USD 5.13 billion
Report ID: SQMIG25K2070 | Region: Global | Published Date: February, 2023 | Pages: 157 | Tables: 66 | Figures: 75
Global Smart Glass Market size was valued at USD 5.13 billion in 2021 and is poised to grow from USD 5.84 billion in 2022 to USD 12.76 billion by 2030, growing at a CAGR of 10.3% in the forecast period (2023-2030).
The growth of the building and construction industry, where smart glass is frequently used to create adaptive lighting environments in windows, partitions, skylights, and doors, has been accelerated by increasing infrastructure investment and population growth. This could be one of the primary drivers of the market during the forecast period. Additionally, factors such as growing original equipment manufacturers (OEMs), more disposable income, and technological advancements have fueled the growth of the automotive industry, where smart glasses are widely used in rear-view mirrors, side-view mirrors, sunroofs, windscreens, backlights, etc., and sidelights. As a result, the market for smart glasses can expand faster.
However, over the past few years, its prices have risen as supply has tightened due to manufacturing issues. In terms of technology and applications, the market has also seen many changes and developments. As a result, smart glasses are now two to four times more expensive than traditional glasses. In addition, the production of smart glass requires the use of expensive, highly specialized equipment. This prevents manufacturers with less financial capacity from entering the smart glasses market. This has the potential to hamper the growth of the market.
Global Market Size
USD 5.13 billion
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Global smart glass market is segmented on the basis of technology, application, and region. By technology, the market is segmented into photochromic, thermochromics, suspended particle devices (SPD), polymer dispersed liquid crystal (PDLC), and electrochromic. By application, market is segmented into transportation, consumer electronics, architecture, and power generation. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Technology
In 2021, the electrochromic glass segment accounted for more than 83.0% of the market share. This is partly due to the product's features, including its high UV and IV ray blocking ratio, low driving voltage, and straightforward integration with large glass panels. In addition, electrochromic glass can be stained, colored, and made opaque to adjust how much light and heat it transmits depending on the conditions. These glasses are widely used in medical facilities, educational facilities, business settings, and retail stores.
Due to the excellent stability of SPD against UV radiation, the suspended particle device (SPD) smart glass category is expected to experience a CAGR of over 15.0% during the forecast period. These lenses can change from transparent to black in 1-3 seconds and provide subtle and instant light control. They also offer a remarkable optical quality that makes it easy to manage sunlight effectively.
Polymer dispersed liquid crystal (PDLC) glass is widely used in electronic devices. It is also known as switchable glass, magic glass, smart glass, or privacy glass. The technology is used in businesses and residences to provide adequate light while maintaining privacy. It has applications in many fast-growing industries, including aviation, automobiles, ships, and architecture. The demand for PDLC smart glass technology is further fueled by the growing trend towards "green energy" sources.
Analysis by Application
In 2021, the transportation application segment accounted for 49.0% of the market share. The transport industry is further segmented into air, vehicle, and sea transport. The significant expansion in the automobile market can be attributed to the increasing use of smart glass by luxury car manufacturers. Increasing demand is pushing market participants to expand their product offerings in this niche to gain a competitive advantage. For example, in September 2021, automotive giant BMW debuted its BMWi Vision Circular Showcar at the IAA Auto Show. The vehicle was equipped with innovative headlights which were manufactured using SPD LCG technology developed by Gauzy Ltd.
Commercial office buildings and corporate headquarters are where smart glass technology is used the most as it helps in significant cost savings while increasing workplace efficiency. In the coming years, self-cleaning glasses, low-emissivity glasses, and solar control glasses are predicted to emerge as popular options for the building industry. The growth of the architectural sector is greatly influenced by the increasing number of infrastructure projects as well as restoration and renovation operations in residential and commercial areas.
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Europe holds the largest share of the global smart glass market. The growing interest of architects and designers in renovating and adapting existing infrastructure is responsible for the growing demand for products in this sector. The expansion of the car industry in the region, where switchable glass is used for high-end features such as sunroofs and anti-glare side mirrors, also contributes to demand.
In North America, the adoption of smart glasses has increased due to the improved performance of end-use industries such as construction and automotive. The need for these glasses is fueled by the growing need for energy-efficient buildings in the region, driven by government restrictions.
Due to the region's expanding automotive and construction industries, Asia Pacific will witness significant growth in demand during the forecast period. Demand for residential and commercial buildings, hospitals, and a tourist attraction in the region is expected to be supported by rapid industrialization in China, India, and South Korea. These factors are expected to provide lucrative growth prospects for market players.
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Growing smart glass integration in automotive glass panels
The construction industry is increasing the adoption of smart glass
High Cost of Smart Glass
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The global smart glass market is fragmented and highly competitive. Key industry players are focused on product developments, new product launches, and geographical expansions to gain a significant amount of market share.
For example, in March 2021, View Inc. installed smart windows at 730 Third Avenue, located in Manhattan's Midtown East district. The entire building has more than 1,100 new smart windows, which will assist owners in meeting New York's Local Law 97, which aims to cut building-based emissions by 40% over the next decade and will have an impact on more than 57,000 structures around the city. The building's LEED Gold Certification will also be maintained with the help of smart windows.
In February 2019, ZEISS launched the first multifunctional smart glass transparent surfaces. The new technology can show a wide range of data, measure temperature, and filter sunlight. It will soon have the ability to illuminate, detect, filter, and project, and it might be utilized to achieve great things for augmented reality and the automotive industry.
In January 2021, Corning Incorporated announced that Lava would be India's first mobile device company to launch a military-grade smartphone with Gorilla Glass 3 for US$ 71.45 (Rs. 5,499). The Z1 smartphone, which will go on sale on January 22, 2021, is a part of a new Lava device lineup that also includes the Z2, Z4, and Z6 models. All of these smartphones have Gorilla Glass 3, and they all act as a starting point for many Indian consumers who want to switch from a feature phone to a smartphone.
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According to our global smart glass market analysis, in terms of technology and applications, the market has also seen many changes and developments. By technology, in 2021, the electrochromic glass segment accounted for more than 83.0% of the market share. This is partly due to the product's features, including its high UV and IV ray blocking ratio, low driving voltage, and straightforward integration with large glass panels. By application, in 2021, the transportation application segment accounted for 49.0% of the market share. Europe has the largest share of the global market. The growing interest of architects and designers in renovating and adapting existing infrastructure is responsible for the increased demand for products in this industry. In North America, the adoption of smart glasses has increased due to improved performance in end-use industries such as construction and automotive. Rapid industrialization in China, India, and South Korea is expected to support demand for residential and commercial buildings, hospitals, and tourist attractions in the region.
|Market size value in 2021||USD 5.13 billion|
|Market size value in 2030||USD 5.84 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Smart Glass Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Smart Glass Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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