Smart glass, also known as electrochromic glass, is a thin film that changes its light transmission properties as per the voltage applied. Smart glass finds wide ranging applications across architectural, automotive and transportation sectors where dynamic control of natural light and heat is required.
The global smart glass market is estimated to be valued at US$ 5.84 billion in 2022and is expected to exhibit a CAGR of 10.3% over the forecast period 2023 to 2030.
Smart Glass Market Demand provides dynamic control over sunlight entering a building or vehicle through electronically tin-table glazing. This helps regulate interior temperature, enhances security through self-tinting and also gives aesthetic appeal. Growing awareness about energy efficiency and need for glare control is driving demand from commercial real estate and automotive sectors respectively. Manufacturers are focusing on developing advanced electro-chromic materials that switch faster and require lower voltages for improved user experience.
Key Takeaways
Key players operating in the smart glass market are DigiLens Inc, Corning Incorporated, OPPO, Meta and Agc Inc.
Rising construction of green buildings and acceptance of smart home technologies is driving demand for smart glass globally. The commercial real estate segment accounted for over 50% share in 2023 led by integration in offices, hotels and hospitals.
North America dominated global sales in 2023 led by high investments in energy efficient infrastructure projects. However, Asia Pacific is expected to witness fastest growth through 2031 with China and India emerging as high potential markets. Major automotive manufacturers are also integrating smart glass solutions to elevate in-cabin experience.
Market Key Trends
One of the key trends gaining traction in the smart glass market is the development of all solid-state smart glass technology. Conventional electrochromic smart glasses use liquid electrolyte which poses challenges like leakage. Companies are innovating with solid gel polymer membranes and metal oxides as alternatives to develop windows that switch faster without any reliability issues. Another notable trend is the integration of digital controls with smart glasses using IoT for remote operations. This allows dynamic management of daylight and privacy as per occupancy and external conditions. Advancements in materials science will further reduce costs and make smart features accessible for mainstream construction and automotive segments.
Porter’s Analysis
Threat of new entrants: High capital requirements act as a barrier to entry in smart glass market.
Bargaining power of buyers: Large buyers exert bargaining power on suppliers due to concentrated demand.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and differentiated products.
Threat of new substitutes: Threat from substitute products like LCD and OLED display panels is moderate due to unique features of smart glass.
Competitive rivalry: Intense competition exists among existing players to gain major market share.
Geographical Regions
North America accounts for the largest share in global smart glass market in terms of value due to high adoption of technologically advanced products. Asia Pacific is the fastest growing region for smart glass market driven by increasing disposable income, rising construction activities and growing electronics industry in China and India.
About Author:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
