The Smart Glass Market Driven by Technological Advancements in Display Technologies
Smart glass or switchable glass is an innovative glass material that has the ability to change its light transmission properties as per the external voltage are heat stimulus. It finds applications in sectors like automotive, construction, air & marine and avionics industries due to improved building management, occupant comfort and energy efficiency.
The global smart glass market is estimated to be valued at US$ 7.42 Bn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the smart glass market are Intel Corporation, Broadcom Inc., Mellanox Technologies (now part of NVIDIA), Cisco Systems Inc., Juniper Networks Inc., Hewlett Packard Enterprise (HPE), Dell Technologies Inc., Huawei Technologies Co. Ltd., Arista Networks Inc., Extreme Networks Inc., Juniper Networks Inc., Marvell Technology Group Ltd., Fujitsu Limited, NEC Corporation, Microchip Technology Inc. The growing construction of green buildings along with initiatives by governments worldwide to reduce carbon footprint is driving the demand for smart glasses. With properties like self-dimming and tinting, smart glass is finding increased usage in architectural and automotive applications. Major players are expanding their global footprint by enhancing production capabilities and developing new technologies to remain competitive.
Market Key Trends
The development of liquid crystal smart glass is one of the key trends in the market. Liquid crystal technology based smart glass uses liquid crystals suspended between two glass or plastic sheets or film. When voltage is applied to the glass sheets, the crystals align to allow or block light transmission. They offer features like adjustable tint and opacity levels to provide optimum daylighting and glare control. This trend is expected to fuel the adoption of smart glass in commercial and residential construction projects over the forecast period.
Porter’s Analysis
Threat of new entrants: Smart Glass Market Demand requires sizable investment in research and development to develop new and innovative technologies, posing barrier for new companies.
Bargaining power of buyers: Market comprises various buyers across automotive, construction, and electronics industries. Buyers have moderate bargaining power due to availability of substitute technologies.
Bargaining power of suppliers: Major raw materials including LCD displays, polymer dispersions, and electrochromic materials are supplied by few vendors globally, giving them higher bargaining power.
Threat of new substitutes: Technologies like photochromic glass and laminated glass pose threat of substitution.
Competitive rivalry: Market comprises large number of global vendors offering smart glass with additional features.
Geographical Regions
North America dominates the global smart glass market in terms of value, accounting for more than 35% revenue share in 2024. Extensive adoption of smart glass in automotive and construction industries drives the regional market.
Asia Pacific exhibits fastest growth in the global market during the forecast period. Increasing construction activities and automotive production in China and India expected to boost demand. Rising consumer spending on advanced technologies also favors market growth.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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