According to a research report "Smart Glass Market by Technology (Suspended Particle Display, Electrochromic Glass, Liquid Crystals, Micro blinds, NanoCrystals, Photochromic and Thermochromic), Application, Control Mode and Geographic Analysis - Global Forecast to 2027" published by MarketsandMarkets, The global smart glass market is projected to grow from USD 5.0 billion in 2022 to USD 8.2 billion by 2027; it is expected to grow at a CAGR of 10.4% from 2022 to 2027. The key factors fueling the growth of this market include increasing importance of smart glass in the healthcare industry, rising use of smart glass in automobile applications and government support for energy-efficient construction.
Suspended Particle Display
technology is projected to register highest CAGR during forecast period
SPDs respond to AC power to turn
the glass from dark to clear. They are ideal for light control applications
such as skylights, auto glass, sunroofs, aircraft windows, and marine windows
and portholes. The market for architecture is expected to grow at the highest
CAGR of 13.4% during the forecast period due to the increase in the demand for
energy-efficient and eco-friendly products. Additionally, SPD smart
glass-enabled products have less maintenance costs, making these products a
popular choice in industries. SPD smart glass has a strong presence in the
architecture application. SPD smart windows offer energy savings, lower
maintenance costs, and increase the aesthetic value of a structure, which, in
turn, is helping the market to grow. The major factors supporting the growth of
the SPD smart glass market for the commercial architecture are the superiority
of this technology in terms of energy efficiency and the requirement for low-maintenance
supervision. Government policies on environmental protection also contribute to
the increased use of SPD smart glass in corporate applications.
Transportation segment held the
largest market share of smart glass market
The transportation application
accounted for the largest share of the smart glass market in 2021 as several
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. Transportation is one of the
major application areas of smart glass products. Smart glass is used in doors,
windows, sunroofs, windshields, rear-view mirrors, and skylights. Smart glass
helps minimize heat generation, provides shading, limits the viewing scope, and
offers privacy to users. The automotive application of the transportation
segment is the leading consumer of smart glass products. Several automobile
manufacturers are incorporating smart glass materials in their vehicle designs
to benefit from their antiglare property, remote access capacity, and dynamic
light emission adjustment property. The automotive sector uses smart glass
sunroofs, windows, visors, and rear-view mirrors. Users can control such products
with a simple switch, allowing for the easy regulation of lighting and cooling.
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Asia Pacific is projected to
register the highest CAGR during the forecast period.
Asia Pacific includes the
fastest developing economies of the world—China and India. It also has a few
developed economies such as Japan, Russia, Singapore, and Australia. The rapid
industrialization and increasing disposable income help the smart glass market
in this region to grow. APAC is an emerging market for smart glass and hence,
is expected to hold a prominent position in the market. Many smart glass
players are strategizing to tap this market. Companies such as SageGlass and
Research Frontiers Inc. have collaborated with distributors and partners in the
region to enter this unexplored territory. The lack of awareness and low
disposable income have restricted the growth of the smart glass market in
developing countries in APAC. However, this scenario is changing; government
incentives and tax credit programs are encouraging the use of smart glass in
the region. The adoption of smart glass is expected to increase across APAC in
the coming years with its reducing price.
Major players in the smart glass
market are Saint-Gobain (France), AGC Inc. (Japan), NSG Group (Japan), Research
frontier (US), Gentex Corporation (US), View Inc (US), Corning (US), Showa
Denko Materials (Japan), Pleotint(US) and Smartglass International (Ireland).
The top players have adopted merger & acquisition, partnership,
collaboration, and product launch strategies to grow in the global smart glass
market.
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