The Global Smart Glass Market is expected to reach USD 4.71 billion by 2022, according to a new study by Grand View Research, Inc. Contemporary technological innovations have led to the development of sophisticated novel products and tranquil installation techniques, which have significantly broadened the scope across transportation, architecture, electronics, and solar power-generation applications. Increasing demand in the transportation and construction industry is expected to be the key driving force for the market over the next seven years. Increased use of smart windows in transportation applications such as automotive sunroofs, and in architectural applications such as conference rooms & household windows is expected to positively impact the smart glass market.
Surging venture capitalists’ funding and considerable M&A activity have played an important part in shaping the smart glass industry. Owing to surging transportation costs, suppliers have to deal with careful service delivery and installations as a result of which their profit margins have shriveled to a certain degree.
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Further key findings from the study suggest:
- Suspended Particle Device (SPD) and electrochromic technology based smart glass market is poised for high growth over the next seven years. SPD glass contributed to over 35% of the market revenue in 2014 and is expected to retain its dominance over the forecast period; this technology is predominantly used by aerospace & automobile manufacturers, with the latter accounting for substantial usage in sunroofs and windows. Electrochromic glass has made swift penetration in architectural sector owing to its translucent diffusion feature. Liquid crystal technology has increasingly replaced legacy flat glass installations in office & household applications, conference rooms, corridors, and cafeterias.
- Transportation sector accounted for over 50% of the market share in 2014, with significant demand originating from aerospace and automotive segments. The electronics sector is expected to exhibit high growth potential throughout the forecast period with high demand anticipated from surging innovations and adoption of products such as digital eyeglasses. Considerable usage in the construction sector owing to its inherent benefits, which aid in power conservation and ambient temperature control, is expected to play a pivotal role in increased demand from the architectural sector.
- North America captured a sizable amount of the smart glass market in 2014, which can be primarily attributed to high production and consumption capacity of the region. Steady demand from electronics and architectural sectors supplementing increasing demand from the transportation sector has driven the European smart glass market. The Asia Pacific market is estimated to witness high growth, which can be primarily attributed to the growing emphasis on energy conservation and adoption of smart glass-equipped electronics gadgets.
- Key market participants such as Asahi Glass Corporation, DuPont, Sage Electrochromics, and Corning are constantly evolving and innovating in a bid to maintain competitiveness. Vertical integration and technology licensing are the commonly adopted strategies of the industry participants.
For the purpose of this study, Grand View Research has segmented the global smart glass market on the basis of technology, application, and region:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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