Smart Glass Market Analysis by Global Segments, Growth, Size and Forecast 2024
The global smart glass market has been deriving significant growth from the growing demand for sustainable energy solutions across the world. The rising trend of green buildings, especially in developed countries, has led to a soaring demand for smart glass, which plays an important role in saving energy needed for heating, cooling, and lighting in these buildings.
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The governments in various developed economies are encouraging their citizens to shift to green buildings, in a bid to reduce energy consumption, which, consequently, is expected to boost the demand for smart glass over the forthcoming years. Analysts predict the market to expand at a CAGR of 14.50% between 2016 and 2024, increasing the market’s opportunity from US$2.10 bn in 2015 to US$7.04 bn by the end of 2024.
Transportation Sector to Report Strong Adoption of Smart Glass
Smart glass is utilized extensively in architecture, consumer electronics, transportation, and solar power generation. The transportation sector has emerged as the leading end user of smart glass across the world and is expected to remain so over the next few year. The increasing usage of smart glass in sun roofs, sun visors, rear and side windows in high-end premium cars and the aviation sector has been boosting their demand in the transportation sector significantly. With the ongoing boom in the automotive industry, the demand for smart glass is likely to swell even more in the years to come. In 2015, the transportation sector accounted for a share of 57% in the overall market.
The architecture and the consumer electronics sectors have also been witnessing a rise in the uptake of smart glass, which is anticipated to increase further over the coming years. The growing demand for daylight harvesting and the rising trend of green building and automated building systems to capture and control the daylight more effectively are projected to increase the demand for smart glass in architectural and construction activities across the world. On the other hand, the escalating usage of smart glass in electronic appliances is likely to reflect positively on their demand in the consumer electronics sectors in the near future.
Rising Focus on Renewable Energy to Fuel Demand for Smart Glass in North America
On the regional basis, North America, the Middle East and Africa, Asia Pacific, Latin America, and Europe have been considered as the key segments of the worldwide market for smart glass. With a share of 30%, North America led the global market in 2015 and was closely followed by Europe and Asia Pacific. Researchers predict the regional market to retain its position over the forthcoming years, thanks to the rising focus on renewable energy sources, such as solar energy. As smart glass plays a significant role in the generation of the solar power, this factor is expected to influence its demand in this region in the near future.
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Asia Pacific, among others, is witnessing substantial growth in its market for smart glass. The region is projected to present the most promising growth opportunities to market players in the coming years, thanks to the improving economic conditions in countries, such as China, Japan, and Korea. The growing sectors, such as the housing and construction, consumer electronics, transportation, and the solar power generation, in this region are expected to increase the need for solar panels, which in turn is anticipated to boost the Asia Pacific smart glass market over the forthcoming years.
The global market for smart glass is moderately consolidated in nature. DuPont, ASAHI GLASS Co. Ltd., Saint-Gobain S.A., Polytronix Inc., ChromoGenics AB, Smartglass International Ltd., Innovative Glass Corp., Guardian Industries Corp., Research Frontiers, and iGlass are some of the key vendors of smart glass across the world.
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