WASHINGTON, March 15, 2023 (GLOBE NEWSWIRE) -- Global Smart Glass Market is valued at USD 5.2 Billion in 2022 and is projected to reach a value of USD 10.7 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 10.9% over the forecast period 2023-2030.
Market Overview
The economy has evolved and is anticipated to be fueled by expanding energy-conservation programs, including green buildings and eco-friendly structures. A positive regulatory environment facilitating tax and financial benefits is also anticipated to benefit the market throughout the forecast period.
We forecast that the Electrochromic category in Smart Glass market sales will account for more than 36% of total sales by 2030. The device's characteristics, such as its high UV and IV ray blocking ratio, low operating voltage, and simple integration with large glass panels, are partially responsible for this. The electrochromic glass can also be colored, discolored, or impenetrable to change how much sunlight and heat it receives based on the environment.
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Market Dynamics
Expanding Building & Construction to Support Market Expansion
Due to rising urbanization and population expansion, governments in developed and developing nations have boosted spending on the building and construction sectors. To generate flexible lighting conditions, Smart Glass is frequently utilized in windows, walls, skylights, and doors. The rising building and construction industry's need for Smart Glass is expected to rise dramatically.
Growing Smart Glass integration in automotive glass panels to Drive the Market Growth
Several international manufacturers focus on infusing modern concepts into their vehicles to set their goods apart from the competition. Due to increased customer purchasing power over the past ten years, shoppers insisted on choosing premium vehicle amenities. These glass panels help maintain the car's temperature and privacy while limiting light transmission inside the cabin. Due to these characteristics, these products increase the comfort of travelers and the vehicle's energy efficiency.
Top Players in the Global Smart Glass Market
- AGC Inc. (Japan)
- ChromoGenics (Sweden)
- Corning Incorporated (U.S.)
- Gauzy Ltd. (Israel)
- Gentex Corporation (U.S.)
- Guardian Industries (U.S.)
- Kinestral Technologies Inc. (U.S.)
- Nippon Sheet Glass Co. Ltd. (Japan)
- PPG Industries Inc. (U.S.)
- Raven Window (U.S.)
- Research Frontiers Inc (U.S.)
- Saint-Gobain S.A. (France)
- Showa Denko Materials Co. Ltd. (Japan)
- Smartglass International Limited (U.S.)
- VELUX Group (Denmark)
- Vision Systems (Israel)
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Top Trends in the Global Smart Glass Market
- One trend that Vantage Market Research (VMR) expects to see in the Smart Glass industry is rising usage in tourist attractions. Various tourist destinations use glass to create distinctive spaces that captivate people. The desire for automobiles with panoramic windows and solar panels has increased due to increased tourism activities worldwide, allowing travelers to enjoy the view from the car's safety. After being stretched completely outside the building, the glass in the cube turns translucent, giving guests a bird's-eye view over Melbourne. These applications increase the appeal of glass panels and provide the potential for growth in the global market for Smart Glass.
- Another trend that VMR predicts will continue in the Smart Glass industry is using SPD glass to create large windows in the aerospace industry. The aircraft industry's rapid rise has raised demand. Aircraft manufacturers are encouraging the introduction of larger windows with more utility and passenger control. For this, they are using certain glassware, mainly SPD glass. These technologies improve passenger comfort by eliminating glare, preserving eyesight, and providing day illumination at the touch of a button. As a result, the demand for these glasses is rising in the aircraft industry.
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Top Report Findings
- Based on Technologies, the Electrochromic category controls most of the Smart Glass market's revenue. This market has a high disposable income due to its high UV filtration power and quick application of glass effects. In addition, the market for luxury vehicles that use electrochromic technology is expanding.
- Based on the Applications, the Transportation category controls most of the Smart Glass market's revenue. Aerial, vehicular, and maritime transportation is subdivided into the transportation sector. The significant expansion in the automobile market can be attributed to luxury car manufacturers' increased use of Smart Glass. The market participants are being pushed by the increasing demand to broaden their product offerings in this niche to obtain a competitive advantage.
