Smart Glass Market Overview
Smart glass is also known as switchable glass or magic glass. Smart glass changes its light transmission properties when light, voltage or heat is provided to it as a stimulus. Smart glass is used usually in doors, windows, partitions and skylights in residential as well as commercial buildings. They can be controlled manually as well as automatically. Smart glasses help in reducing cost of heating, air conditioning and lighting.
Smart Glass Market Dynamics
Smart glass has various advantages, such as energy efficiency, user comfort and reduced carbon emission. Due to these advantages, the use of smart glass has increased in personal vehicles. Global smart glass market is estimated to register significant growth rate during the forecasted period. Factors that are driving the growth of the global smart glass market include growing adoption of green initiatives, such as eco-friendly and green buildings, non-electric technologies, such as thermocronics etc. Increasing demand of smart glasses in automobile and aviation industry is also fuelling the growth of global smart glass market. Government support and initiatives all across the world has also helped provide an impetus to the smart glass market.
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Factors which are restraining the growth of global smart glass market are high cost as compared to their alternatives, slow response of large sized smart glass, concern while maintaining exact colour balance, and a general lack of awareness about their benefits. In the near future, global smart glass market is estimated to witness commercialization, it will be in terms of enhanced operation efficiency and cost efficiency, and wide range of applications and incorporation of advanced materials.
Smart Glass Market: Segmentation
Global smart glass market is segmented on the basis of verticals, technology and regions. On the basis of verticals, the market is further sub-segmented into various industrial verticals such as transportation, infrastructural development, and electronics industries. Infrastructural development sub-segment is further categorised as residential, commercial and architecture. Among these verticals, infrastructural development is largest in terms of market share. It is mainly because of increasing demand of smart glasses in architecture. Smart glass in architecture helps in controlling light and heat. Use of smart glass is also growing in residential and commercial buildings in the form of doors, windows, partitions and skylights. Followed by infrastructural development, transportation vertical is second largest in terms of market share with high growth potential during forecasted period. In transportation vertical, smart glasses are used in automotive, aviation, car or bus and in marine.
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On the basis of technology, the market is sub segmented into thermochromic device, electrochromic devices, liquid crystal devices, suspended particle devices and micro blinds. Liquid crystal technology based smart glass is usually used in electronic devices. In automotive and architectural applications, electrochromics and suspended particle devices are used commonly; for power generation application, thermochromic and photochromic technology is used.
Smart Glass Market: Region-wise Outlook
On the basis of regions the market is further sub-segmented into seven regions, North America, Latin America, Asia-Pacific (excluding Japan), Japan as a separate region, Western Europe, Eastern Europe and Middle East & Africa. Out of all these regions, North America dominates the global smart glass market in terms of high production as well as consumption of smart glasses. But it is estimated that European market will grow significantly in near future due to its architectural advancement i.e. presence of large size windows in residential as well as commercial buildings compare to North America’s buildings, updated building construction and efficiency standards of government. Owing to these advantages, it has been forecasted that the European market will overtake the North America smart glass market.
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Smart Glass Market: Key Players
Key players in the global smart glass market are Vision Systems, PPG Industries Inc., Asahi Glass Company Ltd., Research Frontiers Inc., Corning, INC., RavenBrick LLC, Sage Electronics, Pleotint LLC, Hitachi Chemical Co. Ltd. And Smart glass International.