The global smart glass market accounted for US$ 2.85 Bn in 2018 and is expected to grow at a CAGR of 17.2% over the forecast period 2019-2027, to account for US$ 11.73 Bn in 2027.
The factors that are driving the growth of the smart glass market include the rising commercial and residential construction and increasing need for energy efficiency and better utilization of natural light. However, the high price of smart glass is anticipated to hinder the smart glass market for same in the coming years. In addition, the rapid growth in the emerging economies of Asia Pacific is expected to create a lucrative market opportunity for smart glass market. Some of the leading players in the smart glass market are highly focusing on strategic market initiatives in order to enrich its product capabilities as well as to expand their geographical presence across the globe, which in turn is contributing for the growth of the smart glass market.
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The developed countries, as well as the developing countries across the globe, are witnessing significant demand for commercialization. The commercial sector includes the construction of shopping malls, office/trade business buildings, airports, railway stations, hospital and healthcare buildings, roads, dams, and pavements, among others. The builders or constructors in modern times are increasingly interested in the usage of energy efficient and versatile products for construction. Commercial constructions add to the beauty of the city and also result in the influx of tourists. Governmental support to enhance the beauty of commercialized buildings to support the tourism industry is driving the demands for glass faced in various countries of the world. The glass artistry of any building enhances the aesthetic quality of the building.
Some of the players present in smart glass market are Artratio S.L., Asahi Glass Co. Ltd., Compagnie de Saint-Gobain S.A, Corning, Incorporated, Gentex Corporation, Hitachi Chemical Co. Ltd., Pleotint LLC, Polytronix, Inc., Research Frontiers Incorporated, and Smartglass International Ltd. among others.
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Smart glass aids in dynamically changing the tint of the glass in order to control the amount of heat/light that penetrates in a building. They are also used for creating on-demand private space, especially for offices. The smart glass windows provide 45 to 70% more energy efficiency in comparison with the dual-pane standard glass. The smart windows help in providing more savings and help in the reduction of greenhouse gas emissions. The smart glass windows that are used in commercial and residential buildings are multi-functional; these windows help in maximizing the amount of sunlight and controlling the transfer of heat in and out of the building. However, the loss of energy through the doors and windows account about 50% of the energy consumption in the buildings. In order to make the buildings more energy efficient, the engineers and scientists have collaborated with the architects for developing advanced window designs.
APAC is considered to be the fastest growing economic region with China and India developing at a very fast rate. Also, emerging economies of Southeast Asia such as Vietnam, Malaysia, Indonesia, and others are experiencing a growth in their industrial, construction, and infrastructure sector. This high economic development has created a need for enhanced infrastructure; thus, construction of facilities such as malls, hospitals, hotels, and others are growing at a high pace. The increasing construction in these economies is anticipated to influence the smart glass market in the near future. Hitachi Chemical Co. Ltd. and Asahi Glass Co. Ltd. are some of the leading manufacturers in the smart glass market in the Asia Pacific region. These companies have taken various strategic initiatives in order to strengthen their foothold in the Asian smart glass market. As an example, in the year 2017, Asahi Glass Co. has partnered with Kinestral Technologies to begin the production of smart glass in Taiwan, comprising of an investment equal to US$ 100 Mn. The motive behind the strategic partnership was to increase the penetration of smart glass in the Asian and European region.
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The overall smart glass market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the smart glass market. It also provides the overview and forecast for the global smart glass market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis.
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