Newark, Aug. 01, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the smart glass market will grow to USD 5.64 billion in 2022 and reach USD 16.26 billion by 2032. In just ten years, the increasing energy-conservation initiatives, such as green buildings & eco-friendly structures, the ongoing construction activities, and the growing infrastructural projects are helping to boost the market growth over the forecast period. Additionally, the increasing demand for smart glasses, as they help prevent Ultraviolet (UV) radiation, reduce glare, permit easy cleaning, improve the aesthetics of the infrastructures, etc., are expected to drive the market growth over the forecast period.
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Key Insight of the Smart Glass Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the smart glass market. Key factors favouring the growth of the smart glass market in North America include rising demand for vehicles, increasing per capita incomes of customers, and the rising developments in the automotive industry, which are anticipated to drive market growth in this region. Moreover, the increasing worldwide tax initiatives & several financial advantages provided by the administration's support are expected to propel the market growth over the forecast period.
The electrochromic segment is expected to augment the smart glass market during the forecast period.
The technology segment is divided into polymer dispersed liquid crystal (PDLC), electrochromic, suspended particle devices (SPD), photochromic, and thermochromic. The electrochromic segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the increasing demand for electrochromic glass from the construction and automotive sectors. Additionally, the presence of major electrochromic glass manufacturers, and the increasing demand for energy-efficient solutions, are helping to boost the segment's market growth.
The transportation segment market size was USD 1.81 billion in 2022
The application segment is divided into consumer electronics, architecture, power generation, transportation, and others. The transportation segment market size was USD 1.81 billion in 2022 due to the rising demand for luxurious vehicles. Also, increasing environmental consciousness & energy concerns associated with transportation services are expected to boost the segment's market growth. Further, by 2032, the architecture segment will likely dominate the market due to the rising use of the product in the construction of buildings along with increasing disposable income.
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Market Dynamics
Driver: The increasing renovation and replacement activities:
The increasing renovation and replacement activities are one of the driving factors of the market growth. Further, the energy-saving features of smart glasses, government support for constructing energy-efficient buildings, and growing investments in infrastructure projects worldwide are expected to drive market growth. Additionally, the advent of floor-to-ceiling glass windows & the uptake of 3D design prepositions to assure optimum thermal insulation are also helping to boost the market growth. Moreover, the increasing adoption of electric vehicles within the U.S. and cloud-based operations for autonomous applications are also helping to boost market growth in the forecast period. However, the increasing use of other inactive glasses due to their structure, like photochromic & thermochromic glass to monitor infrared light waves, is expected to drive the market growth over the projection period.
Restraint: The fluctuation in prices of raw materials:
The fluctuation in prices of raw materials & the complexity of designing products is expected to restrain market growth. Moreover, the high price of electrochromic glass and a lack of innovation impede market growth over the forecast period. Moreover, the increasing initial costs for research & development manufacturing and an increasing lack of awareness of the long-term advantages of smart glass are expected to hinder the market growth over the projection period.
Opportunity: The supportive government initiatives:
An increasing number of supportive government initiatives are one of the opportunity factors for market growth. Further, the considerable expansion in the automotive industry and the escalating requirement for luxurious vehicles have driven manufacturers to include smart glass in windshields, sunroofs, sun visors, and rear-view mirrors, which are anticipated to drive market growth. Moreover, the vast utilization of suspended particle devices glass in the aerospace enterprise to offer improved acoustic insulation, aircraft performance, and superior heat rejection is anticipated to drive market growth in the forthcoming year.
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Some of the major players operating in the smart glass market are:
• Asahi India Glass Limited, AGC Inc.
• Polytronix Inc.
• Compagnie de Saint-Gobain S.A.
• Gauzy Ltd
• ChromoGenics AB
• Halio Inc.
• Research Frontiers Inc.
• Diamond Glass Limited
• View Inc.
• Gentex Corporation
Key Segments cover in the market:
By Technology:
• Polymer Dispersed Liquid Crystal (PDLC)
• Electrochromic
• Suspended Particle Devices (SPD)
• Photochromic
• Thermochromic
By Application:
• Consumer Electronics
• Architecture
• Power Generation
• Transportation
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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