Smart Glass Market size worth over $2.22 billion by 2026
Published Date: December 27, 2019 Authors: Kiran Pulidindi, Sayan Mukherjee
According to the latest research report by Global Market Insights, Inc., the Smart Glass Market size is expected to reach USD 2,200 million by 2026, registering at a CAGR of 8.5%. Expanding construction projects and increasing disposable income in Asia Pacific will drive the smart glass demand over the forecast period.
Smart glass is an innovative material that is growing in demand on account of the rising need for sustainable, energy-saving buildings correspondingly providing higher privacy and security to the inhabitants.
Growing emphasis on energy saving buildings in North America and Europe will drive the cumulative demand
North American and European countries are increasingly using switchable glass in interior and exterior of buildings; automobiles, marine vessels and electronics for purposes such as energy-saving, heat & light control; and innovative displays. With regional governments stressing on sustainable practices for many industries, energy-conserving buildings are increasingly gaining importance in the construction industry especially in the UK, the U.S., France, Germany and Italy. According to the U.S. Energy Information Administration, buildings account for over 41% of total energy consumption in the U.S. Additionally, windows were observed to be the lowest energy-efficient parts of a building, thereby wasting 25% to 35% of a building’s energy. With new energy certification for buildings being drafted by the U.S., UK and France policymakers, the two mentioned regions will have the highest smart glass market share over the forecast timeframe.
Electrochromic smart glass will maintain its largest share in market
Even though the smart glass technology has been in the market for a few decades, it is still gaining market share on account of its rising use in construction and transportation industry. However, the high product cost over conventional flat glass is still acting as a major hindrance to the global penetration of the smart glass market. Hence, among the active segment, the demand for electrochromic has largely increased owing to its comparatively lower price over other technologies such as SPD and PDLC.
Browse key industry insights spread across 200 pages with 277 market data tables & 24 figures & charts from the report, “Smart Glass Market By Technology [Active (Electrochromic, SPD (Suspended Particles), PDLC (Polymer Dispersed Liquid Crystal)), [Passive (Photochromic, Thermochromic)], By Application (Construction, Transportation, Electronics), Industry Analysis Report, Regional Outlook Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
Transportation sector is swiftly incorporating innovative glasses for security and privacy
The transportation sector mainly includes automobile, marine, aerospace and railways. With the increasing need for glare control in automotive industry, smart glass market growth is gaining ground in Europe, the Middle East and North America. Reduction in sun glare through smart glass use, lowers discomfort to the passenger and driver alike, without compromising visibility and natural light. The user control nature of the smart glass is an important factor, thereby making its use flexible as per the vehicle's location and time. In marine applications, smart glass finds use in yacht and luxury boats as it plays a crucial role in enhancing aesthetics as well as functionality of glasses installed in the vessel. On the other hand, in aerospace applications, it is used for passenger windowpanes, and pilot windshields to provide both security and glare control at high altitudes.
Increasing spending on luxury additions will drive the product’s use in Asia Pacific
In Asia Pacific, the high-income countries such as China, Japan, Korea and Australia are using smart glass for both energy saving, and luxury & privacy requirements. China and Japan are innovatively using smart glass in buildings, electronics, and automobiles applications. Israeli startup Gauzy has developed automobile PDLC windows as advertising displays, thereby opening new avenues for its application in the coming future. Conclusively, global smart glass industry will grow with its gradual lowering of cost over the forecast timeframe.
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