The global Smart Glass Market size is expected to reach USD 12.76 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of over 10.3% from 2022 to 2030. This can be attributed to the growing demand across the transportation and architectural sectors. The emerging trend of deploying innovative technologies in new buildings has instigated the adoption of smart glass products in the architectural sector
The
latest glass solutions provide on-demand privacy in the form of smart glass or
dynamic glazing. These glasses help transform the overall indoor experience by
offering an outside view while maintaining environmental sustainability. This
has drastically increased the demand for smart glass in hospitals, restaurants,
and other commercial buildings. Besides, the growing interest in renovating
residential buildings to make them more energy efficient is also providing
lucrative opportunities for glass manufacturers. Quoting instance, in April
2021, Halio Inc. inked a deal with Marvin to introduce smart glass to the
residential construction sector.
Smart
glasses are available in a wide variety such as electrochromic, SPD, PDLC, etc.
Among these, the PDLC segment is expected to witness considerable growth during
the forecast timeline. The growth can be credited to the operational
feasibility offered by this technology which facilitates optical translucency
and a fast response time. In addition to this, it offers ultra-fast switching
speed, low haze, and low power consumption, which is playing a key role in instigating
the product application in windows and partition walls. The other factors such
as high stability for heat, UV, and moisture, long lifetime, and low driving
voltage are also driving the demand for PDLC smart glass.
Elaborating
on applications, smart glass technology is finding extensive scope in power
generation. In 2021, researchers in China designed photovoltachromic
device-based smart solar window technology that allows high pristine
transmittance and is self-adaptable for controlling indoor temperature and
brightness. Photovoltachromic devices have the potential to enable adjustable
transparency glazing while generating electricity using the PV effect. Such
ongoing technological developments are positively influencing the overall
market statistics.
The
global market is highly competitive, with the major players making rigorous
attempts to deliver enhanced offerings differentiated by quality or service. As
smart glass is relatively more expensive than its legacy counterpart, it is
important to ensure a good value proposition to gain a competitive edge. For
instance, smart glass manufacturers are inclined on introducing augmented
reality concepts to provide a distinguished user experience. In July 2021,
Corning Inc. signed a partnership agreement with Hyundai Mobis under which the
former will offer Corning Curved Mirror Solutions that will be used as the
vital component in the latter’s Augmented Reality Head-Up Display system.
Related Press
Release@ Smart Glass Market Report
Smart Glass Market Report Highlights
- The
establishment of stringent regulatory norms such as the Building Energy
Conservation Act and the green building initiative by the European Union is
anticipated to drive market growth during the forecast period
- The
establishment of stringent regulatory norms such as the Building Energy
Conservation Act and the green building initiative by the European Union
is anticipated to drive market growth during the forecast period
- The latest
trend of incorporating panoramic roof panels and large sunroofs in luxury
cars is expected to stimulate smart glass demand in transportation
applications
- Being an
untapped market with ample growth opportunities for the market players,
Asia Pacific is projected to record the highest CAGR of around 12.0%
through the forecast period
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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