The global smart glass market size is expected to reach USD 8.2 billion by 2027, growing at a CAGR of 10.4% during the forecast period. Smart glass, also known as switchable glass, dimmable glass, or magic glass, can adjust the light transmission properties dynamically or statically, depending on the stimuli.
The stimuli altering the
light transmission properties could be light, voltage, or heat. Smart glass
does not require electricity to maintain its state of opacity or for a color
change. The installation of smart glass helps reduce the energy spent on heating,
ventilation, and air conditioning (HVAC) and lighting systems as well as
improves the indoor environmental quality of buildings. The decreasing price of
electrochromic prices, energy saving capacity of smart glass and use of smart
glass in automobile application are significant drivers driving the growth of
this smart glass industry.
Electrochromic
technology to hold largest share of smart glass market during forecast period
The electrochromic
technology held ~49% of the market in 2021—the largest share. The market share
of this technology is attributed to the faster switching time of electrochromic
glass from a clear to dark state and increasing investments in this technology.
The increased traction
of electrochromic technology is primarily attributed to the benefits it offers
in a sustainable building design. A majority of the top smart glass
manufacturers are focusing on R&D to bring down the prices of smart glass
without compromising on quality and thus achieve economies of scale.
The industry is
witnessing a series of funding and investments, which are enabling
manufacturers to produce at high volumes and achieve economies of scale. Smart
glass using electrochromic and SPD technologies is expected to witness huge
demand in the coming years since the degree of customization is high in these
two technologies, and the cost of these technologies is expected to drastically
decrease.
Architecture is
projected to register highest CAGR during the Forecast period by application.
In modern times, the
design and steps taken to make a building compliant with the green building
norms have been prioritized in the construction industry.
The marketability of a
residential or commercial facility considerably depends on comfort, aesthetics
or interior design, and eco-friendliness. Smart glass offers the architecture
application energy efficiency and improved aesthetics. The applications of
smart glass in architecture include doors, partitions, windows, skylights, and
elevators. Smart glass products have inherent properties that help in market
growth.
The glare control
property of smart glass eliminates unwanted glare from sunlight and can provide
bright, clear, and customized lighting levels in the building. Smart glass is
also used to adjust the heat levels in buildings. The self-cleaning property of
smart glass offers users a superior experience at the low cost of maintenance.
Smart glass products
also possess a UV-blocking property, which helps maintain a healthy ambiance in
buildings. Thus, smart glass not only provides customized lighting and heating
experiences but also maintains hygienic and healthy surroundings. The use of
smart glass in various applications in architecture increases the aesthetic
value of a building and significantly reduces the heating, cooling, and
lighting costs. Thus, the overall market is expected to witness an upturn in
the coming years.
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Europe is projected to
register the largest market share of the smart glass market in 2027
Europe is expected to
lead the overall 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 Europe.
The multipurpose quality
of this glass makes it a popular building material for a variety of
architectural 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. Therefore, Europe is expected to be a key potential growth market for
smart glass in the coming years.
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