Smart glass, also known as switchable glass, is a technology that allows glass to transition among transparent, translucent or opaque appearance when an electric current is applied. Smart glass consists of polymer-dispersed liquid crystals, suspended particle devices or electrochromic materials which allows control over the amount of light, heat and glare passing through. The growing need for energy efficient solutions across various sectors including automotive and construction is driving the demand for smart glass.
The Global Smart Glass Market is estimated to be valued at US$ 5.84 billion in 2022and is expected to exhibit a CAGR of 10.3% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the smart glass market are DigiLens Inc, Corning Incorporated, OPPO, Meta and Agc Inc.
Smart Glass Market Share are rising from automotive and transportation sectors for dynamically tinting windows to achieve enhanced security and comfort is a major growth opportunity. Growing construction of green buildings utilizing electrochromic and thermochromic smart glass for natural light regulation will further aid market expansion.
Key players are expanding globally through strategic partnerships and mergers & acquisitions to cater to the growing demand across regions. Saint Gobain recently acquired Glassyne to boost its smart glass solutions portfolio in North America.
Market Drivers
The primary driver facilitating the growth of smart glass market is the rising need for energy efficient smart windows from the construction industry. Smart glass helps reduce energy costs by blocking excess heat and glare while maximizing daylighting. Stringent regulations regarding green buildings and energy efficient designs are further propelling the product demand. In the automotive sector, adoption of smart glass for sunroofs and rearview mirrors enhances safety, security and passenger comfort driving revenues.
PEST Analysis
Political: Regulations around energy efficiency and reduced carbon emissions are driving demand for smart glass technologies in construction and automotive industries.
Economic: Increasing disposable incomes and spending on luxury and premium products are fueling the sales of smart glass.
Social: Growing awareness about energy savings and comfort features are positively impacting the adoption of smart glass solutions across offices, homes and vehicles.
Technological: Advancements in coating materials, connected technologies and automation are improving the functionality of smart glass by enabling features like automatically dimming glare from windows. Integration of smart glass with IoT networks and AI assistants is further enhancing user experience.
Geographical Regions with Highest Market Value
The smart glass market in North America accounts for the largest value share currently due to high adoption in automotive and construction industries in the US and Canada. Robust investments to modernize infrastructure and rising installation of smart windows and skyscrapers support further growth.
Fastest Growing Regional Market
The Asia Pacific region is estimated to witness the fastest growth in the smart glass market over the forecast period. This can be attributed to rapid urbanization, rising building construction activities and increasing disposable incomes in developing economies like China and India. Significant research & development initiatives to localize production will additionally propel the APAC smart glass industry.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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