The Global Market for Smart Glass is Projected to Exceed US$7.5 Billion by 2024
Increasing Focus on Safety and Energy-Efficiency in
Buildings and Automobiles to Drive the Global Smart Glass Market, According to a
New Report by Global Industry Analysts,
Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market share, size and
demand forecasts on the global Smart Glass market. The
global market for Smart Glass is projected to exceed US$7.5 billion by 2024,
driven by the increasing focus on energy efficient building technologies,
robust demand from the transportation sector, and development of innovative and
advanced window solutions.
Smart glass, also known as
switchable glass or dynamic glass, feature far greater potential than existing
varieties, and they are getting smarter day by day. The simple act of providing
light and ventilation in a building and automobile is completely transformed
with the advent of smart glass. Although the smart glass technology is around
for about 20 years in the form of eyeglasses with transitional lenses, the
functionality of smart glass continues to evolve and transform with several
types of technologies being tested and developed including but not limited to
electrochromic, thermochromic, photochromic, and polymer-dispersed liquid
crystal (PDLC). The current smart windows include self-cleaning windows;
windows that allow users to open shades, adjust lights and temperature; selectively
block light, glare, or heat and quickly change the view from clear to a tinted
hue, and enable security systems and appliances through push buttons and
smartphone operations. Myriad benefits of smart glass that are driving its
widespread adoption include the non-requirement of shades, custom blinds, or
curtains; maximize daylight and preserve night time views; minimize glare in a
room; protect fabric furnishings by preserving color; enabling huge savings on
cooling and heating cost; provision of enhanced privacy; reduction in CO2
emissions; and maintaining
the health, comfort, and productivity of occupants, among others.
Strong growth is projected
for smart glass in both developed and developing countries, driven by favorable
government
regulations that recommend energy efficient heating, cooling and lighting solutions
in buildings and cars. The ongoing trend towards embedding electronics,
such as sensors, to turn auto and architectural windows into displays of
infotainment content represents another significant factor benefiting market
expansion. Transportation sector represent the largest and the fastest growing
application area supported by growing environmental concerns, increasing
emphasis on energy efficiency, focus on better fuel economy, and the incessant
drive to improve car and aircraft designs. Other important growth drivers include
positive outlook for the global
construction industry; rising investments in infrastructure projects worldwide; recovering automotive production
particularly in the developing countries; expanding applications in aviation,
marine, and solar power; shifting demand from passive to active smart glass
technologies; technological innovations and advancements that are resulting in
steadily declining prices, among others. Also,
huge opportunities exist for smart windows in the retrofit segment as majority
of the windows in current buildings worldwide are not energy efficient.
As stated by the new
market research report on Smart
Glass, Europe represents the largest market worldwide, followed by the
United States. Robust demand for various technologies that aid in minimizing
energy consumption and maximizing energy efficiency of buildings and
automobiles; presence of leading smart glass innovators; huge penchant for
novel technologies; and stringent energy efficiency regulations, among others, represent
key growth drivers in developed markets. Asia-Pacific ranks as the fastest
growing market worldwide with a projected CAGR of 16.3% over the analysis
period, driven by massive adoption of energy-efficient smart window solutions
in China. Booming construction activity and green policies established by the
Chinese government are expected to make China one of the most important markets
for smart windows worldwide.
Key players in the market include
Active Glass Technologies, Asahi Glass Company Ltd., Asahi India Glass Ltd.
(AIS), Clayton Glass Ltd., Corning, Inc., Essex Safety Glass Ltd., Flat Glass
Industries Ltd., Gentex Corporation, Glass Apps, LLC, Guardian Industries,
Hitachi Chemical Group, Intelligent Glass, InvisiShade, LLC, Nippon Sheet Glass
Co., Ltd., Pleotint, LLC, RavenWindow, Research Frontiers Incorporated,
Saint-Gobain SA, SAGE Electrochromics, Inc., Schott Corporation, Smartglass
International Limited, Vario Glass, Inc., and View, Inc., among others.
The research report titled
“Smart
Glass: A Global Strategic Business Report” announced by Global Industry
Analysts Inc., provides a comprehensive
review of market trends, issues, drivers, mergers, acquisitions and other
strategic industry activities of global companies. The report provides market
estimates and projections for all major geographic markets such as the US,
Canada, Japan, Europe, Asia-Pacific (China, and Rest of Asia-Pacific), and Rest
of World. Technology segments analyzed in the report include Electrochromic;
Suspended Particle Devices (SPD); Polymer Dispersed Liquid Crystal Glass
(PDLC), and Others. End-use application sectors analyzed for the global market
include Transportation, Architectural, and Others.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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