Development of Technology Will Propel the Global Smart Glass Market to 14.10% of CAGR by 2027
“According to the new market research report published by Inkwood Research, the global smart glass market is expected to proliferate with a CAGR of 14.10% during the forecast period of 2019-2027.”
“Browse 25 market Data Tables and 35 Figures spread over 170 Pages, along with an in-depth TOC on global smart glass market forecast 2019-2027.”
Smart glass also referred to as switchable, dimmable or dynamic glass. Smart glass has unique characteristics, such as its ability to change opacity or colour when voltage is applied. This unique behaviour has been proven to be beneficial for several applications, ranging from construction and architectural projects to interior design, as well as museum artwork expositions, advanced displays, high-end appliances, privacy glass and automotive mirrors. Smart glassworks on the principle of electrochromism, that enables certain materials to change their colour or opacity when a charge is applied.
Smart windows provide major environmental benefits. In their darkened state, they reflect around 98% of the light incident upon them, so they can drastically decrease the need for air-conditioning. Since they function on electricity, they can be easily controlled with the help of a sunlight sensor or a smart-home system. Scientists at the US Department of Energy’s National Renewable Energy Laboratory (NREL) suggest that windows like these could save up to 8% of a building’s total energy consumption. Smart windows also provide other advantages, such as privacy at the flick of a switch, convenience and enhanced security.
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Adoption of Smart Glass is Increasing in the Transportation Sector
Smart glass has found several applications in the transportation and aerospace sectors. The commercialization of suspended particle device smart glass has unveiled numerous opportunities such as smart glass installations in side-view windows, rearview mirrors and sunroofs. SPD automotive glass decreases the heat buildup within the vehicle owing to its ability to block solar heat. SPD automotive sunroofs and rear and side windows offer numerous benefits to drivers and passengers. Their infinite tuning and fast-switching features enable the reduction of unwanted light and glare, which allows users to enjoy not only the outdoor view but also glare-free view of displays and video screens. The heat-blocking features improve fuel efficiency and reduce carbon emissions in vehicles.
Due to the growth of the building & construction and transport industries over the last few years, the demand for smart glass in the Asia-Pacific region has also increased. There is an increase in the application of smart glass for building and construction as well as automotive industries in the APAC, owing to the growth of the manufacturing sector and the continued industrialization in the region. In Asia-Pacific, China is witnessing growth at a fast pace, due to the booming manufacturing sector driving the consumption of smart glass-related products in the region. Both countries, China and India have a large population and a high GDP rate. In addition, growth in the region is also driven by increasing governmental participation, with the introduction of policies encouraging FDI and facilitating closer integration with the global economy. This has helped in driving investment in petrochemicals, glass production as well as downstream glass processing. However, growth in APAC is not only fueled by these relaxations in policies, but also by rising urbanization due to a large, youthful population, which has led to greater consumer spending on materials that require smart glass from the construction industry to mobile phones and the automotive industry. The expansive growth and innovation, along with industry consolidations, will further strengthen the growth of the market in this region.
The top companies operating in this market are Asahi Glass Co., Ltd., Saint-Gobain, Nippon Sheet Glass Company, Limited, Corning, Incorporated, Gentex Corporation, Hitachi, Ltd., Merck KGaA, Research Frontiers, Incorporated, SCHOTT AG and SAGE Electrochromics, Inc. Smart glass manufacturing companies are focusing on new product launches and business expansion. The key vendors are concentrating on technological advancement to offer innovative and high-quality products to consolidate their market shares. The three largest players, which account for over 75% of annual revenue for the industry, include Nippon Sheet Glass Co., Saint-Gobain and Asahi Glass.
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