Smart Glass is Estimated to Witness High Growth Owing to Opportunity for Energy Conservation

Smart Glass is Estimated to Witness High Growth Owing to Opportunity for Energy Conservation

Smart glass is a smart material or glazing which allows variable light transmission to enter a space in response to voltage, electromagnetic radiation or other stimuli. It often incorporates the principle of electrochromism, which allows control over privacy, glare and heat a given space receives. Smart glass finds application in buildings, automotive and airplanes for controlling light or radiation transmission. With rising energy costs and focus on sustainability, smart glass provides potential for energy conservation by optimally controlling heat, glare and lighting needs throughout the day which would otherwise require manual adjustments. The global smart glass market is estimated to be valued at US$ 6.44 Bn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity for energy conservation presents lucrative growth prospects for the smart glass market. Conventional architectural glazing requires manual adjustments to optimize indoor lighting, temperature and glare levels. However, smart glass with variable transmission capabilities allows electronic control over these factors depending on sunlight intensity and occupancy needs throughout the day. This offers potential to substantially reduce energy consumption from HVAC and lighting systems otherwise required for manual adjustments. Recent studies estimate smart glass implementations can reduce heating and cooling loads in commercial buildings by up to 15%. As energy costs continue rising and sustainability becomes a key priority, more builders and architects are expected to incorporate smart glazing solutions to achieve better energy efficiency. This growing demand for solutions enabling active energy management through optimized use of natural light presents a major market opportunity over the forecast period.

Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate in the smart glass market. High capital requirements for manufacturing and R&D pose as a barrier. However, partnerships and acquisitions simplify market entry.

Bargaining power of buyers: The bargaining power of buyers is high in the smart glass market growth. Buyers can negotiate on price and technical specifications as the market has many global players.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as key components like liquid crystal displays, processors, and memory chips have several suppliers globally.

Threat of new substitutes: Threat of substitutes is moderate as alternative products like smart screens show potential to replace smart glass in future.

Competitive rivalry: The competitive rivalry is high due to presence of numerous global players differentiating offerings on technology.

SWOT Analysis
Strength: Growing use of smart glass in architecture and transportation sectors. Ability to control privacy, light transmission, and glare.

Weaknesses: Higher costs compared to traditional glass. Concerns about energy efficiency and data privacy.

Opportunities: Integration of IoT and AI capabilities. Increasing adoption in residential and commercial construction.

Threats: Technology obsolescence risks. Strong competition from alternative display technologies.

Key Takeaways
The global smart glass market is expected to witness high growth during the forecast period of 2023-2030. The market size for 2024 is US$ 6.44 Bn.

Regional analysis: North America dominates the market currently due to early technology adoption. Asia Pacific is expected to grow at the fastest pace led by construction growth in China, India.

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.

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