Smart Glass Market
The global smart glass market size was valued at USD 4,651.3 million in 2019 and is projected to reach USD 15,788.0 million by 2027, exhibiting a CAGR of 17.2% during the forecast period. Europe dominated the smart glass market with a market share of 42.88% in 2019. Moreover, the smart glass market in the U.S. is projected to grow significantly, reaching an estimated value of USD 5.65 billion by 2032, driven by the increasing integration of smart glasses in automotive glass panels. The increasing integration of these glasses in the aerospace industry will have a positive impact on market growth. According to a report published by Fortune Business Insights, titled “Smart Glass Market Size, Share & COVID-19 Impact Analysis, By Technology (Polymer Dispersed Liquid Crystal Glass, Suspended Particle Device Glass, Electrochromic Glass, Photochromic Glass, and Thermochromic Glass), Application (Architectural, Automotive & Transportation, Consumer Electronics, Power Generation, and Others), and Regional Forecast, 2020-2027.”
The global smart glass market has been growing rapidly in recent years, driven by increasing demand for energy-efficient solutions, advancements in technology, and rising applications across various industries. Smart glass, also known as switchable glass, is a type of glazing that changes its light transmission properties when voltage, light, or heat is applied. This ability to switch from transparent to opaque or change its tint is what makes smart glass highly desirable in both residential and commercial applications.
List of companies profiled in the report:
- Saint-Gobain (France)
- View, Inc. (U.S.)
- GENTEX Corporation (U.S.)
- Polytronix, Inc. (U.S.)
- Smartglass International Limited (Ireland)
- Glass Apps (U.S.)
- Scienstry, Inc. (U.S.)
- AGC Inc. (Japan)
- Research Frontiers (U.S.)
- Essex Safety Glass (UK)
- Gauzy Ltd and Entities (Israel)
- BSG Glass (Thailand)
- Asahi India Glass Ltd. (India)
- Schott AG (Germany)
- Central Glass Co., Ltd. (Japan)
- Pleotint LLC (U.S.)
- SPD Control Systems Corporation (U.S.)
- Other key players
Smart glass is widely used across several industry verticals as a medium of display and other interfaces. The product works on the mechanism of light or voltage transmission wherein it changes its appearance whenever the aforementioned factors are passed or applied through it. The massive investments in the research and development of smart glass are consequential to the increasing applications of the product across diverse industries. The rising adoption and subsequently rising demand for smart homes and the integration of technologically advanced devices will create several growth opportunities for the market in the coming years. Due to the massive potential held by smart glass across the world, there are several companies operating across the world. Ultimately, the fierce market competition results in even more innovations and this will have a positive impact on the growth of the overall market in the coming years.
Decrease in Product Demand during the Covid-19 Pandemic will have a Negative Impact on SMEs
The recent coronavirus outbreak has had a drastic impact on several industries across the world. With shutdowns in manufacturing units and production houses, the coronavirus outbreak has hampered the economic conditions of most businesses that come under the small and medium enterprise (SME) bracket. The decreasing in demand for these glasses in industrial sectors will have a negative impact on the smart glass market. Having said that, the constant demand for smart homes and the increasing integration of these glasses in smart homes, will provide a platform for growth in an otherwise stagnant market.
Company Mergers and Acquisitions are an Increasing Trend Among Major Companies across the World
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the massive potential held by smart glass across the world, there have been several company mergers and acquisitions in recent times. Due to healthy market competition, large scale companies are looking to acquire start-ups as well as SMEs. In 2020, Smartglass International announced that has forged a partnership with V-stream. The latter is an Ireland-based company and focuses on tech-innovations. Through this collaboration, the companies will look to implement the multi-panel floor-to-ceiling privacy smart glass, specifically for Dell offices in Ireland. Given the massive demand for these glasses in Europe, this collaboration will influence other companies in this sector. The report highlights a few other company mergers of recent times and discusses their impact on the global smart glass market.
Information Source:
https://www.fortunebusinessinsights.com/smart-glass-market-102569
Europe Holds the Highest Market Share; Increasing Product Use in Architectural Design will Emerge in Favor of Market Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Europe is projected to emerge dominant in the coming years. The rising demand and adoption of these glasses in architectural designs and interiors will have a huge impact on the growth of the regional market. Moreover, the efforts put in to integrate smart glasses in renovations and retrofitting of old infrastructures will also contribute to the growth of the regional market. As of 2019, the market in Europe was worth USD 1,994.7 million and this value is projected to rise at a considerable pace in the coming years.
Challenges Facing the Smart Glass Market
Despite its promising outlook, the smart glass market faces some challenges:
- High Initial Costs: While smart glass provides long-term energy savings, its initial installation costs can be prohibitive for some consumers and businesses.
- Limited Awareness: In many regions, awareness of smart glass technology and its benefits remains limited.
- Technological Limitations: While advancements are being made, some smart glass technologies still face performance issues, such as slow response times and limited durability.
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