Smart Glass Market Analysis | 2022-2028

Market Insights

The smart glass market was estimated at USD 4.6 billion in 2021 and is likely to grow at a CAGR of 12.7% during 2022-2028 to reach USD 13 billion in 2028.

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Market Dynamics

Introduction

Smart glass refers to glass that can change its properties, such as transparency or tint, in response to an electric current, temperature, or light. It's often used for privacy, energy efficiency, and aesthetics in various applications, including architectural, automotive, and electronic devices.

When light, heat, or voltage are given to smart glass, also known as switchable glass, its qualities for transmitting light change. It is made by laminating a switchable film with acrylic or polycarbonate laminates. Both residential and commercial buildings frequently have it placed in the envelope to provide a climate-adaptive lighting environment.

Market Drivers

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 shortly. 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.

The ongoing repair and renovation projects taking place all over the world are anticipated to increase demand for smart glass. Around 19 million square feet of residential windows are installed in the United States alone, and 500 million square feet of windows are placed in the commercial sector, according to the Department of Energy (DoE).

Most of these structures were built before the ASHRAE standards, which deal with indoor air quality, thermal comfort, and energy conservation in buildings, were established. The American market is anticipated to benefit significantly from the retrofitting of such structures. However, over the projected period, factors including a high base cost and a lack of consumer understanding of the benefits of the product could have an impact on demand for smart glass.

For instance, the Canadian government announced in April 2021 that it would contribute USD 1.5 billion to expand green building projects through institutional renovations, retrofits, and construction. Due to its energy-saving qualities, attractive 3D design, and thermal and acoustic insulation, such programs have been promoting the use of smart glass in recent years. Smart glass can be used in doors, windows, walls, and skylights to effectively manage sunlight and prevent an increase in indoor temperatures during the summer. As a result, the building's overall energy consumption and carbon impact are decreased.

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Key Players

The following are the key players in the smart glass market:

• AGC Inc.
• ChromoGenics
• Corning Incorporated
• Gentex Corporation
• Guardian Industries
• Kinestral Technologies, Inc.
• Nippon Sheet Glass Co., Ltd.
• PPG Industries, Inc.
• Saint-Gobain S.A.

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

Technology Type

"The electrochromic market holds the largest share in 2021".

Electrochromic, Photochromic, Polymer Disperse Liquid Crystal (PDLC), Suspended Particle Device (SPD), Thermochromic, and Others are the types.The electrochromic market hold the largest share in 2021. The largest share is mainly due to the features of the device, including its high UV and IV ray blocking ratio, low driving voltage, and simplicity of integration with large glass panels. Additionally, electrochromic glass can be stained, colored, 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.

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Application Type

"Transportation holds the largest market share in the application segment in 2021".

The market has been segmented into Construction, Power Generation, Transportation, and Others comprise the application. Transportation holds the largest market share in the application segment in 2021. Aircraft, automotive, and marine are further subdivided under the transportation sector. The significant expansion in the automobile market can be attributed to luxury car manufacturers' increased use of smart glass. The market participants are being pushed by the increasing demand to broaden their product offerings in this niche to obtain 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 headlamp that was created utilizing the SPD LCG Technology created by Gauzy Ltd.

Regional Analysis

"North America is likely to maintain its largest share in the smart glass market"

North America is likely to maintain its largest share in the smart glass market throughout the forecast period. This can be attributed to the availability of value-added goods like laminated glass as well as the implementation of energy-saving building laws in the area. The area businesses are introducing products that meet consumer demands. One such example is the AI-based smart glass solution that Halio, Inc. revealed at CES in 2022. It includes responsiveness and speed, clear and tint color, tint uniformity, and cloud-based technology for autonomous operation. The regional automotive industry is anticipated to see an increase in demand for smart glass due to the growing popularity of electric vehicles equipped with cutting-edge technology.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s smart glass market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The smart glass market is segmented into the following categories:

By Technology Type 

• Electrochromic
• Photochromic
• Polymer Disperse Liquid Crystal (PDLC)
• Suspended Particle Device (SPD)
• Thermochromica
• Others

By Application Type 

• Construction
• Power Generation
• Transportation
• Others

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

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Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com