January 13, 2020
According to the research report titled ‘Global Smart Glass Market Size by Technology [Active (Electrochromic, SPD, PDLC), [Passive (Photochromic, Thermochromic)], By Application (Construction, Transportation, Electronics), Industry Analysis Report, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026’, available with Market Study Report LLC, the global smart glass market is projected to cross USD 2,228.4 million by the year 2026.
According to the report, shifting preference towards installing user controlled and energy saving windows for buildings is a major factor driving smart glass market growth. Smart glasses are used in automobile and building windows in order to control incoming glare and sunlight. This helps to increase the comfort and privacy of the inhabitants. Increasing awareness pertaining to energy conservation across high end residential spaces and commercial offices are aiding the expansion of the market.
In terms of technology, the report cites that electrochromic segment holds the biggest share of 45% in the smart glass market. Although electrochromic smart glasses have a slow response time and are limited to exterior applications they are quite popular due to their low-cost. On the other hand, PDLC smart glass offers extensive interior and exterior application, needs low voltage supply, and has quick response time, thereby stimulating the industry outlook.
Based on the application spectrum, construction industry accounts for 60% share in smart glass market. Smart glasses are widely used in skylights, windows, bathrooms, space partitions, conference rooms, hotels, and offices. Meanwhile, transportation application segment of smart glass industry is witnessing considerable growth, especially in aviation, marine, and automobile sectors.
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Considering the geographical landscape, surging need of privacy in commercial and residential buildings and increasing focus to control sun glare are augmenting the demand for smart glasses in Middle East, North America, and Europe. Adding to this, growing inclination towards building energy-efficient infrastructure and advent of IoT technology is contributing towards the popularity of the product across North America and Europe. According to the report, harsh climatic conditions in Middle East are fueling the smart glass market. Moreover, surging expenditure in commercial and residential sector, rising per capita income, and growing construction sector are propelling the growth of Asia-Pacific smart glass market.
The prominent companies operating in smart glass market are Pleotint LLC, Polytronix, Gauzy Inc., Smartglass International, RavenWindow, View Inc., Merck & Co., Asahi Glass, NSG Group, and Saint Gobain.
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