Pune, June 23, 2020 (GLOBE NEWSWIRE) -- The global smart glass market size is projected to reach USD 15.02 billion by 2026, exhibiting a CAGR of 18.2% during the forecast period. Growing emphasis on energy preservation worldwide will prove beneficial for the market, suggests Fortune Business Insights™ in its report, titled “Smart Glass Market Size, Share & Industry Analysis, By Technology (Polymer Dispersed Liquid Crystal (PDLC) Glass, Suspended Particle Device (SPD) Glass, Electrochromic (EC) Glass, Photochromic Glass, and Thermochromic Glass), By Application (Architectural, Automotive & Transportation, Consumer Electronics, Power Generation, and Others), and Regional Forecast, 2019-2026”.
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Smart glass technology provides an optimal solution to the increasing pollution and carbon emission levels from buildings in urban areas. These windows adapt to the outside temperature conditions by changing their tint, thus improving heat absorption and release. For example, in summers, thickly tinted smart windows will absorb less heat, lowering the need to switch on air conditioners in the house or office. Energy savings from smart window installations in buildings can be immense. The National Renewable Energy Laboratory estimates that the electrical energy required to power 100 smart glass windows will be less than the power needed to light a 75-watt bulb. Extensive environmental benefits of these glass products will fuel the growth of the market in the forthcoming years.
According to the report, the value of this market stood at USD 3.97 billion in 2018. Additionally, the report offers the following:
- Accurate computation of market figures and values;
- Detailed evaluation of the market trends, drivers, restraints, and segments;
- Careful study of the profiles and strategies of key market players; and
- In-depth research into the regional dynamics influencing market growth.
Market Driver
Increasing Installation of Smart Glass Solutions in Airplanes to Aid Market Growth
Window seats in airplanes are much-coveted by passengers, especially when travelling long distances. However, many times, passengers face the issue of glare and direct heat as these windows are mostly non-tinted, forcing fliers to pull down the window visor. Companies operating in the glass industry have been innovating smart glass solutions to overcome this challenge and make window seats worth their premium. For example, smart windows developed by Vision Systems can bring down cabin temperature by 18 degrees Fahrenheit, which can help save costs on air conditioning. US-based Gentex has successfully installed smart glass windows in Boeing’s 787 Dreamliner. Thus, the benefits of these glass products are immense for the aviation industry, which is driving their adoption and propelling the smart glass market growth.
Regional Insights
Stringent Environmental Regulations to Stoke Adoption in Europe
In terms of revenue, Europe is anticipated to dominate the global market during the forecast period owing to the strict implementation of environmental regulations in the region to reduce carbon emissions. Moreover, the demand for greener materials for buildings and automobiles is providing additional fuel for the growth of the market in the region.
North America, on the other hand, is expected to lead the smart glass market share overall on account of surging demand for switchable glass products from the healthcare and consumer electronics industries. In 2019, the region’s market size was at USD 1.31 billion. In Asia Pacific, booming growth of the automotive and construction sectors in India and China is expected to augment the market growth in the coming years.
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Competitive Landscape
Game-changing Product Launches by Players to Make Competition Fierce
With a wide scope for innovation, key players in this market are intensifying their R&D efforts to introduce ground-breaking innovations in the market. Launch of such products is allowing companies to solidify their position in the market and diversify their product portfolio.
Industry Developments:
- January 2020: Gentex Corporation showcased its range of dimmable glass systems at the CES 2020 held in Las Vegas. At its booth, the company displayed its dimmable sunroofs installed in different vehicles, which can darken or lighten according to the external conditions. The company also unveiled its new dimmable side windows and windscreen visors.
- September 2019: US-based Corning Inc. received a fresh dose of investment from Apple of USD 250 million to develop advanced glass solutions for its flagship devices. The funding is aimed at enhancing Corning’s R&D to equip next-gen Apple products with state-of-the-art glass products.
List of Key Companies Covered in the Smart Glass Market Report are:
- BSG Glass
- Central Glass Co., Ltd.
- NSG Group
- Scienstry, Inc.
- Research Frontiers
- Glass Apps
- Pleotint LLC
- Polytronix, Inc.
- GENTEX CORPORATION
- Saint-Gobain
- Gauzy Ltd and Entities
- SCHOTT AG
- Essex Safety Glass
- Asahi India Glass Ltd.
- SPD Control Systems Corporation
- Smartglass International Limited
- Corning
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