Smart Glass Market projected to show $8,729 Million value by 2022 : Asia-Pacific region to grow with fastest growth rates

Smart glass controls the transmission properties of light by alterations in heat and voltage. Various types of smart glass include thermochromic, electrochromic, photochromic, suspended particle device (SPD), polymer disperse liquid crystal (PDLC), micro-blinds, and nanocrystal glass. These glasses are majorly used in construction industry in the form of electrochromic windows.

Smart Glass Market Report, published by Allied Market Research, forecasts that the global market is expected to reach $8,729 million by 2022, growing at a CAGR of 20.4% from 2016 to 2022. Construction segment occupied more than half of the total market share in 2015.

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The global smart glass market is segmented based on technology, end-user industry, and geography. According to technology, the smart glass market is categorized into thermochromic, photochromic, electrochromic, suspended particle device (SPD), polymer disperse liquid crystal (PDLC), and others (micro-blinds and nanocrystal glass). On the basis of end-user industry, the smart glass market is classified into transportation, construction, power generation, and others including display glasses at museum artwork exposition and sunglasses.

The global smart glass market is driven by increase in developments in the automotive industry, expansion in the areas of applications, rise in demand for smart glass in construction industry, and extensive advancements. However, high cost of manufacturing smart glass products and lack of awareness about emerging innovations by the service providers hinder the growth of the smart glass market.

The construction segment accounted for the highest share, in terms of volume, owing to increase in use of smart glass windows in residential and office spaces to achieve energy saving. Commercial buildings accounted for majority of the share in 2015 owing to the rise in demand for smart glass for windows and other applications.

Key Findings of Smart Glass Market

• North America dominated the global smart glass market in 2015, accounting for over one-third of the share, in terms of revenue.
• In 2015, smart glasses used in transportation accounted for two-fifths share of the global market.
• The automotive segment accounted for over two-thirds share, and is anticipated to maintain its lead during the forecast period.
• Germany generated one-fifth of the total revenue in European smart glass market, and is expected to show highest growth rate.
• Asia-Pacific smart glass market is expected to grow at the fastest rate throughout the forecast period.
• SPD is the leading, accounting for over one-third of the share, and is anticipated to maintain its dominance in the study period.

In 2015, North America dominated the global smart glass market with maximum share, in terms of both revenue and volume. This was attributed to the high percentage of manufacturers as well as consumers of smart glass & windows. Apart from that, Asia-Pacific is expected to grow with the fastest rate, registering CAGR of 21.6% throughout the forecast period, owing to extensive development in the automotive industries of the developing countries such as India and China.

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The key players of smart glass market profiled in this report are SAGE Electrochromics, Inc., Research Frontiers, Inc., View, Inc., Asahi Glass Company Ltd., Hitachi Chemicals Co., Ltd., Smartglass International Ltd., Polytronix, Inc., Schott Corporation, RavenBrick LLC, and Pleotint, LLC.

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