Global Smart Glass Market Research Report: By Technology (Electrochromic, Polymer Dispersed Liquid Crystal, Suspended Particle Devices, Thermochromics, and Photochromic), By Application (Architectural, Transportation, Automotive, Aircraft, Marine, Consumer Electronics, and Power Generation), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.
The Global Smart Glass Market was valued at USD 5.65 billion in 2022, and is predicted to reach approximately USD 16.18 billion by 2031, at a CAGR of 12.4% from 2023 to 2031. Smart glass, also referred to as switchable glass or electrochromic glass, is an innovative technology that allows windows and glass surfaces to alter their transparency or opaqueness upon command. It employs different methods such as electrochromism, suspended particle devices, or liquid crystal technology to modify the light transmission characteristics of the glass. The implementation of smart glass grants flexible control over privacy, reduction of glare, energy efficiency, and aesthetic attractiveness. By utilizing an electric current or a control system, users have the ability to switch the glass from being see-through to non-transparent, or adjust it to various intermediate states. This technology finds diverse applications across various sectors, including architecture, automotive, aviation, and consumer electronics. Smart glass presents a versatile and futuristic solution that revolutionizes our interaction with glass surfaces, greatly improving our living and working environments.
SMART GLASS MARKET: REPORT SCOPE & SEGMENTATION
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Report Attribute |
Details |
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Estimated Market Value (2022) |
5.65 Bn |
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Projected Market Value (2031) |
16.18 Bn |
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Base Year |
2022 |
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Forecast Years |
2023 - 2031 |
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Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Technology, By Application, & Region |
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Segments Covered |
By Technology, By Application, & Region |
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Forecast Units |
Value (USD Billion or Million), and Volume (Units) |
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Quantitative Units |
Revenue in USD million/billion and CAGR from 2023 to 2031 |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
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Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
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Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Delivery Format |
Delivered as an attached PDF and Excel through email, according to the purchase option. |
Global Smart Glass Market Dynamics
The smart glass market is propelled by various significant factors. The increasing requirement for energy-efficient solutions in buildings and the demand for sustainable infrastructure contribute to the adoption of smart glass. Smart glass enables dynamic control over the amount of light and heat entering a space, thereby reducing dependence on artificial lighting and air conditioning and resulting in energy conservation. The growing emphasis on enhanced privacy and security in both residential and commercial applications also drives the demand for smart glass. The ability to instantly switch the glass from transparent to opaque provides a convenient privacy solution, eliminating the need for curtains or blinds. Moreover, the rising interest in smart homes and the integration of Internet of Things (IoT) technologies further fuels the market, as smart glass can be seamlessly incorporated into automated systems to enhance convenience and comfort. Additionally, the automotive industry seeks smart glass for improved safety, glare reduction, and augmented reality displays.
Global Smart Glass Market Drivers
The growing need for energy-efficient solutions in buildings drives the adoption of smart glass. By dynamically controlling light and heat transmission, smart glass reduces reliance on artificial lighting and air conditioning, resulting in significant energy savings.
Restraints:
Developing smart glass with reliable performance and durability poses technical challenges. Achieving long-term stability, maintaining optical clarity, and ensuring smooth switching transitions are areas that require continued research and development.
Opportunities:
Ongoing advancements in smart glass technology can lead to improved performance, cost reduction, and expanded functionality. Innovations in materials, switching mechanisms, and manufacturing processes can unlock new opportunities in the market.
Segment Overview
By Technology
Based on the technology, the global smart glass market is segmented into electrochromic, polymer dispersed liquid crystal, suspended particle devices, thermochromics, and photochromic. The electrochromic segment is dominating the market with the largest revenue share of around 78.2% in 2022. Electrochromic smart glass presents notable benefits such as convenient control over light transmission, energy efficiency, and enhanced privacy. Users can effortlessly adjust the tint of the glass to their liking, reducing the need for curtains or blinds. Moreover, electrochromic smart glass contributes to energy conservation by reducing reliance on artificial lighting and air conditioning. The dominant position of this segment can also be attributed to advancements in electrochromic technology, resulting in improved performance and durability of the glass. Additionally, the increasing adoption of electrochromic smart glass across commercial and residential buildings, automotive applications, and the aerospace sector has further propelled its market share, establishing it as the largest segment in the smart glass market.
