Global Smart Glass market was valued US$ 3.01 Bn in 2017 and is expected to reach US$ 8.43 Bn by 2026, at a CAGR of 13.74% during a forecast period.
The global smart glass market is segmented into technology, application, and region. In terms of technology, the global smart glass market is classified into electrochromic, PDLC, SPD, thermochromic, and photochromic. Based on application, the global smart glass market is categorized into architectural, transportation, consumer electronics, and power generation. Region wise into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Smart glass plays a vital role in saving the excessive consumption of energy needed for cooling, lighting, and heating in green buildings. Green buildings are being promoted by governments of the established economies. This has been the major driving factor for the growth of the global smart glass market. The growth of the global smart glass market is driven by developing the construction of organizational structures such as corporate offices and educational institutions, growing developments in the automotive industry, expanding application areas of smart glass, and emerging new competencies of smart glass in the wearable technology sector. However, high costs associated with smart glass and readily available cheap alternatives may hinder the growth of the global market in the upcoming years. A decrease in the cost of smart glass products and improved awareness about energy conservation offer a lucrative opportunity for market growth.
Based on technology, Electrochromic technology is anticipated to hold the largest share of the smart glass market based on technology, the growth of the market for this technology attributed to a shorter switching time exhibited by this glass to switch from clear to dark state and growing investments in this technology from the smart glass market players.
In terms of application, Transportation segment is one of the key applications of smart glasses. They are usually used as windows, doors, sunroofs, rear-view mirrors, and windshields. The need for minimizing heat build-up and restraining the viewing degree is driving the demand in this sector. Moreover, the lowering of energy consumption and CO2 emissions are enabling manufacturers to improve anti-heat glass and glazing solutions.
In terms of region, North America accounted for the largest share owing to rise in the utilization of suspended particle devices (SPD) and acceleration in the production of smart glass windows. However, Asia-Pacific is anticipated to show the highest growth rate during the forecast period.
Some of the key players in the global smart glass market are Gentex Corp., Active Glass Technologies PLC, Essex Safety Glass Ltd., InvisiShade, LLC, Nippon Sheet Glass Co. Ltd., Domoticware, Essex Safety Glass Ltd., GlasNovations Ltd., Guardian Industries, E. I. du Pont de Nemours and Company, SPD Control Systems Corporation, VELUX Danmark A/S, ChromoGenics, NeoView Kolon, and Glass Apps, LLC.
Scope of the Global Smart Glass Market
Global Smart Glass Market by Technology
- Electrochromic
- PDLC
- SPD
- Thermochromic
- Photochromic
Global Smart Glass Market by Application
- Architectural
- Transportation
- Consumer electronics
- Power generation
Global Smart Glass Market by Geography
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- Latin America
Key Players operating in the Global Smart Glass Market
- Gentex Corp.
- Active Glass Technologies PLC
- Essex Safety Glass Ltd.
- InvisiShade, LLC
- Nippon Sheet Glass Co. Ltd.
- Domoticware
- Essex Safety Glass Ltd.
- GlasNovations Ltd.
- Guardian Industries
- E. I. du Pont de Nemours and Company
- SPD Control Systems Corporation
- VELUX Danmark A/S
- ChromoGenics
- NeoView Kolon
- Glass Apps, LLC.
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