Wilmington, Delaware, United States, March 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global smart glass market stood at US$ 4.1 Bn in 2020 and is estimated to reach US$ 18.3 Bn by 2031, expanding at a CAGR of 14.5% between 2021 and 2031. Dynamic smart glass transforms a typically static material into one that can serve many different purposes. With the use of this technology, different types of light, such as IR and UV, can be regulated. Increase in the utilization of smart glass in the transportation industry is expected to create significant business opportunities in the global smart glass market.
High cost is likely to hamper sales of smart glass. Hence, producers are increasing investment in research & development activities for technologies such as self-adhesive switchable glass, which is a viable solution for updating existing windows. Smart glass technologies can be applied to partitions, windows, and other transparent surfaces in different industries. Privacy is possible with the deployment of smart glasses in smart homes. Unsanitary curtains that are hard to clean or sterilize can be removed due to smart glasses.
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Key Findings of Market Report
- Based on end-use, auto-dimming rear-view mirrors and sunroofs are two common applications for smart glass in the automobile sector. Leading automakers such as Mercedes and BMW are using smart glass. Utilizing patented smart glass technology, a new spectacular roof option is offered by automotive behemoths. Significant heat reduction inside automobiles, noise reduction, lower fuel consumption, UV protection, and glare management are just a few of the benefits promised for the SPD (Suspended Particle Devices) smart glass technology.
- Environmentally concerned people are becoming more interested in renewable energy sources. Solar energy is one of the most extensively utilized source of renewable energy. Production of solar energy is being pushed forward in several countries. Companies in the U.S. are working on a type of glass that can convert solar energy into electricity. These glasses have a conventional look, but include a photovoltaic (PV) window coating to retain solar energy. These innovations are expected to offer lucrative business opportunities in the global smart glass market.
- Based on technology, the electrochromic segment accounted for the largest market share in 2020. This is ascribed surge in the usage of electrochromic in smart glass in a number of industries, including solar power production, architecture, transportation, ceramic & refractory, steel, consumer electronics, and construction. The electrochromic glass segment is anticipated to be driven by its high UV and IV ray blocking ratios, low driving voltage, and ease of integration with big glass panels.
- The suspended particle device segment held the second largest share in 2020. Glass with suspended particles can change from clear to dark in one to three seconds and offers immediate and accurate light regulation. This glass has a remarkable optical property that makes it capable of successfully reducing sun glare. Furthermore, smart glass with suspended particles claims to be very stable against UV radiation while still offering adequate natural lighting.
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Global Smart Glass Market: Growth Drivers
- Demand for smart glass is increasing due to rise in demand for energy efficiency, privacy, innovative design, light & heat management, and automatic shading. Architects and interior designers have a multitude of choices for regulating light, UV rays, and glare owing to smart glass, commonly referred to as electrically switchable glass.
- Rise in usage of smart glasses in the transportation industry is expected to fuel market development in the near future. Installation of smart glasses in automobiles is likely to increase comfort inside vehicles by reducing heat by 40% and protecting against UV rays by 98%.
Global Smart Glass Market: Regional Landscape
- North America is expected to account for leading market share from 2021 to 2031.
The market in the region is expected to register strong growth during the forecast period. The market in North America is anticipated to grow at a rapid pace in the next few years owing to rise in demand for smart glass in end-use industries, including transportation, architecture, and solar power generation. The U.S. is an important market for smart glass industry in North America. The U.S. held a sizeable share of the smart glass market in North America in 2020. The trend is anticipated to continue between 2021 and 2031. - Asia Pacific is also a significant market for smart glass. China dominated the smart glass market in the region in 2020. Increase in demand in the transportation and architecture industries is expected to drive the smart glass industry in China.
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Global Smart Glass Market: Key Players
Key players in the global smart glass market are
- Guardian Industries Corp
- Asahi Glass Co., Ltd.
- Innovative Glass Corporation
- Saint-Gobain S.A.
- DuPont
- ChromoGenics AB
Global Smart Glass Market: Segmentation
Technology
- Electrochromic
- Thermochromic
- Photochromic
- Liquid Crystal
- Suspended Particle Device
End-use
- Architectural
- Consumer Electronics
- Transportation
- Solar Power Generation
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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