Selbyville, Delaware, June 07, 2021 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global Smart Glass Market was estimated at $3.66 billion in 2020 and is slated to exceed $7.13 billion by 2027, registering a CAGR of 10.1% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
Smart glass is used in construction & architecture, transportation, electronics, and several other applications. Buildings are responsible for a significant amount of energy consumption. The ongoing trend of reducing the energy costs of buildings and carbon footprints has been increasing the demand for switchable glass. The major advantages of smart glass over traditional glass are saving space, easy operation, ease of maintenance, elimination of fabric & shade usage, and energy-saving. Smart glass also permits dynamic light control while preserving the outside view that is typically not available from conventional shading systems.
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Polymer Dispersed Liquid Crystal (PDLC) switchable glass technology of active glass is expected to showcase a growth rate of 11.8% CAGR from 2021 to 2027. The growth is owing to the rising PDLC technology demand from industries such as automotive, marine, commercial, and defense airplanes. Additionally, the rising uses of PDLC technology in cars will propel the smart glass market demand in the coming years. Further, liquid crystals are an integral part of mature display technology with numerous applications such as LCDs in cellular phones, digital clocks, calculators, portable computers, and watches.
Switchable glass generated around USD 441 million in revenue in 2020 from the electronics segment. The segment will be witnessing considerable growth on account of its innovative uses in electronics applications. Smart mirrors and glass panels are being introduced as the mirror TV, where mirrors and glass instantly modify into a TV or projector screen. In a commercial setting, such products have a wider demand for uses in conference rooms, offices, luxury hotels, hospitals, and theaters.
The Asia Pacific is growing at a faster pace and is expected to generate around USD 1.84 billion revenue by 2027. The demand for switchable glass continues to surge, especially in high-income economies of the region including Japan, China, Australia, and South Korea. PDLC-based smart glass is increasingly produced and promoted by China, especially for construction applications in interiors. In the Asia Pacific, light control glass is largely viewed as a luxury product with greater uses in commercial construction and architecture.
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Key manufacturers operating in the smart glass industry include Saint-Gobain, Asahi Glass, NSG Group, Merck KGaA, View Inc, Smartglass International, RavenWindow, Gauzy, Pleotint LLC, Polytronix, Research Frontiers, and others. Industry players are focused on strategic partnerships with automotive and aerospace part manufacturers, mergers & acquisitions, along with product development strategies over the long run.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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