According to a new study by Polaris Market Research, the global smart glass market size is expected to reach USD 7.91 billion by 2028, growing at a CAGR of 7.0%.
Increasing investment in the construction and construction industry coupled with the rising disposable income of consumers is driving the growth of the market. Growing applications in the automotive and transportation sectors, increasing modernization of vehicles, and stringent regulations regarding vehicle safety and performance have boosted the market.
Growing need for energy efficiency, growing need for privacy, technological advancements, shift towards sustainable solutions, and increasing usage in commercial spaces, healthcare, and hospitality industries are some of the factors driving the growth of smart glass over the forecast period.
Different technologies used in smart glass include photochromic, liquid crystal, suspended particle displays, electrochromic, thermochromic, etc. The demand for electrochromic glass is expected to increase during the forecast period. Electrochromic glass products are used in skylights, windows, and facade façades to provide color and privacy.
The use of smart glass in buildings offers several benefits such as enhanced comfort, energy savings, lower maintenance costs, and maximum daylight. The growing adoption of smart buildings to reduce energy consumption, and rising environmental awareness complement the growth of this segment.
Figure 1 The use of smart glass in buildings
End-users of smart glass are automotive and transportation, construction, aerospace, solar, and more. Construction and construction investment had the highest percentage in 2020. Increasing applications in commercial buildings and energy-efficient buildings have increased the demand for this product.
North America dominated the global smart glass market in 2020 and is expected to maintain its dominance over the forecast period. However, the Asia Pacific market is expected to grow at a significant rate over the forecast period. Growing industrial growth, raising awareness of energy-efficient materials, increasing urbanization, and growth in the automotive industry are all supporting the market growth in this region.
The demand for smart glass in the automotive industry will increase over the forecast period owing to the increasing global demand for luxury vehicles and the modernization of automobiles. Accelerating urbanization, advancements in technology, and increasing sales of passenger vehicles have contributed to the increase in smart glass applications.
Major global players are expanding their operations in countries such as China, Japan, India, and South Korea to capitalize on these countries for growth opportunities. There is an increasing demand for smart glass in industries such as construction, aerospace, and transportation. The rising penetration of passenger vehicles and rising awareness towards the adoption of electric vehicles is driving the market growth in the region.
Some of the key market players include Asahi Glass, Innovative Glass Corporation, Corning Inc., LTI Smart Glass, Inc, Gentex Corporation, Smart Glass International, View, Inc., Polytronix, Inc., Glass Apps, Pro Display, Vision Systems, Sage Electrochromics, Inc, Intelligent Glass, Dream Glass Group and Scienstry.
Disclaimer: The above views do not represent the position of Jinan LIJIANG Glass, and the copyright belongs to the original author and source. The content of News is the author's personal opinion, and it does not mean that Jinan LIJIANG Glass agrees with his opinion and is responsible for its authenticity. Jinan LIJIANG Glass only provides references and does not constitute investment and application advice.