The global smart glass market size was valued at USD 4.5 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.8% from 2021 to 2028. The emergence of energy-conservation initiatives, such as green buildings and eco-friendly structures, globally is expected to offer promising growth prospects to the market. Administrative support through financial benefits and tax initiatives globally is also stimulating the growth of the market. For instance, the European banks have a new mortgage scheme for green homes, encouraging end-users to adopt energy-saving products, such as smart glass. Smart glass has gained traction in recent years due to its energy-saving properties, thermal and acoustic insulation, and elegant 3D design proposition.
In addition, the replacement and renovation activities are expected to drive the demand for smart glass across the globe. The Department of Energy (DoE) estimates that there are approximately 19 million square feet of installed residential windows in the U.S. alone and approximately 500 million square feet of windows are installed in the commercial sector, out of which most buildings are constructed prior to the implementation of the ASHRAE standards, which address areas such as thermal comfort, indoor air quality, and energy conservation in buildings. Retrofitting of such buildings is expected to provide a significant growth opportunity for the market in the U.S. alone.
Key Player Mentioned:
· AGC Inc.
· ChromoGenics
· Corning Incorporated
· Gauzy Ltd.
· Gentex Corporation
· Guardian Industries
· Kinestral Technologies, Inc.
· Nippon Sheet Glass Co., Ltd.
· PPG Industries, Inc.
· RavenWindow
· Research Frontiers Inc.
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Product Segment Analysis:
· Consumer Electronics
· Power Generation
· Architectural
· Transportation
Regional Segment Analysis:
North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
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Companies are actively working on developing innovative products to gain a competitive advantage in the market. For instance, Gentex Corporation is currently working to innovate and add advanced features to their existing dimmable automotive mirrors. The company invests a significant portion of its yearly revenues in research and development activities. In 2019, the company owned 583 patents related to electrochromic technology, automotive rearview mirrors, and other products.
COVID-Impact
The COVID-19 pandemic had an unprecedented impact on several industries. The automotive glass market is adversely impacted due to the temporary closure of assembly plants across the globe. In the second quarter of 2020, automotive sales were down by almost 45% worldwide, especially in Europe, impacting the overall smart glass demand. Moreover, trade restrictions across national and international boundaries and other trade limitations have affected the glass industry's global supply chain, resulting in lower sales activity. The demand for building glass also witnessed a massive drop due to the slowdown of the construction industry.
The study objectives of this report are:
· To research global status, future forecasts, growth opportunities, key markets and key players.
· To present the market development in us, Europe and China.
· To strategically profile the key players and comprehensively analyze their development plan and methods.
Key aspects covered in the report include:
1.The market size and industry growth rate of the global and regional market across various segments
2. The region or the sub-segment that is expected to drive the Smart Glass market in the forecast period 2021-2028
3. Key companies operating in the global Smart Glass market and their market share
4. The Factors that are estimated to drive the Smart Glass Market growth
5. Key opportunities in the Smart Glass market
6. Key technological advancements and market trends that shape the market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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