✷ Report Code: A00854 | Pages: 220 | ||
Tables: 155 | Charts: 64 |
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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.
Statement for COVID-19 banner: 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. According to International Labour Organization (ILO), various construction enterprises across the globe faced liquidity problems owing to operating restrictions and reduced spending capacity.
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.
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.
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.
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.
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.
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 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.
Key benefits for stakeholders
Impact Of Covid-19 On The Global Smart Glass Market
Smart Glass Market Report Highlights
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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.
A. 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.
A. The global smart glass market was valued at $4.6 billion in 2022 and is projected to reach $15.12 billion by 2030.
A. 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.
A. Industries such as transportation, construction, power generation, and others may increase the demand for smart glass.
A. 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.
A. Escalating demand from building & construction sector and increasing demand from automotive sector are the main drivers of the smart glass market.
A. 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.
A. 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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