Increasing Application in Various Industries Is Leading the Global Smart Glass Market to Grow at 14.10% of Cagr by 2027
“According to the new market research report published by Inkwood Research, the global smart glass market is anticipated to grow at a compound annual growth rate of 14.10% throughout the estimated years.”
“Browse 25 market Data Tables and 35 Figures spread over 120 Pages, along with an in-depth TOC on global smart glass market forecast 2019-2027.”
Smart glass is characterized as opaque, interchangeable and vigorous glass that has the ability to change the light and thermal properties of windows across the range. When compared to static high-specification glass, the smart glass features has the capability to vary based on the interchanging ambient circumstances through programming, automation or user control to outfit the demands of occupants.
Smart glass-based products which include framed anti-glare windows are expected to revolutionize the technology market in the coming years. The demand for these products is set to enhance over the coming years, attributable to the growing recognition for the technical attributes and unique aesthetics of smart glass products among the end-use industries. Moreover, energy safety and policy-driven environmental perspective are elevating the demand for energy-efficient smart glasses. Initially, the smart glass had application restricted to construction and architectural services; however, technological advancement has expanded its application standards, being utilized in a variety of industries such as automotive, aviation, marine and rail. Thus, the expanding applications of smart glass is driving the market internationally.
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Asia-Pacific: The rapidly evolving region in the smart glass market globally
The demand for smart glass in the Asia-Pacific region is due to the growing building and construction and transport industry in the last few years. The increasing application in these sectors is due to the rapid industrialization and the rising manufacturing sector of the region. China and India are the prime economies dominating the smart glass market in the APAC region. The growth of the market is driven by the growing population, high GDP rate and increased government initiatives by introducing policies that are encouraging foreign direct investment and closer integration with the worldwide economy, which in turn is pushing funds in the glass production and downstream glass processing. Furthermore, the market is likely to witness a bright future in the region due to expansive growth and innovation as well as industry consolidations.
High Cost is to Hinder the Growth of the Market
The smart glass technology is in its experimenting phase and is estimated to endure intensive technological and economic alterations over the forecast period. The key companies have ascertained cost-cutting strategies to propel the Return on Investments (ROI). Smart glass is thrice costlier than its counterparts, which is majorly hindering the market growth. Furthermore, the availability of alternatives to smart glass products in the transportation sector and automotive sector is anticipated to hamper the market growth over the forecasting period. However, technological development and government policies regulating the smart glass deployment may gradually decrease the overall manufacturing cost.
The major players involved in the global smart glass market are Asahi Glass Co., Ltd., Nippon Sheet Glass, Gentex Corporation, Saint-Gobain, Sage Electrochromics, Inc. and Research Frontiers Incorporated. DuPont and Hitachi Ltd. are the major smart glass manufacturers and possess the necessary expertise that enables them to fabricate and commercialize specific smart glass technologies, which is a major challenge for the new entrants. Therefore, the smart glass market is anticipated to be controlled by a few leading manufacturers, creating an oligopolistic scenario.
About Inkwood Research
Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy; with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.