Global Smart Glass Market Size & Growth Trends Analysis Report

Smart glass is well-known for its energy efficiency since it aids in the reduction of the demand for artificial lighting and air conditioning. As a result, it is an appealing alternative for buildings and homes looking to minimize their energy expenses and carbon impact. Establishing smart glass lessens the energy spent on warming, ventilation, and cooling (central air) and lighting frameworks, as well as works on the indoor ecological nature of structures. As per the Public Environmentally Friendly Power Research Center, electrochromic windows lessen power utilization by up to 49% and decline lighting costs by up to 51%. Due to the rising need for environmentally friendly options in many industries, the innovative glass market is anticipated to rise considerably in future years. Since smart glass is widely used in construction, offices, and homes, the construction industry is a major driver of the market. The rising desire for contemporary and sustainable structures is pushing the use of smart glass as well. Moreover, innovations in technology have resulted in the establishment of various kinds of smart glass that are more flexible, transparent, and cost-effective. As a result, smart glass production has been able to grow into new applications and sectors.

The aviation and transportation area is projected to arise as a significant client for smart glass pertinence, in this way adding to the market income. Commercializing SPD savvy glass has revealed a few potential open doors, such as back-view mirrors, smart glass establishments in side-view windows, and sunroofs. These glasses decrease the developed intensity inside the vehicles because of their capacity to obstruct sun-powered heat gain. SPD car back and side windows, alongside sunroofs, offer plentiful advantages to travelers and drivers. Their quick exchanging elements and boundless tuning highlights permit the decrease of undesirable glare and light, which empowers clients to appreciate the outside view and the sans-glare perspective on showcases and video screens. The intensity obstructing highlights further develop eco-friendliness and lessen vehicle fossil fuel byproducts.

The COVID-19 pandemic has had a major influence on the smart glass business, as well as many other industries throughout the world. The smart glass market has been harmed because of the wake of the coronavirus pandemic, inferable from its reliance on structure and development, auto, transportation, aviation and aeronautics, and different areas. The pandemic produced interruptions in the smart glass industry's supply chain, including bottlenecks in the shipment of raw materials and components, as well as difficulty in shipping finished goods. Many businesses have seen a drop in revenue and profits as a result of lower demand and supply chain disruptions.

Despite the pandemic's hurdles, the smart glass sector has continued to develop and adapt to shifting conditions. To counteract the spread of COVID-19, several firms have turned their attention to producing smart glass devices for healthcare institutions. Furthermore, the pandemic has changed consumer behavior, with more people collaborating from home and spending more time indoors. As consumers seek methods to improve their living surroundings, this has raised demand for smart glass solutions in the residential sector. However, organizations working in the smart glass environment cause high assembling, research and development costs. The high assembling cost has brought about a high selling cost for smart glass.

Smart glasses are, for the most part, utilized in top-notch, very good-quality applications, given their significant expenses. In automobiles, smart glass is utilized in windows, sunroofs, rearview mirrors, and side windows in premium vehicles. In the compositional area, very good quality corporate or business structures utilize this kind of glass in their plans.

This specialty and first-class client base connotes a higher client fixation proportion and more prominent reliance on fewer clients. The set number of clients puts a restriction on the general returns. Thus, the return on capital invested is incredibly unpredictable and could confine the general development of the market.

Segmentation

The global smart glass market is segmented into technology and application. The technology segment is further segmented into thermochromic, photochromic, electrochromic, suspended particle device (SPD), polymer dispersed liquid crystal (PDLC), and others. The electrochromic innovation rules the smart glass market with a significant 61.2% offer in 2022, driven by its quick change from clear to dull states and expanding speculations. The application segment includes transportation, construction, power generation, and others. The transportation application segment accounted for the major share in the year 2022.

Regional Analysis

Owing to the increased usage of smart glass in different applications such as the automotive, construction, and aerospace sectors the North America region is projected to lead the smart glass industry in the upcoming years after having the largest share in the year 2022. Due to the rising need for renewable energy technologies and the existence of multiple smart glass producers, the U.S. is the region's largest market. Furthermore, the European Union's stringent regulations on energy efficiency in buildings have increased demand for smart glass in the Europe region.

In Asia Pacific, China and Japan are also prominent participants in the expansion of the smart glass industry in the world's fastest-growing region. The rising real estate sector coupled with a growing inclination towards sustainable and green buildings are the major attributes in the growth of the smart glass industry. Moreover, the thriving automobile industry in the Asia Pacific region is another crucial factor for the exponential growth of the smart glass market.

Competitive Analysis

The major players in the market of smart glass market are AGC Inc., Corning Incorporated, ChromoGenics, Gauzy Ltd. and Entities, Guardian Industries, Gentex Corporation, Halio Inc. (Kinestral Technologies Inc.), Merck KGaA (Merck Group), Nippon Sheet Glass Co. Ltd., Polytronix Inc., PPG Industries Inc., Research Frontiers Inc., RavenWindow, Smartglass International Limited, Saint Goblin S.A., View Inc., VELUX Group, Vision System, Smart Glass Technologies. These players have invested heavily in the research and development of smart glasses and emphasize innovative offerings to their customers. To gain a strong foothold in the market these companies are undergoing various partnerships, alliances, and acquisitions within the market.

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The global smart glass market is segmented as follows:

By Technology (Revenue: USD Billion, 2018 – 2030)
●    Thermochromic
●    Photochromic
●    Electrochromic
●    Suspended Particle Device (SPD)
●    Polymer Dispersed Liquid Crystal (PDLC)
●    Others

By Application (Revenue: USD Billion, 2018 – 2030)
●    Transportation
●    Construction
●    Power Generation
●    Others

By Region (Revenue: USD Billion, 2018 – 2030)

● North America
o U.S.
o Canada
o Mexico

● Europe
o U.K.
o France
o Germany
o Italy
o Spain
o Rest of Europe

● Asia Pacific
o China
o Japan
o India
o South Korea
o South East Asia
o Rest of Asia Pacific

● Latin America
o Brazil
o Argentina
o Rest of Latin America

● Middle East & Africa
o GCC Countries
o South Africa
o Rest of Middle East & Africa