Smart eyewear is a type of computerized eyewear that produces digitalized visuals for its wearer. It aids in the gathering of information, taking of photographs, and recording of video. It makes use of gesture and voice trackers hidden behind the frame's arms. Smart eyewear can track user activities, make hands-free calls, and play music through built-in speakers. Clear and tinted (sunglass lens) glasses are available for these devices.
Smart eyewear manufacturers see the necessity for developing automated and hands-free applications that can meet the demands of monitoring, accuracy, and labor efficiency. Heads-Up Display (HUD), Head-Mounted Display (HMD), and Optical Head Mounted Display (OHMD) are some of the optical techniques they utilize (OHMD). These devices or applications give precise and accurate measurements, allowing them to be used in industries such as aerospace and military, architecture and construction, medical, electronics, energy and power, heavy equipment, entertainment, and others. It is predicted to experience rapid growth in the future due to its rise in demand and wide usage. All these factors are assisting the smart eyewear market growth globally.
The Smart Eyewear Market share is segmented into technology, mode of control, product, application and region. Based on technology, the market is classified into electrochromic, liquid crystal, and suspended particle display. On the basis of mode of control, it is divided into switches, remote, dimmer, and others. Based on product, the market is categorized into assisted reality glasses, mixed reality holographic displays, head-mounted displays, smart helmets and others. Based on application, the market is segregated into architecture, transportation, consumer electronics, and commercial, healthcare and lab facilities, educational buildings, corporate, retail, and residential. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players operating in the Smart Eyewear Market include Nippon Sheet Glass Co., Ltd., PPG Industries, Inc., AGC Inc., ChromoGenics, Gauzy Ltd., Gentex Corporation, Guardian Industries, Kinestral Technologies, Inc., RavenWindow, Corning Incorporated. These key players focus on R&D activities related to smart eyewear technologies and adopt various strategies such as acquisition, mergers, collaboration, and others to enhance products in the market.
COVID-19 impact analysis
The COVID-19 pandemic has slowed the growth of several sectors, including automobiles, oil & gas, and others. It has three major effects on the global economy: directly impacting production and demand, causing supply chain and market disruption, and having a financial impact on businesses and financial markets. The COVID-19 outbreak has posed a significant strategic threat to electronics and manufacturing companies in recent months. The electronics and semiconductor manufacturing industries have been harmed by disruptions in raw material supply, temporary shutdown of manufacturing units, inadequate finance, and weak consumer demand. All these factors are hampering the smart eyewear market size globally.
Top impacting factors
The transportation industry such as airlines, trucking, and railroads is expected to account for the largest share of the smart eyewear market growth, as many automakers have been incorporating smart glass materials into their vehicle designs to benefit from its antiglare, remote access, and dynamic light emission adjustment properties. Smart glass can also be found in the shape of doors, windows, sunroofs, windshields, rearview mirrors, and skylights in the transportation industry. Smart glasses reduce heat output, provide shading, limit viewing scope, and give users with privacy. The rise in cost associated with energy, and as a result, demand for unconventional power sources has increased during the previous decade.
Solar energy is a viable alternative to traditional energy sources. The performance of photochromic and thermochromic smart glasses is influenced by sunshine, either directly or indirectly. The use of auto-dimmable smart glass can significantly cut electricity consumption, particularly for heating and cooling systems. Solar power producing plants are one of the newer applications of smart glass. In solar panels, smart glass is used to capture as much light as possible in order to generate power. In the future, the solar power generation sector is likely to provide numerous potentials for smart glass applications. In terms of technologies and applications, the smart glass business has seen many changes and developments. Because of major technological breakthroughs, the cost of smart glass is 2 to 4 times greater than that of ordinary windows and glass. The expensive price of these spectacles prevents its worldwide usage. Manufacturers find it difficult to measure the return on investment for end consumers, therefore its main application is in the high-end and luxury sectors. While smart glass technology has been on the market for almost a decade, it has only been in the last few years that manufacturers have been able to get the required funding and support to begin mass production.
New product launches to flourish the market
In October 2020, EssilorLuxottica, an Italian-French vertically integrated multinational corporation based in Paris, announced that they will be launching smart glasses in 2021. At its virtual conference, Facebook announced a "multiyear collaboration" with EssilorLuxottica to build smart glasses that combine social and optical technology with major fashion brands. Ray-Ban will be the first smart glasses brand. Additional information, including as product specifications, software capabilities, and pricing, will be released closer to the 2021 debut date.
Surge in usage in automobile industry
Smart glass is ideal for heat and glare control in automobiles, aero planes, and other transportation applications. Smart glass is utilized in applications like as rearview mirrors, windows, sunroofs, and windshields in the car industry. Smart glass protects against harmful ultraviolet (UV) rays, decreases glare, assists in temperature control within the car, and saves energy on temperature maintenance. Light- and heavy-duty vehicle sales have increased with rise in consumer confidence and increase in spending. Several variables influence the need for automobile glass. Consumers, on the other hand, are more likely to put off fixing minor windscreen damage until a car trade-in, sale, or inspection. As a result, the demand for smart glass in the automotive application is influenced differently in different nations by new vehicle sales, used car turnover, and vehicle inspection legislation.
Key benefits of the report
- This study presents the analytical depiction of the smart eyewear industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the smart eyewear market share.
- The current market is quantitatively analyzed to highlight smart eyewear market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the smart eyewear market opportunity.
- The report provides a detailed smart eyewear market analysis based on competitive intensity and how the competition will take shape in coming years
Questions answered in smart eyewear market report
- What are the leading market players active in the smart eyewear market trends?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future would help in taking further strategic steps?
Smart Eyewear Market Report Highlights
By Operating System
Key Market Players
Meta Company, Microsoft Corporation, Sony Corporation, Samsung Electronics Co., Ltd., Epson America, Inc., Kopin Corporation, Google LLC, Recon Instruments, Inc., Lumus Ltd., Vuzix