Global Smart/Switchable Glass Market size is estimated to grow a CAGR above 6.5% over the forecast timeframe and reach a market value of around US$7,550 Million by 2028.
LONDON, Jan. 20, 2022 (GLOBE NEWSWIRE) -- Smart/switchable glass is a type of electric glass that activates specific areas/portions when supplied with charge and allows/adjusts the light transmission through glass on command. These types of glasses are currently used in various applications including automotive, aviation, and construction to allow active passage of light through. In addition, smart glasses can also be controlled by remote control, voice control, and electrical switch, which can change the opaqueness of the glass from clear to translucent. Some popular applications of switchable glass include automotive and transportation, interior design, solar power generation and others.
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Smart/switchable Glass Market Dynamics
Increasing demand in automotive industry is one of the major factors driving the growth of smart/switchable glass market during the forecast period. Additionally, growing construction activities around the world are augmenting the demand for smart or switchable glass. Moreover, rising spending capacity on smart infrastructure coupled with rising investments for renovation and restoration activities in residential as well as commercial buildings are also anticipated to propel the growth of smart/switchable glass market, globally. Growing research and expansion activities associated with the development of smart technology for new buildings and other departments are boosting the smart/switchable glass market growth. Furthermore, government initiatives to promote green infrastructure development which is expected to fuel the growth of smart glass market over the forthcoming years.
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Automotive industry has a wide range of smart glass applications, including windshields, sunroofs, rear and side view mirrors, backlights and sidelights. Thus, the use of smart or switchable glass in automotive sector displays significant growth potential. In addition, several automobiles manufactures such as BMW, Mercedes-Benz and Daimler AG are focusing on integration of modern concepts into their vehicles. For instance, BMW AG and Daimler AG established smart glass in sunroofs and windows in premium cars. Moreover, manufacturers of automotive are focusing on photovoltaic integrated glass that gathers power through glass panels for charging the vehicles. Furthermore, advantages provided by PV glass in the automobiles are estimated to support the growth of the smart/switchable glass market.
Automotive & Transportation segment dominated the smart/switchable glass market in 2020
Automotive & Transportation segment dominated the market in 2020 owing to the increasing consumer’s investments capability and improved standards of living in developing regions, especially in Europe and North America.
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North America is the largest market for smart/switchable glass and is expected to grow at a significant growth rate during the forecast period primarily due to high presence of vendors in the region. In addition, increasing disposable income in the region, contributed to the growth of switchable glass market. Furthermore, increasing demand for smart or switchable glass in construction activities in the region is driving the market growth in the region. For instance, restaurant in North Dakota, Spirit Lake Casino, and Resort installed smart glass for offering spectacular views of the natural surroundings. This technology supports the restaurant to save their money by reducing the air condition’s cooling load over sunny days.
Asia Pacific is anticipated to register the fastest growth over the forecasted years owing to the rising construction and automotive sector in the region. Additionally, developing industrialization in India, Japan, China, and South Korea is likely to hold the demand in this region.
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The key vendors covered in the smart/switchable glass market are BSG Glass, Schott AG, Polytronix, Inc., Central Glass Co., Ltd., Saint-Gobain, Essex Safety Glass, GENTEX Corporation, SPD Control Systems Corporation, Asahi India Glass Ltd., AGC Inc., View, Inc., Scienstry, Inc., and among others.
Key Industry Development
• In December 2018: AGC became the world’s first company to utilize anti-fogging glass (exeview) technology capable of offering clear field of visualization for drivers, in Copen Coupe from Daihatsu motors.
• In July 2021: View, Inc., a prominent player in smart building platforms and smart windows, declared its acquisition of IoTium, a supplier of secure, cloud-managed, app IoT networks. Building owners can rapidly complete enterprise-grade safety, reduce cost, and gain real-time awareness into their entire housing portfolio management.
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