Pune, May 08, 2023 (GLOBE NEWSWIRE) -- The Smart Glass Market, as reported by SNS Insider, is expected to reach a valuation of USD 8.01 billion by 2030, with a current valuation of USD 13.67 billion in 2022. The market is projected to grow at a Compound Annual Growth Rate (CAGR) of 6.9% during the forecast period from 2023 to 2030.
Market Report Scope
Smart glass has a variety of applications in various industries such as construction, automotive, aviation, and electronics, among others. In the construction industry, smart glass is used for windows, doors, skylights, and partitions, allowing for greater energy efficiency and privacy control. In the automotive and aviation industries, smart glass is used for windows and sunroofs, providing enhanced privacy, UV protection, and temperature control. In the electronics industry, smart glass is used for displays, touchscreens, and smart mirrors.
Market Analysis
Smart glass technology is particularly well-suited for energy conservation and sustainability initiatives, as it can significantly reduce heating and cooling costs by controlling the amount of sunlight and heat that enters a building. This can result in significant savings for building owners and occupants, as well as a reduction in carbon emissions. As the smart glass market continues to expand, we can expect to see new innovations and advancements in the technology that will further improve its performance and efficiency. With the increasing focus on sustainability and energy conservation, smart glass is poised to become a critical component of the buildings of the future.
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Impact of Recession
While recessions can have a negative impact on the smart glass market, there are also opportunities for growth. Manufacturers may need to consider lowering production costs and offering more affordable products to remain competitive. Additionally, government incentives and a focus on energy efficiency can help drive demand for smart glass technology, even during economic slowdowns.
Key Regional Development
The smart glass market in North America has been thriving, thanks to the abundance of value-added products and the implementation of energy conservation regulations for buildings. This has led to an increase in demand for smart glass products, such as laminated glazing, which have become increasingly popular among consumers. Companies in the region have been quick to respond to this demand by launching new products that cater to the needs of consumers. This has resulted in a highly competitive market, with companies constantly innovating and improving their products to gain a competitive edge.
Key Takeaway from Smart Glass Market Study
- The market is poised for significant growth, with the power generation plants segment expected to emerge as the dominant player. Smart glass, also known as switchable glass, is a technologically advanced material that can change its optical properties, allowing it to switch between transparent and opaque states.
- The suspended particle display (SPD) segment is expected to dominate the market in the coming years. This is due to the many advantages of SPD technology over other smart glass technologies, such as low power consumption, high durability, and better light control.
Recent Developments Related to Smart Glass Market
- Meta, the parent company of Facebook, has acquired Luxexcel, a manufacturer of 3D smart glasses, in a deal whose financial details have not been disclosed. Luxexcel is known for its unique technology that allows for the creation of prescription lenses using 3D printing. The acquisition is expected to help Meta expand its product offerings in the augmented and virtual reality space.
- OnePlus has recently launched its latest innovation in the tech market - a pair of augmented reality (AR) glasses. These smart glasses were designed with the help of the OnePlus community, which actively participated in providing valuable feedback during the development process.
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Smart Glass Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 8.01 Billion |
| Market Size by 2030 | US$ 13.67 Billion |
| CAGR | CAGR of 6.9% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Segments | • By Technology (Suspended Particle Display, Liquid Crystal, Photochromic, PDLC, Electrochromic, Microblind, Thermochromic) • By Control Mode (Dimmers, Remote Control, Switches, Others) • By Application (Architecture, Power Generation Plants, Transportation, Consumer Electronics & Others) |
| Company Profiles | Hitachi Chemical Co, Chromogenics AB, PPG Industries, Innovative Glass Corporation, Ravenwindow, Gentex Corporation, Merck, AGC Inc., Corning Incorporated, Gentex Corporation, Nippon Sheet Glass Co., Ltd., Showa Denko Materials Co., Ltd. |
| Key Drivers | • The energy-saving limit of saving glass. • Expanded populace and ascend in interest in foundation projects |
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Smart Glass Market Segmentation, by technology
9. Global Smart Glass Market Segmentation, by control mode
10. Global Smart Glass Market Segmentation, By application
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. USE Cases And Best Practices
15. Conclusion
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