Smart Glass Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Passive (Thermochromic, Photochromic), Active (Electrochromic (EC), Suspended Particle Devices (SPD), Polymer Dispersed Liquid Crystal (PDLC))), By End-User (Residential, Commercial, Industrial), And By Geography - Forecasts From 2022 To 2027
- Published : Nov 2022
- Report Code : KSI061610065
- Pages : 135
The smart glass market is projected to grow at a CAGR of 12.27% to reach US$9.538 billion by 2027, from US$4.241 billion in 2020.
Smart glass which is also known as Light Control Glass (LCG) or switchable glass help to alter the amount of light transmitted through transparent materials. The rising global adoption of green buildings and eco-friendly technologies is the major factor driving the demand for these products. The market’s growth is further fueled by financial support and tax benefits from different governments provided to smart glass manufacturers.
The growing automotive industry is also escalating the demand for these glasses as they help to control the heat inside the vehicle while saving energy. However, the growth of the global smart glass market is expected to be impeded in the forecast period owing to the lack of consumer awareness about the benefits of these glasses, and the difficulty in maintaining an exact glass color balance. Moreover, smart glasses are more expensive than their alternatives and may be challenging in terms of their higher adoption.
The presence of alternatives may pose a threat to hampering the growth of the global smart glass market during the forecast period.
For smart glass, which is also known as switchable glass, there is a presence of alternatives where most of which offer the same benefits as that of smart glass. Consumers may find these alternatives as a convenient option at the time of purchase. This is because these are cheaper in comparison to smart or switchable glasses. Examples include blinds, shoji screens, and frosted window vinyl. Many of these are quite convenient in terms of application and are available with different levels of opacity. Some of the products may be easily cut based on their usage and hence are easy for on-site application. Additionally, with researchers working on the development of affordable smart glass alternatives, the presence of alternates may have a high impact on impeding the market growth in the forecast period. Researchers at the Massachusetts Institute of Technology, have come up with a solution to an affordable smart glass alternative, PDMS, which, according to their prediction, is a cheaper polymer material for smart windows. The material is capable of adjusting according to the incoming light and can be extensively used in engineering applications for controlling indoor light through windows.
The Asia Pacific region is expected to show higher growth prospects in the forecast period with the growing real estate industry.
With the growing concerns regarding climate change, certain regulations are revolutionizing the real-estate sector. These concerns have further given rise to the adoption of green or eco-friendly technologies coupled with huge energy savings, hence, fueling the market demand in the forecast period. Furthermore, in the Asia Pacific region, the growth in the middle-class population has created a market demand for smart glasses in the residential sector as well. This is because of the increase in family income and growing disposable income. Hence, this emerging middle-class population has become potential consumers for the adoption of smart glasses, further creating a huge consumer base. The growing urbanization, giving rise to the development of smart cities as per the customers’ demand, is further providing an opportunity for the market to thrive in the forecast period and the coming years. The APAC region comprises around 60% of the total urban population on a global level. By 2050, it is expected that around two-thirds of the total regional population will reside in cities. Furthermore, the growing automotive industry, especially in the emerging economies of India and China, is further propelling the market demand in the forecast period.
- The Saint-Gobain Group SageGlass is an innovative electrochromic glass. The smart glass offered by the Saint-Gobain group allows unparallel control of the indoor environment and design possibilities. Furthermore, these smart glasses can provide maximum comfort and energy efficiency by adjusting the tint and performance.
- View, Inc. provides a transforming experience with their View Smart WindowsTM which uses AI-enabled technology to determine whether, when, and how much to tint each window based on different variables such as sun’s position, cloud cover, interior floorplans, and many more. The company’s mobile app enables the building manager or room’s tenant to customize their smart widow experience through their smartphones.
- Halio North America LLC offers Viracon PLUSTM Smart Glass which is the fastest-tinting electrochromic glass. The company claims that the Viracon smart glass has a Color Rendering Index (CRI) of 97.5% which allows interior colors to stay true. These Viracon PLUS smart glass powered by Halio delivers fully automated or manually controlled tinting which can be operated via mobile app, desktop app, or voice assistants.
COVID-19 Impact on Smart Glass Market
The pandemic had a significant impact on the smart glass market globally owing to the temporary shutdowns in major consumer industries like the automotive industry and real estate industries. To curb the spread of COVID-19, several nations have put limitations on economic activities and the movement of people and goods. Due to such restrictions, delays in the production and delivery of components or raw materials that are a part of the supply chain were hindered. Hence, the construction projects were halted due to the global financial crisis which slowed down the smart glass market growth during the pandemic.
Smart Glass Market Scope:
|Market Size Value in 2020||US$4.241 billion|
|Market Size Value in 2027||US$9.538 billion|
|Growth Rate||CAGR of 12.27% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Type, End User, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Saint-Gobain Group, Hitachi Chemical Co., Ltd., Smartglass International Limited, Asahi India Glass Limited, Gentex Corporation, Polytronix, Inc, View, Inc., Halio North America LLC, AGC Glass|
|Customization Scope||Free report customization with purchase|
- By Type
- Electrochromic (EC)
- Suspended Particle Devices (SPD)
- Polymer Dispersed Liquid Crystal (PDLC)
- By End User
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Introduction
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Smart Glass Market Analysis, by Type
5.3.1. Electrochromic (EC)
5.3.2. Suspended Particle Devices (SPD)
5.3.3. Polymer Dispersed Liquid Crystal (PDLC)
6. Smart Glass Market Analysis, by End-User
7. Smart Glass Market Analysis, by Geography
7.2. North America
7.3. South America
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.4. South Korea
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Saint-Gobain Group
9.2. Hitachi Chemical Co., Ltd.
9.3. Smartglass International Limited
9.4. Asahi India Glass Limited
9.5. Gentex Corporation
9.6. Polytronix, Inc
9.7. View, Inc.
9.8. Halio North America LLC
9.9. AGC Glass
Hitachi Chemical Co., Ltd.
Smartglass International Limited
Asahi India Glass Limited
Halio North America LLC
|Report Name||Published Month||Get Sample PDF|
|North America Smart Glass Market Size & Share: Report, 2022 - 2027||Mar 2020|
|South America Smart Glass Market Size & Share: Growth, 2022 - 2027||Mar 2020|
|Europe Smart Glass Market Size, Share & Industry Trends, 2022 - 2027||Mar 2020|
|Asia Pacific Smart Glass Market Share & Size: 2022 - 2027||Mar 2020|
|Middle East and Africa Smart Glass Market Size & Share: 2022 - 2027||Mar 2020|