According to the new market research report “Smart Glass Market by Technology (SPD, Electrochromic, PDLC, Thermochromic), End-Use Industry (Architecture, Transportation, Power Generation, Consumer Electronics) – Global Forecast to 2022” published by MarketsandMarkets, the market is expected to grow from $2.34 billion in 2015 to reach $8.13 billion by 2022, at a CAGR of 19.2% between 2016 and 2022.
The summary section of the report states that the auto and architectural building industries are large drivers of demand for smart window technology. “The major factors driving the growth of the market are the need for energy-efficient solutions and government regulations for green buildings.”
SPD glass offers significant benefits owing to its unmatched working capacity of changing its light emission property to the desired level. SPD glass can provide approximately 50% saving on the consumption of energy. The customization and superior working helps reduce the load of the heating, ventilating, and air-conditioning (HVAC) systems of buildings. The growth of SPD smart glass is mainly driven by the increase in the demand for energy-efficient and ecofriendly products. Moreover, the cost efficiency of SPD smart glass products reduces its maintenance cost, making these products a popular choice in industries.
According to the MarketsandMarkets’ report summary, electrochromic technology is expected to dominate this category over the forecast period. “The electrochromic technology is expected to hold the largest market share and dominate the market between 2016 and 2022 owing to the growing demand for energy-efficient solutions, which can be achieved by installing smart windows. With these smart windows, the energy consumption can be brought down to 40% according to the industry players.”
Transportation is one of the major end-use industries for smart glass products. Smart glass is used in the transportation sector in the form of doors, windows, sunroofs, windshields, rear mirror, and skylights. The automotive sector under the transportation segment is the leading consumer of smart glass products. Many automobile manufacturers include glass material in their vehicles’ designs because of the advantages of smart glass such as anti-glaring, remote access capacity, and dynamic light emission adjustment property.
According to the summary of this report, Europe is currently the largest market but the APAC region is also lucrative. “North America and Europe are the biggest contributors in this industry in terms of consumption and manufacturing capacities. Currently, Europe is the leading market in smart glass owing to the increasing need to reduce the energy consumption and incorporate energy-efficient building materials and technologies in the architectural and transportation sectors. The APAC smart glass market is also expected to witness significant growth between 2016 and 2022.”
Many players in the APAC smart glass market are strategizing to tap this region. Companies such as SAGE Electrochromics Inc. (U.S.) and Research Frontiers Inc. (U.S.) have collaborated with distributors and partners in the APAC region to enter the unexplored territories. SAGE has also entered into partnership with Mechosystems, Jun Hao Group Companies, and Spohn Associates Inc. to expand its foothold in the smart glass market — especially the APAC region, which is expected to be fastest-growing market for smart glass.
The summary of this report notes that the playing field for smart glass has not been easy. The technology has been around for at least decade and yet has only recently made significant inroads. “As the smart glass industry is research-intensive, the capital requirement is significant. While smart glass technology has had a presence in the industry for more than 10 years, it is only within the last few years that manufacturers have received the funding and support necessary to launch a large volume of production. With the newly available resources and financial support, the smart glass technology has found more applications in various industry sectors in the last few years.”
The major players in this industry 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.), and Hitachi Chemicals Co., Ltd. (Japan), among others.
Related report on the electrochromic glass market
Electrochromic Glass Market by Material (Polymers, Nanocrystals, Viologens), Device (Windows, Mirror, Display), Application (Commercial, Residential, Transportation, Retail, Hospitality), and Geography – Global Forecast to 2020
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Sources for this post include both the MarketsandMarkets press release “Smart Glass Market worth 8.13 Billion USD by 2022” and the summary of the MarketsandMarkets report Smart Glass Market by Technology (SPD, Electrochromic, PDLC, Thermochromic), End-Use Industry (Architecture, Transportation, Power Generation, Consumer Electronics) – Global Forecast to 2022.