The global smart glass market is expecting a boost between 2020 and 2026 as a result of the increasing adoption of smart glass by the automotive industry as well as a reduction in prices for electrochromic material. The market is anticipated to expand at a compounded annual growth rate of 12.1 percent in the afore-stated period. The other factors that have resulted in the growth of the global smart glass market constitute favorable government initiatives and legislation on energy efficiency. Countries are encouraging the implementation of energy-efficient products more and more. And smart glass is known for its energy-saving and auto-dimming properties, thereby reducing the maintenance cost. This enhances the perceived benefits of glass products more than due investments.
Other than the automotive industry, architecturally advanced construction ideas require the installation of large windows. Smart glass has the desirable properties of thermal and acoustic insulation, energy conservation, along with a 3D designer proposal. Unfortunately, a major challenge encompassing the global smart glass market include limited awareness about the characteristic benefits of smart glass. Even though technology has witnessed a major boom in the last two years owing to its application in architecture and automotive industry, there is a need to educate the end-users about the sustainable properties of smart glass, including energy-efficiency and eco-friendly properties.
Based on technology, the electrochromic smart glass segment is expected to lead the market with a considerable CAGR. This is pertaining to the unique aspects, including a reduction in response time to apply glass effect at low voltage consumption as well as delivering high blockage ratio of hazardous IR and UV rays. With increasing disposable income levels and mounting demand for luxury vehicles, the electrochromic smart glass market is witnessing a boost. Suspended Particle Devices (SPD) saves more than 25 percent of the current electrical usage and is the largest technology segment.
Based on the application, the transportation segment holds the highest market share as of 2020 and is likely to hold the position in the coming years. Smart glass is used in doors, windows, sunroofs, rear-view mirrors, and windshields of vehicles. There has been a growing need for a reduction in heat buildup and restraining viewing degree while driving. The automotive segment is further segmented in automotive, aircraft, and marine. The automotive sector has the highest consumption of switchable glass since smart glass provides protection from UV rays and regulates heat inside automobiles. Government regulations requiring a reduction in carbon-dioxide emissions and energy consumption have encouraged manufacturers to utilize anti-heat glass and glazing solutions.
Based on the region-wise analysis, Europe is leading the global smart glass market. The United Kingdom occupies the largest share in the smart glass market as a result of technological advancements and a recovering economy. The ability of smart glass to save energy consumption has made it lucrative in the European market.
Some of the prominent players in the global smart glass market include AGC, Inc., Saint-Gobain, Corning Inc., and DuPont de Nemours, Inc, among others.
Check the report summary at Global Smart Glass Market – Forecasts to 2026