- Based on the Control Modes, the switcher category controls most of the Smart Glass market's revenue. "switcher" describes a computer tool frequently used during a movie or film creation. It is used to switch or choose between audio or visual information from various sources. An increased shift from analog to digital broadcasting is anticipated to fuel market expansion for switchers globally during the projected period.
Recent Developments in the Global Smart Glass Market
- In 2022- The AI-based Smart Glass solution from Halio, Inc. was unveiled at CES 2022 and features responsiveness and speed, clear and tint color, uniformity, and cloud-based technologies for autonomous operation.
- In October 2021- NSG Group partnered with Cohda Design Limited (UK) to create wirelessly glass solutions that charge gadgets.
Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on Smart Glass Market Forecast Report (2023-2030).
Electrochromic Category in Smart Glass Market to Generate Over a Huge Revenue
For better understanding, based on the device type, the Smart Glass market is divided into Suspended Particle Display, Electrochromic, Liquid Crystal, Microblind, Photochromic, and Thermochromic.
During the forecast period, the market for Smart Glass is anticipated to experience the highest CAGR for the electrochromic category. This is partly attributable to the product's features, including its high UV and IV ray blockage ratio, low driving voltage, and straightforward integration with large glass panels. Additionally, electrochromic glass can be stained, colored, and opaque to adjust how much light and heat it transmits depending on the situation. These glasses are widely used in medical, educational, business, and retail facilities.
On the other hand, the suspended particle display category is anticipated to grow because SPD has high UV stability. These lenses can change from translucent to black in 1-3 seconds, providing fine and immediate light control. Additionally, they offer an amazing optical quality that makes it possible to minimize sun glare effectively.
North America Region in Smart Glass Market to Generate the Majority of the Global Revenue
North America dominates the market throughout the projection period. The availability of value-added goods like laminated glass and the implementation of energy-saving building laws in the area can explain this. The area businesses are introducing products that meet consumer demands.
The Asia Pacific region holds the second-largest position in the market. Growing demand for premium cars and disposable income encourage regional market growth. Additionally, increasing energy preservation awareness in the area is predicted to encourage using energy-efficient air conditioning systems and windows.
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Global Smart Glass Market Segmentation
a
By Technologies
- Suspended Particle Display
- Electrochromic
- Liquid Crystal
- Microblind
- Photochromic
- Thermochromic
By Applications
- Architecture
- Transportation
- Power Generation Plants (Solar)
- Consumer Electronics & Others
By Control Modes
- Dimmers
- Switchers
- Remote Control
- Other Control Modes
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 5.2 Billion |
| Revenue Forecast by 2030 | USD 10.7 Billion |
| CAGR | 10.9% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | AGC Inc., ChromoGenics, Corning Incorporated, Gauzy Ltd., Gentex Corporation, Guardian Industries, Kinestral Technologies Inc., Nippon Sheet Glass Co. Ltd., PPG Industries Inc., Raven Window, Research Frontiers Inc., Saint-Gobain S.A., Showa Denko Materials Co. Ltd., Smart Glass International Limited, VELUX Group, Vision Systems |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Key Questions Answered in the Report:
- What is the current market size and growth rate of the smart glass industry, and what factors are driving this growth?
- What are the different types of smart glass technologies available in the market, and how do they differ in terms of features, applications, and cost?
- What are the major applications of smart glass, and which industries are the key adopters of this technology?
- What are the key trends and challenges in the smart glass market, and how are they expected to impact the industry in the future?
- Who are the major players in the smart glass market, and what are their market shares, strategies, and competitive landscape?
- What are the regulatory and legal requirements for the use of smart glass, and how are they expected to evolve in the future?
- What are the pricing models and revenue streams for smart glass products and services, and how do they vary across different market segments and regions?
- What are the key technological advancements and innovations in the smart glass industry, and how are they expected to shape the future of the market?
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