The smart glass market is projected to grow at a significant rate over the forecast period of 2023-2028. Smart glass, also known as switchable glass, is a type of glass that can change its properties in response to an external stimulus such as heat, light, or voltage. Smart glass technology offers several benefits such as energy efficiency, privacy control, and improved aesthetics.
Market Size and Share
The global smart glass market was valued at USD 5.3 billion in 2020 and is projected to reach USD 9.3 billion by 2028, growing at a CAGR of 6.6% during the forecast period. The market is expected to witness significant growth due to the increasing adoption of smart glass in various end-use industries such as construction, automotive, and aerospace.
Market Drivers and Restraints
The increasing demand for energy-efficient buildings and the need for privacy control are some of the key drivers of the smart glass market. The use of smart glass in buildings can significantly reduce the energy consumption for heating, ventilation, and air conditioning (HVAC) systems. Additionally, smart glass can also reduce the need for artificial lighting, which further contributes to energy savings.
The growth of the automotive industry is also a key driver for the smart glass market. The use of smart glass in vehicles can improve fuel efficiency by reducing the load on the HVAC system. It can also enhance the driving experience by providing better visibility and reducing glare. Moreover, the increasing demand for luxury and comfort features in vehicles is driving the adoption of smart glass.
However, the high cost of smart glass and the lack of awareness about the technology are some of the key restraints for the market. The installation of smart glass requires specialized skills and equipment, which adds to the overall cost. Moreover, the lack of awareness about the benefits of smart glass among end-users is hindering the market growth.
Based on technology, the market is segmented into electrochromic, thermochromic, SPD, and PDLC. The electrochromic segment is expected to hold the largest share of the market during the forecast period. Electrochromic smart glass offers several benefits such as energy efficiency, privacy control, and improved aesthetics, which are driving the adoption of this technology.
Based on application, the market is segmented into construction, automotive, aerospace, and others. The construction segment is expected to hold the largest share of the market during the forecast period. The increasing demand for energy-efficient buildings and the need for privacy control are driving the adoption of smart glass in the construction industry.
North America is expected to hold the largest share of the smart glass market during the forecast period. The increasing adoption of smart glass in the construction and automotive industries is driving the market growth in this region. Moreover, the presence of major smart glass manufacturers such as Research Frontiers and RavenBrick in the region is further contributing to the market growth.
The Asia Pacific region is expected to witness significant growth during the forecast period. The increasing construction activities in countries such as China and India, coupled with the growing automotive industry in the region, are driving the adoption of smart glass.
The smart glass market is highly competitive with the presence of several global and regional players. Some of the key players in the market are Research Frontiers, RavenBrick, Smartglass International, AGC Inc., Saint-Gobain, and Gentex Corporation. These players are focusing on product innovation and strategic partnerships to strengthen their position in the market.