According to the report, global smart glass market was valued at over USD 2.1 billion in 2015, is expected to reach around USD 6.56 billion in 2021 and is anticipated to grow at a CAGR of slightly above 19.0% between 2016 and 2021.
Glass is produced by the fusion of potash, lime and silica at high temperature and in order to modify its properties different constituents are added. Smart glass has advanced technology which alter its light transmission properties depending on external stimuli. Smart glasses have a wide range of applications in sunroofs, windows, rear mirror, windshields, skylights and doors. Smart glass acts either automatically or manually to manage the glare, the amount of heat and light. Smart glass can be switched according to the temperature present outside. However, constant UV rays can damage the smart glass.
Surging demand for eco-friendly and energy efficient product drives the smart glass market. Another factor that contributes to the splendid growth of smart glass market is the cost efficiency and reduced maintenance cost. Government support coupled with large investment for automobile industry trigger the demand for smart glass market. However, the durability of smart glass and performance can hamper the growth of this market. Furthermore, partial commercialization and inadequate awareness are expected to impede the growth of smart glass market. Nevertheless, a wide range of applications and escalating demand for energy proficient products show high growth prospect for smart glass market in the forecast period.
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The smart glass market can be segmented on the basis of technology, application, and region. Electrochromic, thermochromic, SPD and PDLC are the technologies used for smart glass. Suspended particle device (SPD) segment has the largest share in the smart glass market owing to high demand and characteristics such as power saving, restricts UV rays, high emission property that can transform transparent to dark and ultimate working capacity. Widespread applications of smart glass include transportation, electronics, architecture, solar power generation and other. Transportation segment emerged as attractive application due to majority use of smart glass in the form of sunroofs, windows, rear mirror, windshields, skylights and doors. Smart glass is utilized to restrict viewing scope, provide shading and permit privacy. This growth in transportation segment is supported by the automotive sector due to a high number of consumers.
The smart glass market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. China is one of the dominating the country for smart glass market owing to advance technologies, government support for the use of energy efficient smart glass. North America is the largest market in terms of high consumption and production of smart glass. Europe is also expected to show significant adoption for smart glass in near future.
Some of the key players in smart glass market are Smart Glass International Ltd., Raven Brick LLC, Glass Apps, Gentex Corp., AGC Ltd, Research Frontiers, Inc., SPD Control System Corporation, Pleotint LLC, SAGE Electrochromics, Hitachi Chemicals Co. Ltd, Scienstry Inc., SAGE Electrochromics, PPG Industries and View, Inc among others.