Press release
Smart Glass Market - Market: Latest Trends,Analysis & Insights 2024
TMR estimates that the global smart glass market is expected to display a CAGR of 14.50% between 2016 and 2024. As a result, the market’s valuation will reach US$7.04 bn by 2024 increasing from US$2.10 bn in 2015.
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North America to Lead among all Regional Segments
In terms of end user, architecture, transportation, consumer electronics, and solar power generation are the segments of this market. Of these, transportation displays the leading demand for smart glass and the scenario is expected to remain same until the end of the forecast period in 2024. This is due to the increasing application of smart glass in automobiles for sun roofs, sun visors, and side and rear windows in high-end cars. At present, the flourishing aviation and automotive industries are also expected to fuel the demand for smart glass in the transportation sector.
The architecture and consumer electronics segments also display substantial demand for smart glass and are expected to continue do so over the coming years.
In terms of geography, the worldwide smart glass market is spread across North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe. North America leads the global market and is expected to continue doing so in the near future. In this region, the increasing prominence of renewable energy, particularly solar energy, as a measure to ensure energy security in the long-run is driving the smart glass market. As smart glass is important for the generation of solar energy, increasing initiatives for harnessing solar power to convert into energy will display an increased demand for smart glass.
The region is closely followed by Europe and Asia Pacific in terms of growth of smart glass market. At present, the smart glass market in Asia Pacific is relatively new; however, the market holds immense potential for solar power generation due to the abundance of solar energy in countries that are close to the Equator. Moreover, in countries such as China and India, improving economic conditions leading to the development of the housing sector will display the demand for solar panels, which in turn, will benefit the smart glass market.
Rising Focus on Renewable Energy Bodes Well for Market
Across the world, depleting sources of energy have raised alarms among governments to implement regulations to reduce the consumption of energy. The development of green buildings fitted with smart glass is one of the prominent initiatives taken for energy conservation by governments across several developed countries. This is because smart glass plays a key role in saving energy that can be used for heating, cooling, or illumination purposes.
With the increasing development of green buildings across several large cities of the world, the smart glass market is expected to be benefitted. However, high cost factor of smart glass and the easy availability of substitutes may challenge the growth of this market to some extent, states the report.
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The review presented is based on the findings of Transparency Market Research report, titled “Smart Glass Market (Technology - Electrochromic, Thermochromic, Photochromic, Liquid Crystal, and Suspended Particle Device; End User - Architectural, Consumer Electronics, Transportation, and Solar Power Generation) - Global Industry Analysis Size Share Growth Trends and Forecast 2016 - 2024.”
The global smart glass market is segmented as follows:
By Technology
Electrochromic
Liquid Crystal
Suspended Particle Device
Thermochromic
Photochromic
By End User
Architectural
Consumer Electronics
Transportation
Solar Power Generation
About Us
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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