Zion Market Research has published a new report titled “Smart Glass market by Technology (Electrochromic, Thermochromic, SPD, and PDLC) for Transportation, Electronics, Architecture, Solar Power Generation and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021 ” According to the report, global demand for smart glass was valued at over USD 2.1 billion in 2015, is expected to reach around USD 6.56 billion in 2021 and is anticipated to grow at a CAGR of slightly above 19.0% between 2016 and 2021.
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Glass is formed by the fusion of potash, lime and silica at the high temperature and to revise its properties different components are added. Smart glass is the advance technologies that has exterior stimulus properties and use the clean technology concept. Smart glass switches its property depending on the external temperature. Smart glass switches either automatically or manually to manage the glare, amount of heat and light. Smart glass can be damaged owing to large exposure to the UV rays.
Government support coupled with large investment in automobile industry for innovative products accelerates the demand for smart glass market. Increasing demand for eco-friendly and energy efficient product drives the smart glass market. Another factor that contributes to the splendid growth of smart glass market is the reduced maintenance cost and cost efficiency. Conversely, limited commercialization and inadequate awareness is expected to impede the growth of smart glass market. Furthermore, durability of smart glass and performance can hamper the growth of smart glass market. Nevertheless, escalating demand for energy proficient and wide range of applications products offers strong growth opportunities for smart glass market in the forecast period.
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The smart glass market can be segmented on the basis of technology, application, and region. Electrochromic, thermochromic, SPD and PDLC are the technologies of smart glass. In 2015, suspended particle device (SPD) segment accounted for highest share for smart glass market owing to elevated demand and distinct properties such as power saving, protection from UV rays, high emission property that can transform transparent to dark and ultimate working capacity. Several numbers of applications of smart glass include transportation, electronics, architecture, solar power generation and other. Transportation emerged as potential segment owing to the significant use of smart glass in sunroofs, windows, rear mirror, windshields, skylights and doors. Smart glass is utilized to restrict viewing scope, provide shading and permit privacy. Highly developed automotive industry and rising consumer base are supporting the adoption of smart glass in the transport sector.
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The smart glass market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. China shows high growth for smart glass market due to advance technologies and government support for the use of energy efficient smart glass. North America is the largest market in terms of high consumption and production of smart glass. Europe is likely to witness noteworthy growth during the forecast period.
Some of the key players in smart glass market are Smart Glass International Ltd., Raven Brick LLC, Glass Apps, Gentex Corp., AGC Ltd, Research Frontiers, Inc., SPD Control System Corporation, Pleotint LLC, SAGE Electrochromics, Hitachi Chemicals Co. Ltd, Scienstry Inc., SAGE Electrochromics, PPG Industries and View, Inc among others.
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This report segments the smart glass market as follows:
Smart Glass Market: Technology Segment Analysis
Smart Glass Market: Applications Segment Analysis
- Solar power generation
Smart Glass Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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