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.
The automobile
industry is growing at a fast pace since its revival after the financial
meltdown in 2008. Renewed consumer confidence in the economy and higher
spending have driven up the sales of light- and heavy-duty vehicles. The demand
for automotive glass is influenced by several factors. The replacement volume
of glasses increases with an increase in the total vehicle population and
number of miles driven. Severe weather and road conditions can also increase
the demand for automotive glass repair and replacement. However, consumers tend
to defer fixing minor damage to a windscreen until a vehicle trade-in or sale
or vehicle inspection. Therefore, sales of new vehicles, turnover of used
vehicles, and laws for vehicle inspection influence the demand differently for
smart glass in the automotive application in countries.
Smart glass is ideal
for automobile, aviation, and any other transportation applications requiring
heat and glare control. In the automotive sector, smart glass is used in
applications such as rearview mirrors, windows, sunroofs, and windshields.
Smart glass provides protection from harmful ultraviolet (UV) rays, reduces
glare, helps control the heat inside the vehicle, and reduces energy consumed
over temperature maintenance.
Smart glass was used
for the first time in the 1980s, but the technology was commercialized after
2000. The smart glass industry has undergone many changes and advancements in
terms of technologies and applications. The cost of smart glass is 2 to 4 times
higher than that of conventional windows and glass due to significant
technological advancements. The high cost of these glasses deters its
large-scale adoption. Manufacturers find it difficult to quantify the ROI to
end users and, hence, its major application can be found across the high-end
and luxury verticals.
While the smart
glass technology was introduced to the market almost a decade back, it is only
in the last couple of years that manufacturers have secured the funding and support
necessary to launch large volume production. With the opening of large volume
manufacturing facilities, manufacturers are expected to achieve economies of
scale, which, in turn, will lower the cost. With the increasing volume of
production, the cost of smart glass is estimated to reduce by 30%–40%.
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The cost associated
with energy is constantly increasing; consequently, the demand for
unconventional power sources has been on the rise over the last decade. Solar
energy is one of the alternatives to conventional sources of energy. The
performances of photochromic and thermochromic smart glasses are directly or
indirectly dependent on sunlight. The use of such auto-dimmable smart glass
helps reduce electricity consumption to a great extent, especially for heating
and cooling systems.
One of the emerging
applications of smart glass is solar power generation plants. Smart glass is
used in solar panels to absorb the maximum amount of light to generate
electricity. The solar power generation sector is expected to offer many
opportunities for smart glass applications in the future.
The smart glass
market was dominated by Saint Gobain (France), AGC Inc (Japan), Research
Fronteirs (US), Gentex Corporation (US), and Veiw Inc (US). A few strategies
adopted by these players to compete in the smart glassmarket include product
launches and development, partnerships, and mergers and acquisition.
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