Smart Glass Market to get significant proceeds by 2026

According to the report published by Global Market insights Inc., the global Smart Glass Market was estimated at $ 1,160.32 million in 2018 and is expected to hit $ 2,228.3 million by 2026, registering a CAGR of 8.6% from 2019 to 2026. The report provides a detailed analysis of the market size & estimations, major investment pockets, top winning strategies, drivers & opportunities, competitive scenario, and wavering market trends.

Smart glass technology represents an innovative product that is made from electrochromic glass to provide intelligent partitions, skylights and windows. The product is witnessing escalating demand owing to the need for energy-saving and sustainable buildings while providing security and privacy to the people.

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The heat from direct sunlight in houses, offices, and vehicles has been an ongoing issue as it may cause discomfort. Direct sunlight or excessive heat from the sunlight inside the premises will require higher usage of high-power consuming for air conditioners which may furthermore lead to carbon emissions and environmental degradation.

Nearly 20% of the total electricity consumed by buildings across the globe goes towards electric fans and air conditioners. Reportedly, the consumption for space cooling has grown three folds in the last three decades from nearly 600 terawatt-hours in 1990 to 2000 terawatt-hours in the year 2016. Buildings use energy supply primarily for cooling, heating, lighting and ventilation. Managing light inflow through smart glasses could help mitigate high power consumption.

Growth drivers of Smart Glass Market are:

o Strong building & construction outlook
o Rising penetration in the transportation sector
o Increasing product demand in the electronics & electrical industry

While smart glasses may lead to savings in the cost of energy, they are however an expensive luxury. Frequent innovations and technological advancements in the field may lead to a constant rise in the price of the product and may pose a slight threat to the Smart Glass Market growth.

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Electrochromic glass will experience considerable deployment in the coming years due to its growing use for windows, curtain walls, and skylights. They can directly be controlled by the inhabitants and carry the ability to enhance occupant comfort, reduce the cost of energy, facilitate more design freedom and maximize access to outdoor views.

Surging establishment of manufacturing units and commercial offices due to FDIs across Asia Pacific has led to the construction of advanced and innovative building spaces that deploy smart glasses. Japan aimed at securing FDIs worth US$312 million by the end of 2020. With higher investment opportunities in the region, construction sector can be expected to grow, driving the adoption of modern building materials.

Electrochromic glass is a smart technique that may be used in buildings where solar control may be a challenge such as in hospitals, commercial offices, classrooms, retail spaces, cultural institutions, and museums.

Interior areas featuring skylights and atriums also benefit from the use of smart glass. They provide access to daylight and outdoor views which may be linked to faster rates of learning or patient recovery, enhanced productivity, improved emotional wellness and lowered employee absenteeism.

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Leading market players

The key market players analyzed in the global Smart Glass Market report include Saint Gobain, NSG group, Asahi glass, Merck & Co., View Inc, RavenWindow, Smartglass International, Gauzy, Polytronix, Pleotint LLC.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

This release was published on openPR.