Smart Glass Industry Size: Global Market Share Estimated to be Worth USD 7.91 Billion By 2028
The global smart glass market size is expected to reach USD 7.91 Billion by 2028, at a CAGR of 7.0% according to a new study by Polaris Market Research.
The increasing investments in the architecture and construction sector coupled with growth in disposable income of consumers drive market growth. Increasing application in the automotive and transportation sector, growing modernization of vehicles, and stringent regulations regarding vehicular safety and performance boost the market.
The increasing need for energy efficiency, growing demand for privacy, technological advancements, the shift towards sustainable solutions, and increasing use in commercial spaces, healthcare, and hospitality sectors are some factors expected to drive growth over the forecast period.
The different technologies used in smart glass include photochromic, liquid crystal, suspended particle display, electrochromic, thermochromic, and others. The demand for electrochromic glass is expected to increase during the forecast period. Electrochromic product is used in skylights, windows, and facades to provide tint and privacy.
The use of this product in buildings offers benefits such as enhanced comfort, energy savings, reduced maintenance costs, and maximized daylight. Increasing adoption of smart buildings to reduce energy consumption, and growing environmental awareness supplements the growth of this market segment.
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The product is used by end-users such as automotive & transportation, architecture & construction, aerospace, solar energy, and others. The architecture and construction sector accounted for the highest share in 2020. The increasing application in commercial buildings and the growing construction of energy-efficient buildings have increased the demand for the product in this sector.
The demand for smart glass is expected to increase from the automotive sector during the forecast period owing to the increasing demand for luxury vehicles worldwide, and the modernization of vehicles. Rising urbanization, technological advancements, and an increase in the sale of passenger vehicles have resulted in increased applications of smart glass.
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North America dominated the global smart glass market in 2020 and is expected to maintain its dominance over the forecast period. However, the Asia Pacific market is expected to grow at a significant rate during the forecast period. Rising industrial growth, increasing awareness regarding the adoption of energy-efficient materials, growing urbanization, and growth in the automotive sector support market growth in this region.
Leading global players are expanding their presence in developing nations of China, Japan, India, and South Korea to tap the growth opportunities offered by these countries. There has been increasing demand for smart glass from industries such as construction, aerospace, and transportation. Increasing penetration of passenger vehicles coupled with rising awareness regarding the adoption of electric vehicles fuels the market growth in this region.
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Top Market Players
Some of the major market participants include Asahi Glass, Innovative Glass Corporation, Corning Inc., LTI Smart Glass, Inc, Gentex Corporation, Smart Glass International, View, Inc., Polytronix, Inc., Glass Apps, Pro Display, Vision Systems, Sage Electrochromics, Inc, Intelligent Glass, Dream Glass Group, and Scienstry.
Polaris Market Research has segmented the smart glass market report on the basis of technology, end-use, and region:
Smart Glass Technology Outlook (Revenue, USD Million, 2016 – 2028)
- Liquid Crystal
- Suspended Particle Display
Smart Glass End-Use Outlook (Revenue, USD Million, 2016 – 2028)
- Automotive & Transportation
- Architecture & Construction
- Solar Energy
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