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Smart Glass Market Overview, Industry Top Manufactures | 2024
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TMR has foretold the global smart glass market to expand at a 14.50% CAGR between 2016 and 2024 to reach to a US$7.04 bn growth by the completion of the forecast tenure. By end user, the market could honor the transportation industry as a leading segment owing to its larger share. On the basis of region, North America has been foreseen to account for a staggering share in the coming years.
Promotion of Green Buildings to Conserve Energy Increases Demandsmart glass market
There has been a substantial increase in the demand for sustainable energy these days due to significant depletion of energy sources. This has compelled government bodies to take initiatives and implement regulations to curb the consumption of energy. In several developed nations, governments have been taking powerful initiatives to conserve energy, including the promotion of building green structures. The demand for smart glass could surge expansively in the foreseeable future on account of growing awareness about its important role in saving energy that is required for lighting, cooling, and heating purposes in green buildings.
The demand for smart glass has been projected to stay strong in the transportation industry because of growing application in the manufacture of mirrors, rear and side windows, sunroofs, and sun visors for premium automobiles. Rising applications in the automotive and aviation industries could also help the world smart glass market to increase growth in the near future.
Cheap Alternatives and Extortionate Price of Smart Glass Discourage Adoption
Easy availability of economical substitutes and expensive price of smart glass have been anticipated to hamper market growth during the forecast tenure. However, the international smart glass market could make a comeback on the back of increasing promotion of green buildings. Furthermore, rising significance of solar energy and other forms of renewable energy sources could support the growth of the market in North America. The swelling adoption of solar energy in the region has been expected to work in the favor of the market as smart glass is studied to find a vital application for generating solar energy.
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Stringent regulations and policies set up by governments around the globe to reduce the consumption of energy have been envisaged to promise the birth of lucrative opportunities for growth in the international smart glass market. The increasing requirement of solar panels in various industries such as solar energy generation, consumer electronics, transportation, and construction and housing could also augur well for market growth in the coming years.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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