The size of the worldwide smart glass market was estimated at USD 5.82 billion in 2020, and it is anticipated to increase at a CAGR of 8.7% from 2021 to 2028. Market expansion is anticipated to be fueled by the expanding energy-conservation programmes, including green buildings and eco-friendly structures. A favourable regulatory environment that facilitates tax and financial benefits is also anticipated to have a beneficial impact on the market throughout the forecast period.
The market will increase significantly as a result of the construction industry’s expansion and rising investment in infrastructure projects. Consumers’ growing preference for glass over brick and cement walls will open up profitable growth opportunities for the market in the near future. Large, floor-to-ceiling glass windows, which are becoming more popular, are also encouraging product adoption and opening up new commercial prospects for the makers.
Due to the temporary closure of assembly factories and supply chains worldwide, the COVID-19 issue had a significant influence on market outlook, particularly within the automobile sector. In the second quarter of 2020, automotive sales decreased by around 45%, particularly in Europe, which had an impact on the market for all types of smart glass.
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In 2021, the electrochromic glass market had a sizable share of more than 82.58%. This is largely attributable to the features of the product, including its high UV and IV ray blockage ratio, low driving voltage, and straightforward integration with large glass panels. Additionally, electrochromic glass can be tinted, coloured, and made opaque to adjust how much light and heat it transmits depending on the situation. These glasses are widely used in medical facilities, educational facilities, business settings, and retail stores.
In 2021, the transportation application segment held a sizable market share of roughly 47.0%. Aerial, vehicular, and maritime transportation are further subdivided under the transportation sector. The significant growth in the automotive market can be attributed to luxury car manufacturers’ increased use of smart glass. The market players are being pushed by the increasing demand to broaden their product offerings in this niche in order to gain a competitive advantage. For instance, the automotive giant BMW debuted its BMWi Vision Circular Showcar in September 2021 at the IAA Auto Show. This vehicle was outfitted with a cutting-edge headlight that was created using the SPD LCG Technology created by Gauzy Ltd.
With a revenue share of more than 32.0%, North America dominated the global market for smart glass in 2021. This can be attributed to the availability of value-added goods like laminated glazing as well as the implementation of energy-saving building regulations in the area. The regional businesses are introducing products that meet consumer demands.
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Key Organizations & Market Share Information
To serve a big consumer base and obtain a competitive edge, the leading market players place a strong emphasis on the creation of innovative offerings. As an example, the Gentex Corporation is always improving and inventing their dimmable automotive mirrors. The business makes a large investment in the necessary research and development.
To establish a firm footing in the industry, numerous businesses are forging strategic alliances, partnerships, and acquisitions. For instance, NSG Group and Cohda Design Limited (UK) announced a partnership in October 2021 to develop glass solutions that power gadgets wirelessly. Leading companies in the global market for smart glasses include:
- Smart Glass International Ltd.
- Raven Brick LLC
- Glass Apps
- Gentex Corp.
- AGC Ltd
- Research Frontiers Inc.
- SPD Control System Corporation
- Pleotint LLC
- SAGE Electrochromics
- Hitachi Chemicals Co. Ltd
- Scienstry Inc.
- SAGE Electrochromics
- PPG Industries and View Inc
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa