Smart Glass Market

Smart Glass Market Statistics – 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.

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.

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.

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.

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.

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.

Impact Of Covid-19 On The Global Smart Glass Market

• The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe.
• 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. The increasing risk of infection among the workforce has resulted in delayed construction projects amid the COVID-19 scenario where smart glass is widely used in windows, partitions, skylights, doors, and curtain walls to create a climate adaptive light atmosphere. For instance, according to an article published by CNA, the construction Industry Joint Committee (CIJC) has said that the shortage of manpower may lead to delay in construction projects attributed to workplace safety, and other factors.
• Moreover, several smart glass manufacturers have either shut down or shrank their operations which in turn have resulted in supply chain disruptions.
• Also, different raw materials for producing smart glass is purchased or hired from other enterprises. The decreased purchasing potential of suppliers has also negatively impacted the market amid the COVID-19 scenario.
• Furthermore, the COVID-19 pandemic has led to disruptions in transportation, contractual implications problems, labor shortage, and other factors that together have led the smart glass market to witness a downfall. For instance, according to a report published by the Australian Performance of Construction Index (PCI) Survey, the construction activity has dropped by 16.3 points to 21.6 points from March 20201 to August 2020.
• However, emerging geographic scenarios, enhanced domestic supply chain, and strong public investments are projected to drive the growth of Smart glass market. For instance, according to an interim report for the 2021 Australian infrastructure plan, the Australian Construction Industry Forum (ACIF) expects the construction industry to return to pre-COVID-19 levels by 2022-23, driven by strong public investments.

 Smart Glass Market Report Highlights