By Application
Based on the application, the global smart glass market is segmented into architectural, transportation, automotive, aircraft, marine, consumer electronics, and power generation. The transportation segment is dominating the market with the largest revenue share of around 45.8% in 2022. Several key factors contribute to this trend. The automotive sector has experienced a notable increase in the demand for smart glass, primarily driven by the growing adoption of electric and autonomous vehicles. Smart glass offers a range of advantages, including glare reduction, improved visibility, and augmented reality displays, thereby enhancing the overall driving experience and safety. Similarly, the aviation industry has embraced smart glass technology for cabin windows, empowering passengers to control their immediate surroundings and enjoy enhanced comfort during flights. Furthermore, the integration of smart glass in trains, buses, and other forms of public transportation further reinforces the dominance of the transportation segment.
Global Smart Glass Market Overview by Region
By Region, the global Smart Glass Market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America dominated the market with around 30.2%, of the global market in 2022. The demand for innovative and technologically advanced solutions in North America has been fueled by the region's strong economic growth and high levels of disposable income. North America serves as a hub for numerous technology companies and research institutions, fostering continuous advancements in smart glass technology. Additionally, the stringent energy efficiency regulations and sustainability initiatives in the region have driven the adoption of smart glass in both commercial and residential buildings. Furthermore, the well-established construction industry in North America has a strong emphasis on integrating smart building solutions, which has further propelled the demand for smart glass. The presence of key market players, robust infrastructure, and a favorable business environment have all contributed to North America's prominent position in the smart glass market.
Global Smart Glass Market Competitive Landscape
In the global smart glass market, a small number of prominent players hold significant market dominance and have established a strong regional presence. These key participants are committed to ongoing research and development initiatives. Additionally, they actively engage in strategic growth endeavors such as product development, product launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position and expand their customer base to capture a substantial share of the market.
Some of the prominent players in the global smart glass market include AGC Inc., Chromo Genics, Corning Incorporated, Gauzy Ltd., Gentex Corporation, Guardian Industries, Kinestral Technologies, Inc., Nippon Sheet Glass Co., Ltd., PPG Industries, Inc., Raven Window, Research Frontiers Inc., Saint-Gobain S.A., Showa Denko Materials Co., Ltd., Smartglass International Limited, VELUX Group, and various other key players.
Global Smart Glass Market Recent Developments
In January 2022, Halio, Inc. unveiled an AI-driven smart glass system with notable features such as quick reaction, tint colour clarity, continuous tint uniformity, and cloud-based technology enabling autonomous functionality. Furthermore, the rising adoption of electric cars equipped with cutting-edge technologies is expected to fuel demand for smart glass in the region's automotive industry.
Scope of the Global Smart Glass Market Report
Smart Glass Market Report Segmentation
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ATTRIBUTE |
DETAILS |
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By Technology |
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By Application |
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By Geography |
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Customization Scope |
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Pricing |
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Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the global smart glass market segmented by service, by technology, by application, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of smart glass between 2019 and 2031.
To identify and infer the drivers, restraints, opportunities, and challenges for the global smart glass market
To find out the factors which are affecting the sales of smart glass among consumers
To identify and understand the various factors involved in the global smart glass market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Intended Audience
Research Methodology
Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region. The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.
Data Collection
Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.
Primary Research
After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market.
Secondary Research
A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.
Top-Down Approach & Bottom-Up Approach
In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.
In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.
This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.
Market Analysis & size Estimation
Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.
Quality Checking & Final Review
The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.
