According to the new research report “Smart Glass Market by Technology (Suspended Particle Display, Electrochromic, Liquid Crystal, Photochromic, Thermochromic), Application (Architecture, Transportation, Consumer Electronics), and Geography – Global Forecast to 2023”, the smart glass market is expected to reach USD 8.35 Billion by 2023 from USD 3.32 Billion by 2017, at a CAGR of 16.61% between 2017 and 2023. The growth of this market is mainly driven by factors such growing demand for smart glass in automobile applications, strong government support through mandates and legislations for energy-efficient construction, and optimal energy saving through smart glass applications
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Electrochromic technology expected to hold largest share of smart glass market by 2023
Electrochromic technology is expected to hold the largest share of the smart glass market based on technology by 2023; the growth of the market for this technology attributed to a shorter switching time exhibited by this glass to switch from clear to dark state and increasing investments in this technology from the smart glass industry players. The automotive industry is a vital application area for electrochromic glass.
Smart glass market for architecture expected to grow at highest CAGR between 2017 and 2023
The smart glass market for the architecture application is expected to grow at the highest CAGR between 2017 and 2023. It offers energy-efficiency and improved aesthetics in these applications. Use of smart glass in various architecture applications increases the aesthetic value of a building and reduces the heating, cooling, and lighting costs significantly. In the architecture application, the smart glasses are used in doors, partitions, windows, skylights, and elevators. Various establishments in the architecture application using smart glass in their designs include residential buildings, schools and colleges, hospitals, corporate offices, and retail buildings including malls, outlets, and supermarkets and hypermarkets.
Europe expected to dominate smart glass market during the forecast period
The smart glass market in Europe is expected to grow at the highest CAGR during the forecast period. Europe consists of a number of developed countries such as Belgium, France, Germany, Italy, and the UK. This region derives its revenues from the tourism, industry, and manufacturing businesses, among others. The hospitality and automotive manufacturing sectors in this region have grown tremendously due to supportive government policies over the past few decades. The government initiatives for green buildings and energy harvesting have contributed to the rise in the popularity of smart glasses. As a result, Europe holds a significant share of the overall smart glass market.
The key players in the market include SAGE Electrochromics, Research Frontiers, View, Inc., Asahi Glass Co., Gentex, Hitachi Chemical, Glass Apps, Pleotint, Polytronix, RavenWindow, Scienstry, Smartglass International, and SPD Control Systems. The key players in this market are increasingly undertaking the strategies of partnerships and collaborations, and product developments and launches to develop and introduce new technologies and products to the market.