Smart Glass Market Resarech, 2030
The global smart glass market was valued at $4.6 billion in 2020, and is projected to reach $15.1 billion by 2030, growing at a CAGR of 12.6% from 2021 to 2030. Rise in demand for energy-efficient buildings is a major factor driving the growth of the smart glass market. As global energy consumption rises, there is growing pressure on the construction industry to adopt sustainable practices, and smart glass provides a solution by optimizing indoor temperature control. As a result, there is growing demand for the smart glass market.
Introduction
Smart glass, also known as switchable glass is a glazing glass whose light transmission properties gets altered when light, heat or voltage is applied on it. It is manufactured by laminating a switchable film of polycarbonate or acrylic laminates. It is often installed in the envelope of both residential and commercial buildings for creating a climate adaptive light atmosphere. In addition, it is used as an electrochromic glass in various end use sectors such as automotive, transportation, power generation, aerospace & aviation, and others.
Key Takeaways
- The global smart glass market share is highly fragmented, with several players such as Asahi Glass Co. Ltd, ChromoGenics, Gauzy Ltd and Entities, Gentex Corporation, Halio Inc, PleotintLlc, RavenbrickLlc, Research Frontiers Inc, Saint Gobain, and Showa Denko Materials Co. Ltd,
- More than 4,765 product literatures, industry releases, annual reports, and other such documents of major industry participants along with authentic industry journals, trade associations' releases, and government websites have been reviewed for generating high-value industry insights.
- The study covers nearly 20 countries. The segment analysis of each country in terms of value and volume during the forecast period 2023-2033.
Market Dynamics
Increased population and rise in investment in infrastructure projects has surged the growth of the building & construction sector where smart glass is widely used in windows, partitions, skylights, and doors for creating adaptive light atmosphere. This may act as one of the key drivers for the growth of the smart glass market during the forecast period. In addition, factors such as increased disposable income, technological upgrades, and spurring rise in original equipment manufacturers (OEMs) have led the automotive sector to witness a significant growth where smart glasses are widely employed in rear and side view mirrors, sunroofs, windshields, backlights, and sidelights. This may augment the growth of the smart glass market.
However, the prices of smart glass have increased over the past few years, as the supplies are tightened due to production issues. Moreover, smart glass industry has undergone many changes and advancements in terms of technologies & applications. This has increased the overall cost of smart glass 2-4 times higher as compared to other conventional glasses. Furthermore, the smart glass manufacturing process requires highly advanced and sophisticated equipment which is often expensive. This restrains the manufacturers with less investment potential to enter into smart glass market. This may hamper the growth of the smart glass market.
On the contrary, increasing awareness towards renewable energy sources has made the customers more linear using solar panels where smart glass acts as an auto-dimming glass for enhancing the heat capturing capacity of solar panels. Furthermore, technological advancements and increasing R&D activities have surged the utilization of photochromic and thermochromic smart glasses in heating and cooling systems of solar power generation plants.This factor is anticipated to increase the sales of smart glass; thus creating lucrative opportunities for the market.
Top 5 Smart Glass Innovative Technologies:
- PDLC Smart Glass: This technology uses PDLC (polymer-dispersed liquid crystals) and electricity to create a transparent effect. When the glass is powered on, these liquid crystals align and the glass becomes transparent. When the glass is powered off, the liquid crystals scatter the light, making the glass look opaque.
- SPD Glass: SPD glass is mainly used for exterior facing glass, as it makes interiors more comfortable and protects furniture, paint and other valuables from harmful UV rays that may cause fading. SPD glass blocks up to 99% of UV radiation.
- Thermochromic Glass: This technology has the same effect as SPD glass, going from clear to dark. The difference is that thermochromic glass technology is a passive technology that changes on its own depending on the intensity of the sunlight. It requires zero electricity for operation.
- Solar-Harvesting Glass: This system uses specific organic molecules to capture non-visible wavelengths of sunlight, using clear, transparent glass that looks just like regular glass rather than colored glass that has been used for similar purposes in the past.
- Bird Friendly Glass: The bird-friendly glass is translucent and moderately visible to the human eye, making it a more popular option for windows with views.
Segment Overview
The smart glass market analysis is done on the basis of technology, end user industry, and region. Depending on technology, the market is divided into thermochromic, photochromic, electrochromic, suspended particle device (SPD), polymer disperse liquid crystal (PDLC), and others. On the basis of end user industry, it is fragmented into transportation, construction, power generation, and others.Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Competitive Analysis
The major companies profiled in this report include Asahi Glass Co. Ltd, ChromoGenics, Gauzy Ltd and Entities, Gentex Corporation, Halio Inc., PleotintLlc, RavenbrickLlc, Research Frontiers Inc., Saint Gobain and, Showa Denko Materials Co. Ltd. In April 2022, Saint-Gobain announced a commitment to recycle more than 1,000 tons of glass annually over the next five years. This initiative, made possible through an agreement with a third-party processor in Minnesota, aims to divert the material from landfills and repurpose it for future use, promoting sustainability and upcycling in the glass industry.
