Smart Glass Market: Demand for Energy Saving and Solar Panels Helps Market Rise at 14.50% CAGR, By 2024
Global smart glass market players have also been anticipated to follow the widespread business strategy of vertical integration and technology licensing. Partnership and collaboration could be another strategy where players have been predicted to be interested in associating with insulating glass unit (IGU) manufacturers, chemical and material science firms, and flat glass producers.
As per the statistics obtained by TMR in a report, the global smart glass market could expand at a CAGR of 14.50% from 2016 to 2024. By the end of the forecast period, the global smart glass market has been prognosticated to earn a US$7.04 bn, progressing from US$2.10 bn in 2015. By end use, the global smart glass market could witness a staggering growth in the transportation industry that had secured an almost 57.0% share in 2015. Closely followed by Europe and Asia Pacific, North America had bagged in an approximate 30.0% share in the global smart glass market in the same year.
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Need for Green Initiatives and Sustainable Energy Augurs Well
The demand in the world smart glass market has been envisaged to testify a telling surge on the back of a substantial role played the product to save ample of energy required for lighting, cooling, and heating purposes in green buildings. An increasing count of developed nations are taking to green initiatives supported by their governments to conserve energy. The need to reduce the consumption of energy could be due to the alarming depletion of energy sources testified worldwide and a ballooning demand for sustainable energy.
Developed economies such as North America have been foretold to adopt smart glass at a swelling degree owing to a rising prominence of the generation of solar energy. Advantages such as reduced carbon emission, user comfort, and energy efficiency could augment the uptake of smart glass by automobile manufacturers for adding attractive features, thus increasing their sales income. Emerging regions such as Asia Pacific have also been envisioned to contribute to the growth of the world smart glass market while riding on a magnifying requirement for solar panels in various industries such as solar power generation, transportation, consumer electronics, and housing and construction.
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Cheaper Substitutes and Unreasonable Prices Discourage Players
High price and availability of affordable substitutes could negatively affect the demand in the international smart glass market. Other factors that have been prophesied to make the growth lethargic in the international smart glass market are lack of awareness about application benefits, concerns regarding maintenance of color balance, and dawdling response to the adoption of large-sized smart glass.
However, the need for enhanced cost efficiency and operational productivity fulfilled to a considerable extend with the use of smart glass could offer worthwhile business opportunities to market participants. The incorporation of advanced materials and birthing of a broad scope of applications have been foreseen to promote commercialization in the international smart glass market. Furthermore, the snowballing application of smart glass in the automobile industry on the part of the manufacture of side and rear windows, sunroofs, and sun visors could be another lucrative prospect. Participants in the world smart glass market have also been projected to cash in on the heightened advancement in the aviation sector in terms of technology and manufacturing.
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