Smart Glass Market Trends, Share, Size & Growth Analysis 2031

Report Description

Smart Glass Market Outlook 2031

The global smart glass market size was valued at USD 4.92 billion in 2022 and is likely reach to USD 8.67 Billion by 2031 expanding at a CAGR of 6.5% During the forecast period, 2023-2031. The growth of the smart glass market is attributed to increasing worldwide tax initiatives and several financial benefits provided by the support of the administrations.

Moreover, the need for energy cost savings is also anticipated to boost the market growth. Smart glass refers to a type of glass that falls under the class of electrically active glass that allows intelligent partitions in a particular region of the glass. These are majorly used for controlling the light within a medium. An immense amount of attention has been gained by the smart glass in recent years as it provides the perfect proposition for elegant 3D designs, audible & thermal insulation, and energy-saving properties.

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The usage of smart glass enables consumers to have better control of the sunlight along with preventing the indoor temperature from rising during the summers. The energy cost and carbon footprint of the building reduces by the usage of smart glass.

As per the reports by the Department of Energy (DoE) in the commercial sector, there are approximately 500 million square feet of windows are installed that use smart glass in most of the buildings and help in energy conservation, which not only improves indoor air quality but also provides thermal comfort. The same report suggests that 19 million square feet of windows are installed in the residential sector with smart glasses.

The COVID-19 pandemic had adverse impact on various industries and shattered the global economy. The pandemic had negatively impacted the smart glass market as the worldwide assembly plants were temporarily closed due to emergency lockdown. Restricting the trade across national and international boundaries caused a high disruption of the overall demand for smart glass.

However, some of the small and medium-sized industries recovered fast from the negative impact due to the providence of financial reliefs by respective governments to those who were facing immense economic challenges due to the pandemic.

Smart Glass Market Trends, Drivers, Restraints, and Opportunities

• Rising initiatives for energy-conservation including eco-friendly structures & green buildings are expected to boost the market growth over the forecast period.
• Growing investments for infrastructure projects along with the shift of preference of consumers on smart glass for convenience & comfort over cement & bricks walls are anticipated to drive the market growth.
• Increasing renovation and replacement activities is estimated to propel the market expansion in the coming years.
• High cost of smart glass coupled with the lack of awareness regarding the products are key challenges that can restrain the market growth during the forecast period.
• Introduction of subsidiary schemes by governments across countries to reduce the smart glass cost and technological advancements are projected to create lucrative opportunities for the market growth.

Scope of The Smart Glass Market Report

The report on the global smart glass market includes an assessment of the market, trends, and segments. Overview and dynamics have also been included in the report.

Smart Glass Market Segment Insights

Electrochromic segment is anticipated to dominate the market

On the basis of technology, the smart glass market is divided into photochromic, electrochromic, thermochromic, suspended particle devices (SPD), and polymer dispersed liquid crystal (PDLC). The electrochromic segment is anticipated to dominate the market owing to its easy integration with large glass panels, the providence of high blockage to IV & UV rays, and low driving voltage.

Moreover, electrochromic glasses offer a key advantage that these glasses have the ability to easily turn into opaque, colored, or tinted and modulate the heat by transmitting light. These glasses are majorly applied in hospitals, commercial spaces, educational buildings, and retail outlets.

The SPD segment is expected to expand at a high CAGR during the forecast period as it enables precise and instant light control along with properties to change into dark mode from transparent within seconds. These glasses have high an optical quality that can provide sufficient natural lighting along with providing control over the glare from the sun’s rays.

On the other hand, the PDLC segment is estimated to grow at a substantial rate attributed to the importance given to the usage of green energy. These glasses are applicable in the sectors of architecture, aircraft, marine, and automotive. These types of glasses are sometimes referred to as privacy glass, intelligent glass, switchable glass, or magic glass.

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Transportation segment is expected to grow at a substantial rate

Based on applications, the market is segmented into architectural, power generation, consumer electronics, and transportation. The transportation segment is further segmented into marine, aircraft, and automotive. The transportation segment is expected to grow at a substantial rate owing to the rising environmental consciousness and energy concerns associated with transportation service.

An increase in the adoption of smart glass by automobile manufacturers is expected to help the further expansion of the market. On the other hand, the architectural segment is anticipated to grow at a considerable rate attributed to the increasing number of infrastructure projects and the adoption of smart glass by the corporate headquarters & commercial office buildings.

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Smart Glass Market Regional Outlook

Asia Pacific market is estimated to register a high CAGR

In terms of regions, the global smart glass market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominated the market in terms of revenue in 2020 due to several favorable regulations for energy conservations for buildings and huge disposable income in the region.

The regional market growth also is further accelerated due to the increasing adoption of electric cars as they consist of advanced technology including smart glass. However, the market in Asia Pacific is estimated to register a high CAGR during the forecast period owing to increasing awareness regarding energy conservation and rising development of various manufacturing units especially for the automotive industry along with the growing disposable income of consumers in the region.

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