Smart Glass Market to exceed $7.13 billion by 2027
Published Date: June 4, 2021 Authors: Kiran Pulidindi, Sayan Mukherjee
According to a new research report by Global Market Insights Inc., the Smart Glass Market size is estimated to surpass USD 7.13 billion by 2027.
The proliferating use of switchable glass in electronics, primarily for advertising purposes, is expected to showcase considerable growth in the smart glass market. LCD technology, which is already an established part of liquid crystal technology, is applied in the form of PDLC in smart films. Japan, South Korea, Taiwan, and China are the leaders in digital display production with South Korea accounting for the highest share, followed by Japan. Light control glass films are increasingly used as user-controlled displays in exhibition and entertainment arenas such as clubs and theaters. Its use as a projection screen will foresee a rise, especially in conference rooms of commercial offices and hotels.
Growing adoption of smart glass in green buildings is the future trend
In 2018, energy-related carbon dioxide (CO2) emissions rose again by 1.7%. The buildings & construction sector exemplified 28% of these emissions, over two-thirds from the rapidly growing electricity use. According to the International Energy Agency, technology can play a major role to minimize CO2 emissions from buildings while improving comfort and services. It estimates that the construction sector can reduce its energy use by nearly 30% by 2050. Switchable glass will play an inherent part in this progression as it helps in achieving both energy efficiency and cost-saving in buildings.
Further, the growing usage of light control glass in green buildings to minimize energy consumption and its adoption in several new infrastructure projects will drive the smart glass market growth. For instance, in April 2021, SageGlass was selected by Bagmane Group for its new real estate project. The SageGlass will provide around 2 million square feet of Harmony electrochromic glass for the development of Rio Business Park in India.
Browse key industry insights spread across 226 pages with 277 market data tables & 25 figures & charts from the report, “Smart Glass Market by Technology [Active (Electrochromic, Suspended Particle Device (SPD), Polymer Dispersed Liquid Crystal (PDLC)], Passive [Photochromic, Thermochromic]), By Application (Construction & Architecture, Transportation, Electronics), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Passive switchable glass technology is expected to showcase a growth of around 9.1% CAGR up to 2027. It controls light transmission through non-electrical stimuli, i.e., without employing voltage supply. Passive light control glass is largely utilized in small-format settings such as sunglasses. It cannot be controlled manually by the user, limiting its scope to certain applications. It is mainly divided into thermochromic and photochromic types, which react to heat & light respectively. Passive smart glass is simpler in design with the absence of an electrical unit. Compared to active smart glass, it is cost-effective in terms of products, installation, and maintenance.
Proliferating automotive sales and integration of smart glass in new luxury cars will drive industry expansion
Proliferating automotive sales, rising disposable income, and the demand for high-tech luxury vehicles, along with the integration of switchable glass in several passenger vehicles such as Mercedes-Benz, Hyundai, Cadillac, and others will drive the smart glass market growth. The transportation segment in smart glass market holds nearly 25% volumetric shares in 2020.
Switchable glass provides auto dimming of cabin lights, which enabled users to maintain an ambient cabin temperature, thereby reducing the load on air conditioning systems. This will improve the overall efficiency of vehicles and considerably minimize lighting & cooling costs of vehicles. The technology is increasingly adopted in new luxury vehicles to enhance passenger experience. For instance, in January 2021, General Motors announced the integration of SPD glass in their new ultra-luxury fully electric CELESTIQ sedan.
North America will witness a substantial demand and is expected to generate around USD 2.26 billion in revenue by 2027. The wider presence of glassmakers and smart glass licensors; higher spending capacity on new technologies; and sprawling economic activities in terms of the presence of commercial buildings will be the major factors influencing the smart glass market share in the region.
Some of the key players in global smart glass industry are Research Frontiers, NSG Group, View Inc., Smartglass International, Gauzy Inc., Saint-Gobain, and others. Collaborations with several automotive manufacturers, R&D investments, and mergers & acquisitions are among the key strategies adopted by players to enhance their competitiveness in the smart glass market.
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