According to the latest market study released by Technavio, the global smart glass market is expected to grow at a CAGR of close to 20% during the forecast period.
This research report titled ‘Global Smart Glass Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Controllable light transmission properties in active smart glass leading to its popularity over passive smart glass
Factors such as growing applications in aviation, marine, and solar power aids market expansion, and shift in demand from passive to active smart glass innovations drives the market growth. Smart glasses can be categorized into two types namely, active smart glass and passive smart glass.
Active smart glass reacts to an electrical stimulus to initiate the change, whereas passive smart glass reacts to heat and UV light sources to make the change. The major difference between active and passive smart glass is that the change in the light transmission properties of the former can be controlled by the user, whereas the latter provides no such functionality. Thus, the existence of electrical current is the major difference between these two types of smart glass.
Based on application, the report categorizes the global smart glass market into three major segments. They are:
Global smart glass market for transportation
Transportation is one of the major application segments of smart glass products. They are used as a part of the transportation segment as doors, windows, sunroofs, windshields, rear-view mirrors, and sky-facing windows. They are used by the transportation sector to minimize heat build-up, shading, and restrain the viewing degree. The automotive segment of the transportation industry is the main consumer of smart glass products. Smart glass is perfect for automotive, aviation, and other transportation means where heat control needs to be achieved as per required level. It gives protection from harmful UV light and controls heat inside the vehicle and limits energy consumption.
“The global smart glass market in the transportation sector is estimated to grow at a rapid pace because of the use of smart glass in various auto components by major global automobile manufacturers. With the increase in awareness about the benefits of smart glass over plain glass, both the automotive and aviation segments of the transportation sector are expected to increase their adoption of smart glass products,” says Chandrakumar Badala Jaganathan, a lead analyst at Technavio for research on glass and ceramics.
Global smart glass market for infrastructure development
“The increase in glazing area in both residential and commercial buildings will be the major driving force for the use of smart glass products in the infrastructural development sector. Huge growth is estimated in the sector as more and more architects are suggesting smart glass-based designs to their customers,” says Chandrakumar.
Infrastructural development has high growth potential during the forecast period. It is mainly because of the rise in demand for smart glass in architecture. People have been using screens, shades, or curtains to control the passage of light through windows ever since they have been invented. However, smart glass (used in windows) can help in monitoring light and heat in architecture. The use of smart glass is also mounting in commercial and residential buildings in the form of doors, windows, partitions, as well as skylights.
Global smart glass market for other applications
The market is estimated to achieve a high growth rate in other sectors with an increase in demand for smart glass for use in electronics as well as solar energy applications. In particular, the increase in commercial use of smart glass in the construction of solar panels will act as a boon for the global smart glass market.
By value, the global smart glass market for other applications was USD 210 million in 2015, and we expect the market to reach USD 520 million by 2020, growing at a CAGR of 19.88%.
Other application sub-segment is further categorized to electronics application and solar energy application.
The top vendors highlighted by Technavio’s chemicals and materials research analysts in this report are:
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