Smart Glass Market: Proliferation of IoT and connected devices

The advent of IoT has enabled each device to be connected over the internet and the rising adoptions globally would result in more than billions of devices connected over the internet. Huge populations of India and China are further influencing the growing penetration of smart phones and other consumer electronic devices. Furthermore, apart from the individuals, businesses across almost all industry verticals have realized the importance of IoT, communications, and sensors, and have therefore, paved way for integration of sensors into the smart glass. Thus, this factor is expected to trigger the growth of the smart glass market in the coming years.

The global smart glass market accounted to US$ 2.85 Bn in 2018 and is expected to grow at a CAGR of 17.2% during the forecast period 2019 – 2027, to account to US$ 11.73 Bn by 2027.

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The major companies offering smart glass market include AGC, INC., ArtRatio S.L., Compagnie de Saint-Gobain S.A., Corning Incorporated, GENTEX Corporation, Hitachi Chemical Co., Ltd., Pleotint LLC, Polytronix, Inc., Research Frontiers Incorporated, and Smartglass International Limited among others. Several other companies are also offering these smart glasses for various end-uses which is facilitating the market to propel over the years.

The global smart glass market by technology is segmented into electrochromic, polymer dispersed liquid crystals (PDLC), suspended particle device (SPD), photochromic, thermochromic, and others. The most prominent type in smart glass market accounted for Suspended particle device segment which is further expected to dominate in the forecast period. Electrochromic segment held the second largest market in 2018, and is anticipated to continue its growth during the forecast period from 2019 – 2027.

APAC is considered to be the fastest growing economic region. The dominance of the region is majorly attributed to the presence of large numbers of leading smart glass manufacturers. Almost 60% of the world’s population lives in the Asia Pacific region, China and India being the most populated countries. More than 2 billion people live in the urban areas. Owing to these reasons, the density of buildings and infrastructural construction properties has reached to a new high in the region. Growing infrastructures and population have put pressures on the energy demands in the region, and therefore energy efficiency is one of the prime focus areas of Governments of respective countries in the APAC. Also, many of the cities in the region are technological hubs, where increasing number of companies are resulting in increasing infrastructural constructions. Owing to this, there has been rapid adoptions of innovative products such as smart glass in the recent infrastructural constructions. Thus, the smart glass market is anticipated to witness growth in the APAC region.

The smart glass market is categorized on basis of various application such as commercial, residential, automotive, power generation, aerospace & defense, and others. Commercial application dominated the application segment and the commercial segment is calculated to continue its dominance year on year till 2027. The benefits of smart glass’, when coupled with the increasing investment from various government to enhance their tourism industry and achieve the building energy efficiency targets, is increasing the interest among the builders to adopt smart glass solutions. This factor is driving the smart glass adoption in commercial market in the recent years.

Strategic Insights

Market Initiatives are referred as most adopted strategies in global smart glass market. Few of the recent market initiatives are listed below;

2019: Research Frontiers Inc. (Nasdaq: REFR) and Vision Systems launched a development program together to produce SPD-Smart light-control film used in Vision Systems’ electronically dimmable windows (EDWs). The performance and reliability of these Vision Systems’ products surpass all other products on the market, including “electrochromic” EDWs.

2018: Hitachi Chemical unveiled its plan to develop new light integrators for smaller smart glass. The company is looking for enhancing its offerings in optical plastics for smart glass by coming out with new optical integrators. Hitachi’s new product possesses the same light efficiency provided by a dichroic mirror and even in strong external light outdoors achieves high visibility. Moreover, the company sees the innovative technology as a substitute for the configuration of existing smart glass.

2017: AGC Asahi Glass, a world-leading manufacturer of glass, chemicals, and high-tech materials, and Kinestral Technologies, maker of Halio™ smart-tinting glass, today announced the creation of three joint venture companies that will sell, distribute, and service Halio to the global market. Formed to accelerate the adoption of Halio, the new ventures – Halio North America, Halio International, and Halio China – will be the exclusive sales and marketing agents for Halio smart-tinting glass in the commercial and residential housing industries.

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This release was published on openPR.