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
The smart glass has promising growth potential due
to several factors; including minimalist design architecture has huge potential
for smart glass, high potential in solar power generation plants, growing need
for sustainable buildings and rising demand for energy-efficient products.
During
the projected period, the Asia Pacific market is predicted to develop at the
highest CAGR. The smart glass market in Asia Pacific is expected to provide
promising growth opportunities in the coming years owing to the massive
adoption of energy-efficient smart window solutions in China. Recovering construction
activities and emerging green policies established by the Chinese government
are expected to make China one of the hot revenue pockets for the smart glass
market. Research in the area of smart glass in this region is prominent. The
highest number of patents related to smart glass is filed from the companies in
this region. A prominent research
development in this field is, Researchers at Nanyang Technological University
(NTU) based in Singapore have developed a hydrogel-based liquid within glass panels
that can block the sun to manage solar transmission while retaining thermal
heat that can be discharged at any time of day or night, reducing building
energy usage. It can reduce 45 % of energy consumption compared 30% reduction
of low emissivity glass. Mass industrialization has been witnessed in Asia
Pacific in recent years, which has naturally increased the energy demand;
hence, energy-efficient products are in huge demand in this region. The growing
industrialization, strong government support, and increased need for
energy-efficient products are spearheading the demand for smart glass
The automotive
application accounted for the largest share of the LC smart glass market by
technology. The automotive
application accounted for the largest share of ~89% of the overall market for
LC technology in 2021. In transportation, LC smart glass is used in windows,
doors, partitions, and rear-view mirrors, predominantly in the automotive
segment. Aviation utilizes LC smart glass for dimmable windows and doors. The
superior performance of smart glass in terms of functionality results in
increased demand from the transportation sector. LC smart glass offers complete
privacy since it switches to fully opaque. Currently, the applications of LC
glass are mainly concentrated in the automotive sector. PDLC films are used for
privacy and shading of windows and sunroofs of cars. These films and glass can
also be used for privacy and shading of windows, doors, and partitions in
ships, yachts, planes, and trains. PDLC films and glass are likely to find more
applications in the marine, aviation, and rail sectors in the next few years
since consumer awareness about this energy-efficient and simple, smart glass
technology is expected to increase.
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Suspended Particle Display technology is projected
to register highest CAGR in transportation application during forecast period. 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. Suspended particle display is expected to hold the second-largest size
of the smart glass market, based on technology, by 2025 owing to its unique
fast-switching property and versatility. The growing demand from Asia Pacific,
especially China, for high-end luxury cars is boosting the market for .suspended
particle display technology .suspended particle display - smart glass is mostly
used in the manufacturing of tintable sunglass. By altering the amplitude of
the voltage supplied to the glass, SPD-Smart Glass allows for quick and exact
control of the amount of light entering a vehicle
UK is expected to capture the largest share of the
global smart glass market in European region by 2027. The UK incurs its revenues from tourism,
industrialization, and other businesses. The hospitality sector has
tremendously grown in this region over the past few decades. As a result, the
country holds a significant share of the smart glass market in Europe. The high
rate of industrialization has increased the energy consumption in this country;
apparently, energy-efficient products have started gaining importance in this
region. The governments have framed various policies such as the Kyoto Protocol
to conserve conventional energy sources by using energy-efficient products. The
Kyoto Protocol of the United Nations Framework Convention on Climate Change
(UNFCCC) is an international treaty that sets binding obligations on
industrialized countries to reduce emissions of greenhouse gases. European
architecture, especially in the UK, is one of the oldest and is well-known for
its unique designs. The average window size in European buildings is larger
than in other regions; thus, the overall glass consumption in the architecture
market in the UK is larger, which is expected to attract more investments in
the smart glass market in this region
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