Global smart glass market is projected to reach a valuation of $8,223 million by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
As per the report, the automotive segment garnered the highest revenue in the global smart glass market in 2017. In terms of regional contribution, North America is anticipated to be the leading contributor to the global market revenue over the forecast period.
Some of the significant insights regarding smart glass market highlighted in the report include:
- Primary factors driving market growth include rising environmental consciousness and energy concerns across the globe.
- The decreasing cost of electrochromic materials has prompted consumers to switch to smart glass in the future.
- Stringent regulations concerning energy consumption imposed by governments worldwide have boosted product adoption.
- Rising concerns about the environment, growing need to minimize energy consumption, and increasing demand from the automotive sector will support market growth.
- The increasing popularity of energy efficient buildings and decreasing operation costs would boost market growth during the forecast period.
- Favorable government regulations, rising awareness, and technological enhancements will expand market size.
- Increasing investments in technological advancements paired with research and development efforts would augment market share in the coming years.
According to the report, a lack of awareness among consumers had negatively affected the adoption of smart glass in the past. Nevertheless, introduction of robust government initiatives along with substantial investments has significantly accelerated smart glass market growth.
The diverse list of end-users of smart glass market includes architecture, automotive, consumer goods, and others. The automotive segment captured the highest smart glass market share in 2017. This product is widely used in doors, windows, and windshields of vehicles as it reduces heat accumulation. On the other hand, the consumer electronics end-users segment is anticipated to grow at the highest CAGR.
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In terms of regional growth, North America smart glass market contributed the highest revenue in 2017. Market growth in the region is primarily driven by increasing awareness among consumers about smart glasses, and growing preference for energy-efficient buildings. More and more consumers are adopting smart glass due to strict energy consumption regulations, and the need to control operation costs. Additionally, several market majors have adopted partnership and expansion plans to boost their share in the North America market, cites the report.
The report also delivers an in-depth analysis of the smart glass market drivers, restraints, and opportunities over the estimated timeline. A detailed analysis of the market in terms of type, technology bifurcation, end-use spectrum, and regional landscape has also been included in the report. In addition, company profiles of market majors have been outlined in the report under the heads of business overview, financials, product benchmarking, and recent developments.
The competitive landscape of the global smart glass market includes well-known companies such as Asahi Glass Co., Gentex Corporation, DuPont, SPD Control Systems, Corning Incorporated, View, Inc., Hitachi Chemical Co., Ltd., Switch Materials Inc., RavenBrick LLC, Scienstry, Inc., Innovative Glass Corporation, and ChromoGenics AB. The prime growth strategies practiced by these companies include launching innovative products and teaming up with other market leaders to increase their stake in the worldwide market, thereby boosting market growth over the foreseeable years.