The worldwide smart glass market is expected to reach US $5.81 billion by 2020, growing at a CAGR of 19.5% between 2015 and 2020, according to the latest report from RnRMarketResearch.com.
Optimal energy saving is driving the smart glass market, and robust demand is expected for smart glass in premium automotive sector during the forecast period.
Global energy demand continues to grow despite the historical high prices and mounting concerns over the energy security. Improving the energy efficiency of homes, businesses, schools, government buildings, and industries is imperative and inevitable to address the energy supply and demand. Switching to smart windows makes a huge difference in the overall energy consumption. Smart windows are made of smart glass regulate the amount of light passing through them depending on the time of the day. As a result, these windows with smart glass can switch from being translucent to transparent without consuming a large amount of energy.
According to the U.S. Department of Energy, by using smart glass, the energy consumption can be reduced by almost 40%. This energy saving property of the smart glass is a driving force for the smart glass market.
Smart glass is ideal for automobile, aviation, and any other transportation applications where heat and glare control are desired. In the automotive sector, smart glass is used in applications such as rear view mirrors, windows, sun roofs, and windshields. Smart glass provides protection from harmful UV rays, glares protection, and helps to control heat inside the vehicle and saves energy.
Europe is the largest market for smart glass as it is the manufacturing hub for premium automobiles. Manufacturers such as Mercedes, BMW, and Audi have partnered with smart glass licensee-Research Frontiers, Inc. (U.S.)-to use its innovative smart glass for enhancing the performance and aesthetic value of its automobiles.
The APAC region is expected to grow the highest in the automotive application of smart glass during the forecast period. Asahi Glass Company in March 2014 launched its smart window named WONDERLITE being used in Japanese test rail which uses the SPD technology licensed by Research Frontiers Inc. Recently, Ford partnered with Research Frontiers to use its SPD technology for their electronically dimmable sunroofs.
Due to rise in the demand for energy-efficient solutions and emerging green building concept, the smart glass market finds huge opportunity to expand in the next five years.
The various key market players profiled in this research report include SAGE Electrochromics (U.S.), Research Frontiers, Inc. (U.S.), View, Inc. (U.S.), AGC, Ltd. (Japan), PPG Industries (U.S.), Gentex Corp. (U.S.), Hitachi Chemicals Co. Ltd. (Japan), Glass Apps. (U.S.), Pleotint, LLC (U.S.), RavenBrick LLC (U.S.), Scienstry Inc. (U.S.), SmartGlass International Ltd. (Ireland), SPD Control System Corporation (U.S.).