Smart Glass Market expected to be worth $6.8 billion by 2025

(IT-NEWSWIRE.COM, September 18, 2020 ) According to the new research report, the "Smart Glass Market with COVID-19 Impact by Technology (Suspended Particle Display, Electrochromic, Liquid Crystal), Application (Architecture, Transportation, Consumer Electronics), and Geography - Global Forecast to 2025", size is expected to grow from USD 3.8 billion in 2020 to USD 6.8 billion by 2025, at a CAGR of 12.1%. The growth of the smart glass industry is driven by factors, such as the growing adoption of smart glass in automotive application and, declining prices for electrochromic material.Other major driving factors for smart glass adoption include supportive government mandates and legislation on energy efficiency. Governing bodies of various countries are increasingly encouraging the use of these energy-efficient products. Smart glass has inherent energy-saving and auto-dimming properties, which reduce its maintenance cost. As a result, the perceived benefits of these glass products are more than the incurred investments.

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“The SPD glass market is likely to grow at a high rate during the forecast period.”

The market for SPD glass technology is expected to grow at the highest CAGR during the forecast period. SPD glass offers many benefits due to its unmatched working capacity to change its light emission property to the desired level. This type of glass can adjust its light emission property from transparent to dark within 1–3 seconds and can be used to effectively control the glare from sun rays. SPD technology also restricts UV light up to 99%, providing a healthy ambiance with a sufficient amount of natural light. Higher control of the light emission property increases the degree of customization. SPD glass can provide ~50% saving on energy consumption. This reduces the load on heating, ventilation, and air conditioning (HVAC) systems of the building. With the optimum use of daylight to cut down on artificial lighting, there is a further reduction of electrical consumption that increases overall energy savings.

“The architecture segment to grow at a higher rate during the forecast period.”

The market for the architecture application is expected to grow at the highest CAGR during the forecast period owing to the increased need for energy-efficient products. Additionally, various government laws in favor of adopting smart glass in different applications are expected to boost the growth of the market for smart glass technologies. In modern times, the design and steps taken to make a building compliant with the green building norms have been prioritized in the construction industry. The salability of a residential or commercial facility considerably depends on comfort, aesthetics or interior design, and eco-friendliness.

“The European smart glass market is expected to grow at a significant rate during the forecast period.”

Europe is expected to lead the overall smart glass market in the coming years. Technological advancements and a recovering economy act as driving factors during the growth period. Rapidly increasing energy cost is likely to trigger the demand for energy-efficient products. The ability of smart glass to reduce the overall energy consumption of a building while offering attractive features such as on-demand privacy or glare-control is expected to multiply its applications in Europe. The multipurpose quality of this glass makes it a popular building material for a variety of architectural applications. In extreme weather conditions prevalent in several areas of Europe, smart glass offers a suitable solution for maintaining the internal temperature of buildings or vehicles, thus saving the overall energy costs. Therefore, Europe is expected to be a key potential growth market for smart glass over the coming years.

The smart glass market is currently dominated by Saint-Gobain (France), AGC Inc. (Japan), NSG Group (Japan), research frontier (US), and Gentex Corporation (US, View Inc.(US).

Other players operating in the smart glass market are Polytronix (US), and Pleotint(US), AGP Americas (US), Smartglass International (Ireland), Innovative Glass Corp (US), Hitachi Chemicals (Japan), SPD Control Systems (US), Fuyao Glass (China), TaiwanGlass Group (Taiwan), Central Glass (Japan), among others. Almost all companies, including key players, have adopted a few major strategies such as product developments and launches, mergers and acquisitions, and partnerships and collaborations to grow in the smart glass market.

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Smart Glass Market expected to be worth $6.8 billion by 2025