Pune, India, March 15, 2021 (GLOBE NEWSWIRE) -- Market Analysis
Market Research Future (MRFR) projects the global smart glass market size to reach USD 9,083.7 million with a CAGR of 17.8% from 2018-2025 (forecast period).
Smart glass is described as a class of electrically active glass that enables the creation of "intelligent partitions" within a particular area. These glasses are commonly used in key applications, such as construction, automotive, and aviation, to allow active control of light within the medium.
High automobile sales and high spending on modes of transportation can propel the demand for smart glass over the forecast period. Sales of used vehicles and inspection laws could have an impact on market demand. In addition, road and weather conditions are likely to stimulate demand for smart glass in the sector. Smart glasses provide ample protection against UV rays and reduce energy consumption during maintenance.
The high demand for alternative energy sources can drive demand for smart glass in the generation of solar energy. The high performance of photochromic glasses and the use of auto-dimmable glasses in heating and cooling systems can accelerate market demand. The setup of solar power plants and associated microgrids can push demand for smart glass to absorb sun rays rapidly.
However, high costs of smart glass can hinder the growth of the market. This is evident in its use in high-end cars and not in SUVs or sedans. But the setup of glass manufacturing units can reverse this sentiment and lower smart glass prices.
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COVID-19 Impact on the Global Smart Glass Market
The COVID-19 pandemic has seriously affected the development of smart glasses as the virus spreads globally. The downturn in construction projects and hurdles in supply chains can have an impact on market sales. However, the potential for smart glasses lay in need for creativity and continued business operation to operate on-site production. Investment in a digital instruction and inspection execution platform will make it possible to use smart glass to ensure that production runs smoothly. Proceedix is an example of such a platform that provides workers with guidance that can be reviewed by their direct supervisors remotely.
Market Segmentation
The global smart glass industry has been segmented into technology and application.
By technology, the global smart glass market has been segmented into SPD, PDLC, photochromic, electrochromic technology, and others. The SPD segment is expected to have the largest market share and earn a valuation of USD 949.7 million by 2025. This is related to energy consumption levels in commercial and industrial buildings. The reduction of electric power can boost energy savings to the utilization of daylight.
By application, the global smart glass market has been segmented into power generation, consumer goods, architectural and construction, transportation, automotive, aircraft, and marine. The transport sector is expected to boost demand for smart glass in sunroofs, rear-view mirrors, doors, windshields, and windows. Limitations on viewing degree and the reduction in the level of heat can drive its demand in cars. Switchable glass can offer protection against UV rays and control heat levels in vehicles.
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Regional Analysis
Region-wise, the global smart glass market has been segmented into North America, Asia Pacific, Europe, and the rest of the world.
APAC to lead the global market
Asia Pacific is anticipated to be lucrative for the global smart glass market growth due to applications to protect humans from UV rays and fading of furniture and fabrics. The implementation of smart glasses in the most recent construction projects can augur well for the region. Moreover, the opportunities in the transport and consumer electronics sectors are demonstrated by the use of SPD in the latest versions of Mercedes Benz cars.
North America is projected to command a huge demand share of smart glass due to favorable mandates to reduce energy costs. In addition, the mandatory use of smart glasses in the transport sector and the growing production of automotive can bode well for the regional smart glass market.
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Competitive Landscape
The global smart glass market is extremely competitive with similar head-mounted display technology launched by various players. Partnerships with prominent social media companies tend to be the norm, as the large customer database act as a vital litmus test for its success. In the coming years, the appeal of an immersive lifestyle combined with advances in AR and VR will shape the market.
Notable Players of The Global Smart Glass Market Are:
- Nippon Sheet Glass Co., Ltd (Japan)
- PPG Industries, Inc (U.S.)
- Chromogenics AB (Sweden)
- E-Chromic Technologies, INC. (U.S.)
- Saint-Gobain Group (France)
- Ravenwindow (Ravenbrick LLC) (U.S.)
- Innovative Glass Corporation (U.S.)
- Hitachi Chemical Co., Ltd (Japan)
- LTI Smart Glass, Inc (U.S.)
- Kinestral Technologies, Inc. (U.S.)
- Merck KGAA (Germany)
- AGC Inc (Japan)
- Gentex Corporation (U.S.)
- Pleotint Llc (U.S.)
Industry News
The Vuzix M400 by Vuzix Corporation was used in a study performed by the University Malaya Specialist Centre (USMC) to assess their effectiveness in the delivery of telemedicine. It has been found highly effective in delivering critical care to neurosurgical patients and can be considered as an alternative to contact care.
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