The
global smart glass market is expected to reach USD 8.35 Billion by 2023
from USD 3.32 Billion by 2017, at a CAGR of 16.61% between 2017 and 2023. Some
of the key factors driving the growth of this market are the growing demand for
smart glass in automobile applications, strong government support through
mandates and legislations for energy-efficient construction, and optimal energy
saving through smart glass applications.
Governments
and the policymakers across the world have started framing policies,
legislations, and laws to increase the energy-efficiency of buildings. For
example, the energy-efficiency directive from the European Union (EU) defines
the measures to increase the efforts from member states to use energy more
efficiently at all stages of the energy chain from the transformation and
distribution of energy to its consumption. The directive includes the legal
mandates to establish energy-efficiency obligations schemes or policy measures
in all the member states. This will further drive the adoption of smart
glass-enabled energy-efficient products in residential and commercial building
construction, and in the transport sector, despite the higher cost of these
glasses than the normal (flat) glass.
The
smart glass market based on technology has been segmented into suspended
particle display (SPD), electrochromic, liquid crystal (LC), micro-blinds,
photochromic, and thermochromic technologies. The market for SPD is expected to
grow at the highest CAGR between 2017 and 2023. SPD glass offers many benefits
due to its unmatched working capacity to change its light emission property to
the desired level. This type of glass can adjust its light emission property
from transparent to dark within 1–3 seconds and can be used to effectively
control the glare from sun rays. SPD-enabled smart glass also restricts UV
light up to 99%, providing a healthy ambiance with a sufficient amount of
natural light.
The
market in Europe is expected to grow at the highest CAGR during the forecast
period. Europe consists of a number of developed countries such as Belgium,
France, Germany, Italy, and the UK. This region derives its revenues from the
tourism, industry, and manufacturing businesses, among others. The hospitality
and automotive manufacturing sectors in this region have grown tremendously due
to supportive government policies over the past few decades. The government
initiatives for green buildings and energy harvesting have contributed to the
rise in the popularity of smart glasses. As a result, Europe holds a
significant share of the overall smart glass market.
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