What are the growth factors of Smart Glass Market?
Smart Glass Industry Overview
The global smart glass market size was valued at USD 4.5 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.8% from 2021 to 2028.
The emergence of energy-conservation initiatives, such as green buildings and eco-friendly structures, globally is expected to offer promising growth prospects to the market. Administrative support through financial benefits and tax initiatives globally is also stimulating the growth of the market. For instance, the European banks have a new mortgage scheme for green homes, encouraging end-users to adopt energy-saving products, such as smart glass. Smart glass has gained traction in recent years due to its energy-saving properties, thermal and acoustic insulation, and elegant 3D design proposition. With smart glass fitted in place of normal glass into windows, doors, partitions, and skylights, the user has better sunlight control, preventing an increase in indoor temperatures during summers and subsequently reducing the building’s overall energy cost. The reduced reliance on HVAC systems helps reduce the carbon footprint of the building.
Gather more insights about the market drivers, restrains and growth of the Global Smart Glass Market
Factors such as the steady growth of the construction industry and rising investment in infrastructure projects contribute significantly to market growth. The tectonic shift in consumer preference for glass over bricks and cement walls is also likely to favor the growth prospects of the market over the next few years. Moreover, the recent trend of large, floor-to-ceiling glass windows is providing new business opportunities to manufacturers.
In addition, the replacement and renovation activities are expected to drive the demand for smart glass across the globe. The Department of Energy (DoE) estimates that there are approximately 19 million square feet of installed residential windows in the U.S. alone and approximately 500 million square feet of windows are installed in the commercial sector, out of which most buildings are constructed prior to the implementation of the ASHRAE standards, which address areas such as thermal comfort, indoor air quality, and energy conservation in buildings. Retrofitting of such buildings is expected to provide a significant growth opportunity for the market in the U.S. alone. However, factors such as lack of awareness about their benefits and high base cost could impede the demand for smart glass to a certain extent over the forecast period. These challenges can be overcome by technological advancement and government subsidiary schemes in order to reduce the overall cost. Extensive marketing endeavors in selected geographies and word-of-mouth publicity could also help augment sales.
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Smart Glass Market Segmentation
Grand View Research has segmented the global smart glass market based on technology, application, and region:
- Smart Glass Technology Outlook (Revenue, USD Million, 2017 – 2028)
- Electrochromic
- Polymer Dispersed Liquid Crystal (PDLC)
- Suspended Particle Devices (SPD)
- Thermochromics
- Photochromic
- Smart Glass Application Outlook (Revenue, USD Million, 2017 – 2028)
- Architectural
- Transportation
- Automotive
- Aircraft
- Marine
- Consumer Electronics
- Power Generation
- Smart Glass Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Market Share Insights
- June 2019: Kinestra Technologies, Inc. announced its partnership with Vitrum Glass Group, a glass manufacturing company, to produce the Helio insulating glass units for several commercial projects in North America.
- December 2019: Research Frontiers Inc. announced the partnership with Glatic Co., Ltd. to develop and sell SPD technology-based smart windows in the South Korean architectural market. The business integration was aimed to introduce more competitive products in the architectural industry.
Key Companies profiled:
Some prominent players in the Smart Glass market include
- AGC Inc.
- ChromoGenics
- Corning Incorporated
- Gauzy Ltd.
- Gentex Corporation
- Guardian Industries
- Kinestral Technologies, Inc.
- Nippon Sheet Glass Co., Ltd.
- PPG Industries, Inc.
- RavenWindow
- Research Frontiers Inc.
- Saint-Gobain S.A.
- Showa Denko Materials Co., Ltd.
- Smartglass International Limited
- VELUX Group
- View, Inc.
- Vision Systems
Order a free sample PDF of the Smart Glass Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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Smart Glass Industry Overview The global smart glass market size was valued at USD 4.5 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.8% from 2021 to 2028. The emergence of energy-conservation initiatives, such as green buildings and eco-friendly structures, globally is expected to offer promising growth prospects…
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