Smart Glass Market Growth & Trends
The global smart glass market size is expected to reach USD 7.5 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.8% from 2021 to 2028. The growing demand across the transportation and architectural sectors is expected to fuel the market growth over the forecast period. Moreover, the growing trend of using smart technology in new buildings has propelled the demand for smart glass products in the architectural sector.
Modern-day glass solutions offer on-demand privacy in the form of dynamic glazing or smart glass. The technologically-advanced products can turn from clear to opaque in no time. Furthermore, smart glass can help transform the indoor experience by providing an outside view and preserving environmental sustainability. As a result, the demand for smart glass in hospitals, restaurants, and commercial buildings is soaring. Moreover, residential buildings are getting renovated to make them more energy efficient, thereby providing new business avenues for glass manufacturers.
The liquid crystal or PDLC smart glass technology segment is expected to grow at a substantial rate over the forecast period. The growth can be attributed to the operational feasibility of the technology offering a fast response time and optical translucency. Ultra-fast switching speed, low power consumption, and low haze are other benefits promoting manufacturers and product developers to increase the usage of liquid crystal glass in windows and partition walls. High stability for heat, UV, and moisture, low driving voltage, and long lifetime are the other factors driving the demand for PDLC smart glass.
Power generation is a key emerging application of smart glass technology. Researchers from Shanghai University have discovered the ideal material for smart windows that can convert sunlight into electricity. Smart windows designed to generate electricity could reduce the buildings' air-conditioning demand, making a sizeable environmental impact. Thus, architects and urban planners are increasingly focusing on the adoption of smart glass technology in new buildings.
The global market is highly competitive, with each manufacturer striving to provide superior products by differentiating them either on the basis of quality or service. Since smart glass is significantly costlier compared to its legacy counterpart, it is vital to ensure a good value proposition to gain market share. Smart glass manufacturers are focusing on integrating voice-activated controls in their products for window tinting. SAGE Electrochromics, Inc., a subsidiary of Saint-Gobain S.A., and Kinestral Technologies, Inc. are providing Amazon echo voice-activated technology for smart glass.
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Smart Glass Market Report Highlights
- The increasing number of stringent regulations, such as the green building initiative by the European Union and the Building Energy Conservation Act, is expected to drive the market over the forecast period
- The SPD technology segment is expected to register a significant growth rate during the forecast period. This can be attributed to its high functionality and pan-industry applications
- The recent trend of having large sunroofs and panoramic roof panels in luxury cars is expected to intensify the demand for smart glass in transportation applications
- Asia Pacific is an untapped market, which provides ample opportunity for smart glass manufacturers. The regional market is anticipated to register the highest CAGR of 9.0% during the forecast period
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Smart Glass Market Segmentation
Grand View Research has segmented the global smart glass market based on technology, application, and region:
Smart Glass Technology Outlook (Revenue, USD Million, 2017 - 2028)
- Polymer Dispersed Liquid Crystal (PDLC)
- Suspended Particle Devices (SPD)
Smart Glass Application Outlook (Revenue, USD Million, 2017 - 2028)
- Consumer Electronics
- Power Generation
Smart Glass Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
List of Key Players of Smart Glass Market
- AGC Inc.
- Corning Incorporated
- Gauzy Ltd.
- Gentex Corporation
- Guardian Industries
- Kinestral Technologies, Inc.
- Nippon Sheet Glass Co., Ltd.
- PPG Industries, Inc.
- Research Frontiers Inc.
- Saint-Gobain S.A.
- Showa Denko Materials Co., Ltd.
- Smartglass International Limited
- VELUX Group
- View, Inc.
- Vision Systems
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.