According to the report published by Global Market Insights Inc., the global smart glass market is expected to garner $2,228.4 million by 2026, growing at a CAGR of 8.6% from 2019 to 2026. The growing focus on energy saving and user-controlled windows for building across the globe will lead the smart glass demand.
Smart glass, are used in buildings and automobile windows to control the incoming sunlight and glare, thereby providing higher privacy and comfort to the inhabitants. Active smart glass regulate sunlight through user controlled electric stimulation while passive type of glass control sunlight through its material properties.
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Smart glass technologies are segregated further into electrochromic, SPD, PDLC and others. the passive smart glass is divided into thermochromic photochromic and others. Among all the technologies, electrochromic smart glass has the highest share of over 45% on account of its lower per sq. meter cost. However, it is limited to exterior applications and has a slower response time. On the other hand, demand for PDLC will be surging owing to lower response time, lower amount of voltage supply, and extensive application in both interior and exterior spaces.
Construction industry has a share of over 60% in the overall smart glass market. The product especially finds use in commercial buildings such as offices, hotels, conference rooms, space partitions, bathrooms, windows, skylights etc. Excess exposure to sun glare and light may cause discomfort to the occupants in offices or residences. It results in reduced productivity. Additionally, the increased heat correspondingly results in greater use of ACs, thereby increasing the energy usage and related cost. Smart glass can significantly lower the energy intake and result in up to 43% annual energy bill savings. Apart from construction, smart glass market size is swiftly growing in transportation sector, mainly in automobile, marine and aviation.
Smart glass market is rapidly growing in Europe, North America and Middle East on account of increasing need to control sun glare and luxury application to render privacy in commercial offices and residential buildings. In Europe and North America, building industry is increasingly focusing on constructing LEED certified energy efficient buildings. With growth of IoT (Internet of Things) technology, smart glass market is expected to soar further over the forecast timeframe. In Middle East, glass covered buildings are gaining traction. Taking into consideration the regional climate, smart glass will be a necessary addition to future construction projects, especially in UAE and Saudi Arabia. In Asia Pacific, smart glass demand will come from the high spending residential and commercial entities, with high spending capacity.
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Some major findings of the smart glass market report include:
- Smart glass demand is growing on account of increasing energy saving for commercial offices and high-end residential spaces.
- Smart glass demand will be swelling in Asia Pacific, where the construction industry is actively incorporating luxury and security amenities for lending unique additions to the buildings.
- The increasing construction of energy efficient buildings in Europe, and North America will primarily drive the smart glass market growth over the forecast timeframe.
- Major players operating in the smart glass industry are Saint Gobain, Asahi glass, NSG group, View Inc, RavenWindow, Merck &, Co., Gauzy, Pleotint LLC, Polytronix, and Smartglass International.
- Companies are actively investing to lower the overall product cost by using new low cost raw material and technologies.
Currently, smart glass technologies such as perovskite and TLSCs (transparent luminescent solar concentrators) are being explored for solar power generation that will lead to self-sustained buildings.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.