Press release
Smart Glass and Smart Window Market: Innovation and Product Optimization to Boost Growth
The smart glass and smart window market was valued at $5.1 billion in 2020, and is estimated to reach $19.6 billion by 2030, growing at a CAGR of 15% from 2021 to 2030.
The global smart glass and smart window market size was valued at $5.14 billion in 2020, and is projected to reach $19.62 billion by 2030, registering a CAGR of 15.0%. Asia-Pacific is expected to be the leading contributor toward the smart glass and smart window market during the forecast period, followed by LAMEA and Europe.
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Smart glass, also known as switchable glass or privacy glass, is a highly versatile and innovative material that can electronically alter its transparency or light-blocking properties. It can seamlessly switch between transparent and opaque states, offering benefits such as privacy, reduced glare, and improved energy efficiency. Meanwhile, a smart window refers to a window that integrates smart glass technology, allowing users to control its tint or transparency levels. This technology optimizes natural light and indoor temperature, enhancing comfort and energy savings in both buildings and vehicles. As these cutting-edge advancements continue to gain momentum, they are transforming the architectural and automotive sectors, fostering dynamic and sustainable living and work environments.
Smart glass and smart window have features, such as controlling heat, absorbing ultraviolet light, and getting their transmission properties changed from opaque to translucent to transparent when voltage, heat or light is applied. Also, the use of electrochromic smart windows is the latest trend which reduces energy costs and provides architects with more design freedom.
Growth of the global smart glass and smart window industry is anticipated to be driven by factors, such as growing demand for smart glass-based products in automotive & aviation sector, reducing expenditure on air-conditioning, heating & lighting, and stringent regulations by government. However, high initial cost of smart glass and smart window products acts as a major restraint for the market. On the contrary, decline in the price of electrochromic materials, adoption of new technology, and advancements in smart glass functions are expected to fuel the market growth during the forecast period.
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Moreover, developing nations tend to witness high penetration of smart glass and smart window products, especially in the automotive segment, which is anticipated to augment the smart glass and smart window market growth. Factors, such as rise in demand for electric and hybrid vehicles accelerate the market growth.
The smart glass and smart window market is segmented on the basis of technology, end user, and region. By technology, the market is classified into active and passive. On the basis of end user, the market is divided into automotive, aviation, marine, and construction. Also, the report provides a detailed smart glass and smart window market analysis based on competitive intensity and how the competition will take shape in coming years.
Region-wise, the smart glass and smart window market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed maximum revenue in 2020. However, between 2020 and 2030, the smart glass and smart window market in Asia-Pacific is expected to grow at a faster rate as compared to other regions. This is attributed to increase in demand from emerging economical countries such as India, China, and South Korea.
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The key players profiled in the report include Asahi Glass Co., Ltd., Corning Incorporated, Gentex Corporation, Hitachi Ltd. (Hitachi Chemical Co., Ltd.), Pleotint LLC, PPG Industries Inc., Ravenbrick LLC (Ravenwindow), Research Frontiers Incorporated, Saint Gobain, and View Inc. These players have adopted various strategies such as partnership, acquisition, and product launch to strengthen their foothold in the industry.
KEY FINDINGS OF STUDY
• The active segment is projected to be the major technology, followed by passive.
• Asia-Pacific and North America collectively accounted for more than 59% of the smart glass and smart window market share in 2020.
• India is anticipated to witness highest growth rate during the forecast period.
• The U.S. was the major shareholder in the North America smart glass and smart window market, accounting for approximately 70% share in 2020.
• Depending on end user, the construction segment generated the highest revenue in 2020. However, the automotive segment is expected to witness the highest growth rate in the future.
• Region-wise, the smart glass and smart window market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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