The smart glass market size is expected to
grow from USD 3.8 billion in 2020 to USD 6.8 billion by 2025, at a CAGR of
12.1% during the forecast period. The growth of the smart glass industry is
driven by factors, such as the growing adoption of smart glass in automotive
application and, declining prices for eletrochromic material.Other major
driving factors for smart glass
adoption include supportive
government mandates and legislation on energy efficiency. Governing bodies of
various countries are increasingly encouraging the use of these
energy-efficient products. Smart glass has inherent energy-saving and
auto-dimming properties, which reduce its maintenance cost. As a result, the
perceived benefits of these glass products are more than the incurred
investments.
COVID-19 impact on the smart glass market
COVID-19 has
severely impacted the growth of the global smart glass industry. Global sales
of smart glass for major applications such as architecture and automotive are
expected to decline by 10–15% in this fiscal year, depending upon the
progression of the virus in different parts of the world. The decline in the
number of new construction projects and the temporary shutdown of manufacturing
facilities are some of the factors hampering the growth of the smart glass
market. However, the short-term supply chain disruptions are expected to affect
market growth in key regions. COVID-19 has severely impacted the global
automotive industry, wherein a number of automobile production facilities
across the world have been shut down. Global automotive sales are expected to
decline by 8–10% in this fiscal year, depending upon the progression of the
virus.
Electrochromic technology segment to hold the
largest share of the smart glass market during the forecast period
The electrochromic
smart glass technology dominated the smart glass market. The electrochromic
technology has long been used in rearview mirrors across the automotive sector.
With the recent advancements, it has also found applications in switchable
windows, sunroofs, and so on. Though the electrochromic smart window technology
is not used much in the architecture or building applications, it is expected
to revolutionize the architecture sector in the coming years, accounting for a
major share of the market by 2025. Commercial buildings (corporate and
government) are expected to be early adopters of the electrochromic technology.
Transportation application to hold the largest
market size during the forecast period
The transportation
application is expected to be largest share of the smart glass market during
forecast period, as many automobile manufacturers have been incorporating smart
glass materials in their vehicle designs to benefit from its antiglare
property, remote access capacity, and dynamic light emission adjustment properties.
In transportation another major application area for smart glass are in the form
of doors, windows, sunroofs, windshields, rearview mirrors, and skylights.
Smart glasses help minimize heat generation, provide shading, limit the viewing
scope, and offer privacy to users.
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UK is expected to hold the largest market size
during the forecast period
UK is expected to
lead the overall smart glass market in the coming years. Technological
advancements and a recovering economy act as driving factors during the growth
period. Rapidly increasing energy cost is likely to trigger the demand for energy-efficient
products. The ability of smart glass to reduce the overall energy consumption
of a building while offering attractive features such as on-demand privacy or
glare-control is expected to multiply its applications.In extreme weather
conditions prevalent in several areas of Europe, smart glass offers a suitable
solution for maintaining the internal temperature of buildings or vehicles,
thus saving the overall energy costs.
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