Westford, USA, Aug. 09, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Smart Glass Market will attain a value of USD 14.56 Billion by 2031, with a CAGR of 10.8% over the forecast period (2024-2031). One of the factors that are anticipated to cause market growth is the rise of green buildings and other eco-friendly constructions meant for conserving energy. A favourable regulatory environment that facilitates financial and tax benefits is also having a positive impact on the global smart glass market. The glass sector has grown due to a rise in innovations, such as higher investment levels and the building of industrial-scale manufacturing capacity. The need for clever solutions is being fueled by recent developments in modern architecture also.
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Browse in-depth TOC on the " Smart Glass Market "
- Pages - 157
- Tables - 66
- Figures – 75
Smart Glass Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $5.98 Billion |
| Estimated Value by 2031 | $14.56 Billion |
| Growth Rate | Poised to grow at a CAGR of 10.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Mechanism, Control System, and End Use |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Market expansion fueled by various industry growth |
| Key Market Opportunities | Smart glass’s rising potential of minimalist architecture dinging |
| Key Market Drivers | Growing smart glass integration in automotive glass panels |
Electrochromic Glass Technology to Dominate Due to their Ability to Adjust Light Transmission
Having the ability to alter light transmittance and improve energy efficiency in a building, electrochromic glass technology dominates the global smart glass market. It is an approach which helps in saving a significant amount of energy and overcomes the use of HVAC systems. Its acceptance is further fueled by government laws that favour green building and growing environmental concerns, which further solidify its market dominance.
Transportation Application to be the Largest Growing Sub-Segment Due to Increased demand for Advanced Automotive Features
The growing demand for sophisticated automobile features like adjustable sun visors, sunroofs and rear-view mirrors has led to a dominance of transportation applications in the global smart glass industry. The growing automotive industry and consumers' choice for high-end cars are the main drivers of this demand, pushing manufacturers to incorporate smart glass and bolstering their position as market leaders.
Expansion of the Car Industry Helped Europe to Dominate the Market
Europe is the region with the most market share for smart glasses worldwide. The increasing demand for products in this industry can be attributed to architects' and designers' increased interest in updating and modifying existing infrastructure. Demand is also fueled by the growth of the auto sector in the region, where switchable glass is utilised for upscale features like side mirrors with anti-glare and sunroofs.
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Smart Glass Market Insight
Drivers:
- Construction Industry is Increasing the Adoption of Smart Glass
- Growing Smart Glass Integration in Automotive Glass Panels
- Use of Smart Glass Creating Large Windows in the Aerospace Industry
Restraints:
- Technical Limitations in Optimal Functioning of Smart Glass Technologies
- Compliance with Building Codes and Regulations
- Cost of Smart Glass is a Barrier to the Adoption
Prominent Players in Smart Glass Market
The following are the Top Smart Glass Companies
- Saint-Gobain (France)
- AGC Inc. (Japan)
- Corning Inc. (US)
- Gentex Corporation (US)
- PPG Industries (US)
- Research Frontiers Inc. (US)
- SCHOTT AG (Germany)
- Smartglass International Ltd. (Ireland)
- Asahi Glass Co., Ltd. (Japan)
- RavenWindow (US)
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Key Questions Answered in Global Smart Glass Market Report
- What is the estimated market size for smart glasses globally by 2031, and what is the anticipated compound annual growth rate (CAGR) for the 2024–2031 projection period?
- Which region dominates the smart glasses market, and what reasons lead to this dominance?
- What are the main factors propelling and impeding the market expansion for smart glasses in the building and automotive sectors?
This report provides the following insights:
- Analysis of key drivers (Incorporating contemporary ideas of smart glass in upcoming vehicles, switchable glass in EVs, smart glass helps with ambient lighting and offering 3D design options to architects & interior designers), restraints (Overall cost of smart glass is based on installation cost, disposal of waste glass panels requiring special treatment techniques and extreme transparency & opacity can be challenging), opportunities (Higher potential of minimalist architecture in smart glasses, clean & uncluttered design principles and interactive displays without compromising the aesthetic appeal), and challenges (Dynamic nature of smart glass and seamlessly integrate with established regulatory frameworks) influencing the growth of smart glass market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the smart glass market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the smart glass market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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