Demand for Smart Glass and Window to Surge as their Application Increases in Automotive Industry

With leading players racing to expand into application areas, the global smart glass and window market is expected to witness intense competition in the forthcoming years. As per a Transparency Market Research (TMR) report, the top three companies presently hold over 50.5% of the market, thus rendering its competitive landscape moderately consolidated. Holding a share of 19.2%, Research Frontiers Inc. emerged as the dominant market player in 2014.

The leading companies in the smart glass and windows market are continuously engaged in the research and development of novel technologies to cater to the dynamic preferences of an expanding consumer base. Mergers and acquisitions and diversification of product portfolio are the key strategies adopted by these players to strengthen their position in the global smart glass and window market.

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Smart Glass and Window Market to Expand as Demand for Energy-efficient Products Shows Upswing

The demand for smart glass and windows is rising in response to the increasing demand for energy efficient products. As per TMR, energy loss through traditional windows can account for almost 50% of the overall energy consumption across offices and residential buildings. Installing energy-efficient technologies manufactured using low emissivity glass and multi-layer glazing, can efficiently address such energy wastage. “Smart glass and windows provide eco-friendly solutions due to which they are being installed widely across green buildings,” said a lead TMR analyst.

Furthermore, the sales of smart glass and windows are also expected to surge in response to the increasing demand from the automotive sector. For instance, SPD-enabled smart glass is increasingly being used in side and rear windows in automobiles. This glass comes with infinite and fast switching capabilities that reduce unwanted light and glare. Spurred by such factors, the growth witnessed by the smart glass and window market is expected to strengthen in the forthcoming years.

High Cost of Smart Glass and Window Limits Widespread Installation

Despite witnessing positive growth worldwide, the high cost of smart glass is expected to hamper the smart glass and window market to an extent. As per TMR, the price of smart glass and windows is nearly double as compared to the static gazing glass and conventional high performance glass. However, the prices of electrochromic materials are expected to decline in the forthcoming years, which will subsequently bring down the cost of smart windows.

Leading Players to Capitalize on Expanding Application of Smart Glass and Windows

“The expansion of the existing applications areas to include the automotive, power generation, and construction industries will fuel demand for smart glass and windows in the forthcoming years,” said a TMR analyst. The demand for smart glass and windows is also expected to surge in emerging economies such as India and China that exhibit rising energy consumption in residential, commercial, and transportation applications.

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Moreover, with top players exploring newer applications of smart glass and windows, technological advancements in terms of features and structural design are on the cards. By application, the automotive segment dominates the global smart glass and window market. It held a share of around 46.6% in the market in 2014. Regionally, North America emerged dominant in the overall market in 2014 with a share of 31.8%.

TMR says that the global smart glass and window market was worth US$2.2 bn in 2014. The market is expected to reach US$6.07 bn by the end of 2021. The market is projected to exhibit a CAGR of 14.7% between 2015 and 2021.

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This release was published on openPR.