The global smart glass market size was exhibited at USD 5.06 billion in 2022 and it is projected to augment USD 14.05 billion by 2032 with a registered CAGR of 10.8% during the forecast period 2023 to 2032.
Access our Premium Real Time Data Intelligence Tool, Visit: Precedence Statistics
When voltage, light, or heat is introduced, smart glass undergoes a change in appearance and light transmission qualities. The expanding use in several applications, including architectural, automotive, aerospace, and marine, is fueling the expansion of the global market. The factors driving the market are technical breakthroughs in switchable glasses and architectural advances in the majority of buildings for the installation of smart windows. Switchable glass usage will also be aided by the government's rigorous regulations for retrofitting older buildings with eco-friendly and energy-efficient technology.
Covid-19's limits on logistics and transportation of people and goods have had a substantial negative impact on the performance of the automobile and construction sectors. In addition, the market for speciality items like smart glasses has decreased due to consumers' lower spending capacity and increased focus on purchasing necessities. Major businesses are spending money on R&D projects, too, for things like hospital ward barriers and ICU walls that are used in healthcare and medical institutions. For instance, Milton Hospital, a community hospital constructed in Milton, Canada, and run by Halton Healthcare Services, has privacy smart glass for the doors in all of the ICUs and bullet-resistant switchable glass panels in the entire emergency department spaces. Additionally, a larger range of applications has been made possible by the introduction of smart automation in homes and workplaces. In the aftermath of COVID-19, these factors have offset the decreased demand from the construction and automobile industries.
The governments of both established and emerging countries have increased expenditure on the building and construction industry as a result of rising urbanisation and population growth. Smart glass is commonly used in windows, walls, skylights, and doors to create adaptable lighting environments. This is anticipated to significantly increase demand for smart glass in the expanding building and construction sector. The demand for smart glass, which is used in windshields, backlights, sidelights, and sunroofs of both heavy and light weight vehicles, has increased significantly in the automotive sector as a result of rising transportation and logistics activities as well as rising foreign direct investment (FDI) inflow. The market for smart glasses may develop as a result of this aspect.
Scope of the Smart Glass Market
|Market Size in 2023||USD 5.58 Billion|
|Market Size by 2032||USD 14.05 Billion|
|Growth Rate from 2023 to 2032||CAGR of 10.8%|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Segments Covered||Technology, Application, Control Mode, and Geography|
|Companies Mentioned||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|
With prospects in the building, transportation, power generation, and consumer electronics industries, the market for smart glass has a bright future. The increasing demand for smart glass in automotive applications, the falling cost of electro chromic materials, and strict government regulations requiring energy-efficient construction are the main drivers of this industry.
The expansion of the building and construction industry, where smart glass is commonly employed in windows, skylights, partitions, and doors to create adaptable lighting environments, has been accelerated by rising infrastructure investment and population increase. During the projected period, this can be one of the major factors boosting the market for smart glasses. Smart glasses are commonly used in rear-view mirrors, side-view mirrors, sunroofs, backlights, windshields, and sidelights as a result of causes like rising original equipment manufacturers (OEMs), growing disposable income, and technical advancements. This might accelerate the market expansion for smart glasses.
Key Market Drivers
Growing smart glass integration in automotive glass panels will drive market
Growing smart glass adoption in the construction industry will drive the market
Key Market Challenges
Cost of smart glass is a barrier to the adoption
Key Market Opportunities
In 2022, the electrochromic glass market had a sizable share of more than 83.4%. This is partly attributable to the features of the device, including its high UV and IV ray blocking ratio, low operating voltage, and straightforward integration with big glass panels. Additionally, the electrochromic glass may be stained, colored, and made opaque to adjust how much light and heat it transmits depending on the environment. These glasses are widely used in medical facilities, educational facilities, business settings, and retail stores.
Due to the excellent stability of SPD against UV radiation, the Suspended Particle Device (SPD) smart glass category is anticipated to see the greatest CAGR of over 15.0% through 2030. These lenses can change from translucent to black in 1-3 seconds and provide fine and immediate light control. They also offer a remarkable optical quality that makes it easier to effectively manage sun glare.
Electronic gadgets frequently employ polymer dispersed liquid crystal (PDLC) glass, commonly referred to as switchable glass, magic glass, clever glass, or privacy glass. The technology is mostly utilised in businesses and residences to provide enough of light while maintaining privacy. It has applications in a number of fast-growing industries, including aviation, automobiles, ships, and architecture. The need for PDLC smart glass technology is being further fuelled by the rising predisposition toward "Green Energy" sources.
In 2022, the transportation application category held a sizable market share of around 49.6%. Aerial, vehicular, and maritime transportation are further subdivided into the transportation sector. The significant expansion in the automobile market can be attributed to luxury car manufacturers' increased use of smart glass. The market participants are being pushed by the increasing demand to broaden their product offerings in this niche in order to obtain a competitive advantage. For instance, the automotive giant BMW debuted its BMWi Vision Circular Show car in September 2021 at the IAA Auto Show. This vehicle was outfitted with a cutting-edge headlamp that was created utilizing the SPD LCG Technology created by Gauzy Ltd.
Commercial office buildings and corporate headquarters are where smart glass technology is most commonly used since it helps to significantly save expenses while increasing worker efficiency. In the approaching years, self-cleaning glasses, low-emissivity glasses, and solar control glasses are projected to emerge as popular options for the building industry. The expansion of the architectural sector is greatly influenced by the rising number of infrastructure projects, as well as restoration and renovation operations in residential and commercial areas.
Smart Glass Market Share, By Region, 2022 (%)
|Regions||Revenue Share in 2022 (%)|
With a revenue share of more than 33%, North America dominated the global market for smart glass in 2022. This may be attributed to the availability of value-added goods like laminated glass as well as the implementation of energy-saving construction laws in the area. The area businesses are introducing items that meet customer demands.
The regional automotive industry is anticipated to see an increase in demand for smart glass due to the growing popularity of electric vehicles equipped with cutting-edge technology.
Through 2032, Asia Pacific is expected to have the greatest CAGR of more than 12.4%, thanks to the region's exceptional development prospects in the transportation industry. Growing demand for luxury cars and rising disposable income are encouraging regional market growth. Additionally, it is predicted that increasing energy conservation awareness in the area would encourage the use of energy-efficient air conditioners and windows.
By Control Mode
PROCEED TO BUY :
ASK FOR SAMPLE
No cookie-cutter, only authentic analysis – take the 1st step to become a Precedence Research client