Global Smart Glass Market Share To worth USD 8.2 billion by 2027 | CAGR of 10.4%

The global smart glass market share is projected to grow from USD 5.0 billion in 2022 to USD 8.2 billion by 2027; it is expected to grow at a CAGR of 10.4% from 2022 to 2027. The key factors fueling the growth of this market include increasing importance of smart glass in the healthcare industry, rising use of smart glass in automobile applications and government support for energy-efficient construction.

Major players in the smart glass market share are Saint-Gobain (France), AGC Inc. (Japan), NSG Group (Japan), Research frontier (US), Gentex Corporation (US), View Inc (US), Corning (US), Showa Denko Materials (Japan), Pleotint(US) and Smartglass International (Ireland). The top players have adopted merger & acquisition, partnership, collaboration, and product launch strategies to grow in the global smart glass market share.

Browse 192 market data Tables and 52 Figures spread through 244 Pages and in-depth TOC on "Smart Glass Market share - Global Forecast to 2027"

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Smart Glass Market Share Dynamics

Driver: Energy-saving capacity of smart glass
The global energy demand continues to grow despite the historic high prices and mounting concerns over energy security. Improving the energy efficiency of homes, businesses, schools, government buildings, and industries is imperative to balance energy supply and demand.

According to the US Department of Energy (DOE), heating, cooling, and lighting of buildings together account for 25% of the total energy costs of the country. According to the DOE estimation, smart glass can reduce energy consumption by ~40%. Heating, cooling, and lighting equipment consume a lot of energy, adding to the overall expense of any industry.

The type of glass used for windows, doors, and partitions in a room has a major impact on the room's energy consumption. The heat and light transferred through the glass directly impacts the comfort level of the room's occupants, apart from affecting energy costs. Switching to smart windows makes a huge difference in overall energy consumption.

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Restraint: Technical glitches in functioning
Despite technological advancements in smart glass, some operational or functionality issues remain unaddressed. Despite having the ability to adjust to different wavelengths and control the amount of light penetrating through it, smart glass cannot provide exact color transparency.

This results in improper color balance and clarity issues. The user expects to get an exact view of the exterior through the windows; however, the contrast ratio of the front view/object often gets disturbed, resulting in improper visibility. Smart glass costs more than ordinary glass, leading the user to expect superior performance. Such shortcomings are restricting the growth of the smart glass market share.

Opportunity: Growing need for sustainable buildings

The world is becoming conscious of climate change, global warming, and its impact on the planet. The pandemic has also shown the need for green buildings and the benefit of having a sustainable living space.

Governments and world organizations are moving toward sustainability, wherein green buildings have a major role in achieving a carbon-neutral society. As part of the EU (European Union) Green Deal, the European Commission has set a target to make Europe a climate-neutral continent by 2050, focusing on sustainable building and energy performance.

Challenge: High initial costs of R&D and manufacturing

Companies operating in the smart glass ecosystem incur high manufacturing and R&D costs. The high manufacturing cost has resulted in a high selling price for smart glass.

Smart glasses are mostly used in premium, high-end applications because of their high costs. In the automobile sector, smart glass is used in windows, sunroofs, rearview mirrors, and side windows in premium cars. Similarly, in the architectural sector, high-end corporate or commercial buildings use this type of glass in their designs.

Saint-Gobain (France) has a wide range of operations, including construction material production, retail, ceramics, abrasives, glass, plastics, gypsum plasterboards, and packaging. The company has a presence worldwide with high brand equity and is a pioneer in Glass fabrics. Its CSR activities and a special focus on the environment have given its brands a positive image. The company also has many research centers filing more than 400 patents a year.

Saint-Gobain focuses on offering products that focus on the transition to a low carbon economy and sustainable development. In terms of operations, Saint-Gobain provides local-level autonomy to its subsidiaries and regional operations so they can adapt to the environment.

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Asia Pacific is projected to register the highest CAGR during the forecast period.

Asia Pacific includes the fastest developing economies of the world-China and India. It also has a few developed economies such as Japan, Russia, Singapore, and Australia. The rapid industrialization and increasing disposable income help the smart glass market share in this region to grow. APAC is an emerging market for smart glass and hence, is expected to hold a prominent position in the market. Many smart glass players are strategizing to tap this market. Companies such as SageGlass and Research Frontiers Inc. have collaborated with distributors and partners in the region to enter this unexplored territory. The lack of awareness and low disposable income have restricted the growth of the smart glass market in developing countries in APAC. However, this scenario is changing; government incentives and tax credit programs are encouraging the use of smart glass in the region. The adoption of smart glass is expected to increase across APAC in the coming years with its reducing price.

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