from the government-industry. Moreover, the expansion of the automotive sector and the presence of leading players in North America are some other factors likely to augment the market growth.

Smart Glass Market Segmentation:

Smart Glass Market by Technology

            • Electrochromic

            • Polymer Dispersed Liquid Crystal (PDLC)

            • Suspended Particle Devices (SPD)

            • Thermochromic

            • Photochromic

Smart Glass Market by Application

            • Architectural

            • Transportation

                o Automotive

                o Aircraft

                o Marine

            • Consumer Electronics

            • Power Generation

Smart Glass Market by Region:

            • Asia Pacific

                oChina

                oJapan

                o India

                o Rest of APAC

            • North America

                o United States of America

                o Canada

            • Europeo United Kingdom

                o Germany

                o France

                o Spaino Rest of Europe

            • RoW

                o Brazil

                o South Africa

                o Saudi Arabia

                o UAE

 Browse our Other Reports:

Smart Home Market Analysis Report

Smart City Market

 

 About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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