Smart glass market, by region
The Asia Pacific smart glass market size is projected to grow at the highest CAGR of 14.1% during the forecast period and accounted for 25.5% of smart glass market share in 2020. This is attributed to theincreasing applications of smart glass is sectors such as building & construction, automotive, aerospace, renewable energy plants,and others in the Asia-Pacific region. Moreover, the strong demand for smart glass in countries such as India, China, and others due to different developing application segments has attracted the key players to expand or enter in the region.
By Region
Asia-Pacific would exhibit highest CAGR of 14.1% during 2021-2030.
Smart glass market, by technology
In 2020, the suspended particle device (SPD) segment was the largest revenuegenerator, and is anticipated to grow at a CAGR of 12.8% during the forecast period. This is attributed to the fact that suspended particle device-based smart glass can be automatically or manually tuned to precisely control the amount of light, glare, and heat passing through it. Moreover, it allows a variable and reversible change in glass transmittance that benefits the privacy and security. This has made customers become more linear toward using suspended particles device (SPD) technology-based smart glasses in windows, skylights, facades and curtain walls.
By Technology
Electrochromic is the most lucrative segment
Smart glass market, by end user industry
By end user industry, the construction segment dominated the global market in 2020, and is anticipated to grow at a CAGR of 12.4% during the forecast period. This is attributed to rise in urbanization and government expenditure on infrastructural development which in turn has led the building & construction sector to witness a significant growth where smart glass is widely employed in windows, partitions, skylights, doors, and curtain walls to create a climate adaptive light atmosphere. This factor augments the growth of the construction segment in the global smart glass market.
By End Use Industry
Transportation is projected as the fastest growing segment
Key benefits for stakeholders
- Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- It outlines the current smart glass market trends and future estimations from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets.
- The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
- The key drivers, restraints, and opportunities and their detailed impact analysis are explained in the study.
- The profiles of key players and their key strategic developments are enlisted in the report.
Smart Glass Market Report Highlights
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Analyst Review
According to CXOs of leading companies, the global smart glass market is expected to exhibit high growth potential. Smart glass is used to create adaptive light environment in residential & commercial buildings, automotive, power generation units, and others. Furthermore, several potential benefits associated with the use of smart glass such as lower operational costs, greater operational efficiency, enhanced productivity, and remote in-service inspections have led customers become more linear toward using smart glass in various end use industries.
In addition, the utilization of smart glass reduces the solar heat gain in building and power generation units by 20-30% that makes it best suited for use in heating & cooling systems. Furthermore, the rapid development of hospitality sector in emerging economies has surged the use of smart glass as privacy screen in bedrooms, guestrooms, and other places.
CXOs further added that sustained economic growth and development of the building & construction sector have increased the popularity of smart glass.
The increasing potential applications of smart glass in several end use sectors such as building & construction, aerospace & aviation, automotive, and others is the key factors boosting the smart glass market growth.
The global smart glass market was valued at $4.6 billion in 2022 and is projected to reach $15.12 billion by 2030.
Asahi Glass Co. Ltd, ChromoGenics, Gauzy Ltd and Entities, Gentex Corporation, Halio Inc., PleotintLlc, RavenbrickLlc, Research Frontiers Inc., Saint Gobain and, Showa Denko Materials Co. Ltd.are the key players in the global smart glass market.
Industries such as transportation, construction, power generation, and others may increase the demand for smart glass.
The global smart glass market analysis is done on the basis of technology, end user industry, and region. Depending on technology, the market is divided into thermochromic, photochromic, electrochromic, suspended particle device (SPD), polymer disperse liquid crystal (PDLC), and others. On the basis of end user industry, it is fragmented into transportation, construction, power generation, and others.Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Escalating demand from building & construction sector and increasing demand from automotive sector are the main drivers of the smart glass market.
End use industries such as transportation, construction, power generation, and others are expected to drive the adoption of smart glass market during the forecast period.
The smart glass market has been negatively impacted due to the wake of the COVID-19 pandemic, owing to its dependence on the building & construction, automotive, transportation, aerospace & aviation, and other sectors. In 2022, smart glass prices are expected to be higher in Asia-pacific. The price rise will be due to continued regional demand trends and tight product availability. Firm downstream demand for smart glass and stronger upstream costs are expected to sustain the price gain.
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