PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419102
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419102
Smart Glass Market size was valued at USD 4,986.89 Million in 2022, expanding at a CAGR of 10.11% from 2023 to 2030.
Smart glass is a type of glass that can alter its reflective qualities to provide privacy as well as block heat and sunlight from entering a building. It is also referred to as switchable glass, dynamic glass, and smart-tinting glass.
Green buildings and other eco-friendly constructions are among the increasing energy-conservation measures that are anticipated to propel market growth. Additionally, a favorable regulatory environment that facilitates financial and tax benefits is having a good impact on the market. The glass sector has grown because of a rise in innovations, such as higher investment levels and the building of industrial-scale manufacturing capacity. The need for clever solutions is being fueled by recent trends in modern architecture, such as the widespread use of window structures inside buildings, expanding glazing area, and optimizing interference from the outside environment.
Furthermore, the need for energy-efficient eyewear has also been fueled by environmental rules and the energy safety perspective. Moreover, the main advantage of smart glass is less sun glare, which lowers solar heat gains. Electrochromic windows can save up to 51% on lighting expenditures and 49% on electricity consumption, according to the National Renewable Energy Laboratory. Because of this, there is now a greater need for electrochromic glasses in transit and business spaces.
The Global Smart Glass Market is segmented on the basis of Type, Application, End-User, and Region.
The market is divided into four categories based on Type: PDLC, SPD, electrochromic, and others. The electrochromic segment dominates the market. Increasing demand from consumer segment for high opaque or transparent glass is expected to boost the market growth.
The market is divided into three categories based on Application: transportation, power generation, and others. The transportation segment dominates the market and is likely to maintain its dominance during the forecast period. The growing demand for smart glasses in transportation for displays, visuals is expected foster segment growth.
The market is divided into four categories based on End-User: automotive, architectural, avionics, and others. The automotive segment dominates the market and is likely to maintain its dominance during the forecast period. Architectural segment is also expected to boost the market growth due to high demand for smart glass in architectural designs, solar panels, etc.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Market players are implementing distinctive tactics to obtain a competitive advantage and increase their market share. To service a sizable consumer base and obtain a competitive edge, major competitors are placing a strong emphasis on the development of innovative goods. For example, Gentex Corp. is making significant investments in research and development to innovate and improve its dimmable automotive mirrors. To establish a solid presence in the international market, several businesses are entering into partnerships, acquisitions, and strategic alliances. For example, in May 2022 AGC Inc., a smart glass maker in the area, introduced a light-control panoramic glass with a Low-E coating in the LEXUS RZ model.
In May 2023, Merck KGaA introduced novel materials for flexible OLED displays that provide higher reliability, improved flexibility, and longer lifespan.
The scope of this report covers the market by its major segments, which include as follows: