Shipment of smart glass products expected to rise to meet the demand in smart home installation; need for next-gen smart glasses in vehicles bolstering prospects of patented lighting system
Advancements in electronically switchable glasses to crate incremental avenues in smart glass market; electrochromic glasses to find massive adoption, generating sales revenues in North America
ALBANY, N.Y., April 8, 2022 - Rising prospects of advanced glass technology in architectural, consumer electronics, transportation applications are expanding the outlook of the smart glass market. The use has proliferated in multiple applications to meet several functional aspects such as fuel efficiency and privacy in automotive and smart homes respectively. The global smart glass market is projected to advance at CAGR of 14.5% during 2021–2031 to reach worth of US$ 18.3 Bn by 2031.
Advancements in media control technologies have expanded the capabilities of smart glasses such as feature of advanced control systems possible with electric switchable glasses. R&D into electro-chromatic technology is expected to pave the way to new revenue streams for players in the smart glass market, assert the analysts in an in-depth study by TMR.
The demand for next-gen smart glasses in sunroof and other window-like surfaces in vehicles has helped control the amount and nature of the light through the glass. New types of smart glasses find adoption by consumer electronics manufacturers, creating new avenues in the smart glass market. Smartphone manufacturers are increasing their patents that relate to lighting systems, which will help them gain competitive edge, assert analysts at scrutinizing lucrative avenues.
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Key Findings of Smart Glass Market Study
Widespread Application in Automotive Industry Propelling Product Sales: The growing demand for next-gen glasses for vehicles is bolstering the revenue prospects of the smart glass market. The extensive use of smart glasses in automotive applications are expected to expand frontiers. Vehicle manufacturers are integrating smart glass technology with automotive to offer antiglare property, remote configuration freedom, and opaque adjustment properties. A case in point is popular application of SPD (suspended particle devices) smart glass technology in automotive application.
Use in Multiple Applications Underpins Vast Avenues; Solar Power Generation Lucrative Application: There has been extensive demand for smart glass in architectural and transportation applications. Of note, solar PV glass technology has made considerable advancements in response to meet the need for rising capacities of solar power generation. The sales of solar PV glass products are underpinning the revenue prospects of the smart glass market. Stridently, smart glass based on various technologies are unlocking new avenues. The authors of the TMR study in the smart glass market finds that electrochromic glasses have widened in applications, such as in switchable glass applications.
Patented Products to Generate New Revenue Streams: Patented technologies pertaining to control of opaque properties of products are expanding the canvas for players in the smart glass market. Tech companies such as Google Inc. and Apple are keen on commercializing transparent media technologies for a range of applications including automotive and architecture ones.
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Smart Glass Market: Key Drivers
The growing application of configurable transparent structures for lighting and display in the transportation and automotive industries is a key pivot for steady expansion of avenues in the smart glass market
Growing investments in solar energy production have propelled the demand for smart glass products
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Smart Glass Market: Regional Growth Dynamics
North America held a leading share of the global smart glass market. Firms in the regional market have gained revenues from the rising sales of smart glass products in multiple applications in automotive, solar energy, and architectural applications. A sizable revenue share has come from the U.S., and the country market is projected to continue to offer lucrative avenues.
The Asia Pacific smart glass market is anticipated to be replete with opportunities during the forecast period of 2021 – 2031. China is expected to generate substantial avenues.
Smart Glass Market: Key Players
Some of the key players in the smart glass market are iGlass, Research Frontiers, Innovative Glass Corporation, Smartglass International Limited, ChromoGenics AB, Polytronix, Inc., Saint-Gobain S.A., ASAHI GLASS CO., LTD., and DuPont.
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Global Smart Glass Market: Segmentation
Smart Glass Market, by Technology
Electrochromic
Thermochromic
Photochromic
Liquid Crystal
Suspended Particle Device
Smart Glass Market, by End-use
Architectural
Consumer Electronics
Transportation
Solar Power Generation
Smart Glass Market, by Region
North America
U.S.
Canada
Europe
Germany
France
U.K.
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
India
ASEAN
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC Countries
South Africa
Rest of Middle East & Africa
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