The global smart glass market is expected to reach USD 4.71 billion by 2022, according to a recent study by Grand View Research, Inc.
Contemporary technological innovations have led to the development of sophisticated novel products and tranquil installation techniques, which have significantly broadened the scope across transportation, architecture, electronics, and solar power-generation applications. Increasing demand in the transportation and construction industry is expected to be the key driving force for the market over the next seven years. Increased use of smart windows in transportation applications such as automotive sunroofs, and in architectural applications such as conference rooms and household windows is expected to positively impact the smart glass market. Further key findings from the study include:
Suspended Particle Device (SPD) and electrochromic technology based smart glass market is poised for high growth over the next seven years. SPD glass contributed to over 35% of the market revenue in 2014 and is expected to retain its dominance over the forecast period; this technology is predominantly used by aerospace and automobile manufacturers, with the latter accounting for substantial usage in sunroofs and windows. Electrochromic glass has made swift penetration in architectural sector owing to its translucent diffusion feature. Liquid crystal technology has increasingly replaced legacy flat glass installations in office and household applications, conference rooms, corridors, and cafeterias.
The transportation sector accounted for over 50% of the market share in 2014, with significant demand originating from aerospace and automotive segments. The electronics sector is expected to exhibit high growth potential throughout the forecast period with high demand anticipated from surging innovations and adoption of products such as digital eyeglasses. Considerable usage in the construction sector owing to its inherent benefits, which aid in power conservation and ambient temperature control, is expected to play a pivotal role in increased demand from the architectural sector.
North America captured a sizable amount of the smart glass market in 2014, which can be primarily attributed to high production and consumption capacity of the region. Steady demand from electronics and architectural sectors supplementing increasing demand from the transportation sector has driven the European smart glass market. The Asia Pacific market is estimated to witness high growth, which can be primarily attributed to the growing emphasis on energy conservation and adoption of smart glass-equipped electronics gadgets.
Key market participants such as Asahi Glass Corporation, DuPont, Sage Electrochromics, and Corning are constantly evolving and innovating in a bid to maintain competitiveness. Vertical integration and technology licensing are the commonly adopted strategies of the industry participants.