Smart Glass Market

Smart Glass Market size reached USD 5.3 billion in 2022 and is estimated to reach USD 11.4 billion in 2030 and the market is estimated to grow at a very high CAGR of 10.1% from 2023-2030 attributed to rise in the number of energy conservation initiatives.

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Major Smart Glass Market Drivers

Smart Glass Market is primarily driven by energy saving features of smart glasses, government support for the construction of energy efficient buildings and growing investments in infrastructure projects around the world. Over the years, demand for energy has increased exponentially worldwide due to increasing industrialization activities and rising urbanization. Despite Covid-19 outbreak, spike in energy prices and increasing concerns related to energy security, demand for energy is set to increase in the future. Improvements in the energy efficiency of buildings, businesses, and industries, becomes crucial to balance energy demand and supply. Buildings have emerged to be one of the largest energy consumption sources in many countries. As per the data released by Eurostat, in 2019, buildings comprised 40% of European Union’s (EU) energy consumption. Approximately 50% energy consumption in EU is used for heating and cooling and more than 75% comes from buildings. As heating and cooling equipment increase expenses in industries because it consumes huge amounts of energy, adoption of smart glasses by companies is expected to increase in the future.

Smart glasses are considered more beneficial when used in green architectures, because it allows users determine the amount of light they want inside the space. As governments worldwide are targeting to cut carbon emission levels, they are promoting the construction of green buildings and environment friendly structures, which will create lucrative opportunities for Smart Glass Market. For instance, Canadian Government announced in April 2021, that it will allocate around USD 1.5 billion towards green building initiatives. Green building initiatives includes repairing and upgrading existing community building and constructing new, publicly accessible buildings in the country. Such initiatives will increase the adoption of smart glasses owing to its energy saving features and acoustic insulation. Further, installation of smart glasses in windows and doors can help in controlling indoor temperature and minimize building’s overall carbon footprint.

Consumers are preferring glass windows over cement walls and bricks, which will push the demand for smart glasses in forthcoming years. Moreover, smart glasses are gaining traction in various end-use industries due to its distinctive aesthetics. In the automotive industry, smart glasses are increasingly used in sunroofs, windshields and rear and side view mirrors. While in the Building and construction sector, smart glasses are widely used in partitions, doors, and windows. However, smart glasses are expensive as compared to conventional glasses coupled with problem related to its recyclability, are some of the factors restricting the Smart Glasses Market growth.

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According to Smart Glasses Market Forecast, Electrochromic segment is projected to dominate the market due to increasing investments in electrochromic technology.

Demand for making smart glasses through electrochromic and SPD technologies will increase in the future, as these technologies offers high degree of customization and prices of these technologies will reduce in the future. Moreover, major companies are focusing on research and development activities to reduce prices of smart glass, which is projected to have positive impact on segment’s growth.

As per Smart Glass market Forecast, Architectural segment is expected to grow at the fastest rate.

Due to energy efficiency and improved aesthetics offered by smart glasses, its applications in architecture such as windows, skylights and elevators, has increased, which is propelling the segment’s growth. Additionally, UV blocking properties of smart glasses, helps in maintaining ambience in buildings. Growing use of smart glasses in architectures will increase overall aesthetics and reduce the heating and lighting costs of buildings. While, in the Automotive industry, luxury car making companies are increasingly adopting smart glasses to strengthen their portfolio. For instance, BMW, a multinational company of luxury vehicles based out Germany, in September 2021, launched  BMWi Vision Circular Showcar at Auto Show, which is equipped with advanced headlight and is designed utilizing SPD LCG Technology.

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According to Smart Glasses Market Analysis, Europe is forecast to capture the largest Smart Glasses Market share

Europe Smart Glass Market is majorly driven by increasing energy cost and rise in the number of renovation activities. Due to prevalence of harsh climatic conditions, smart glasses are gaining popularity in Europe, as it can help in maintaining internal temperature of buildings and vehicles. Asia-Pacific Smart Glass Market is driven by growing demand for luxury vehicles, increasing per capita incomes of consumers and rising adoption of energy efficient air conditioners and rapid growth in construction industry.

Smart Glass Companies

Some of the notable smart glass manufacturers includes Asahi India Glass Limited, ChromoGenics, Corning Incorporated, DuPont, e-Chromic Technologies, Inc., Gentex Corporation, Guardian Glass LLC, Showa Denko Materials Co., Ltd., Kinestral Technologies, Inc., and Innovative Glass Corporation, among others.

Key Developments: 

• • In January 2022, View, a leading developer smart building technologies partnered with Nabr, a home designing company to build homes with sustainable materials. As per partnership, all Nabr homes will be equipped with View’s smart windows and cloud connected smart building networks.
  • In January 2022, Gentex, a leading automotive manufacturer of advanced technology announced that it is partnering with eSight to develop next generation mobile electronic eyewear, designed to aid people with visual impairment problems.
  • In October 2021, Saint-Gobain, signed an agreement to acquire IMPAC, which is a leading construction chemicals company based out of Mexico. Through this acquisition, Group plans to strengthen its position in Latin American region and expanding its portfolio of light and sustainable building solutions.
  • In October 2021, Nippon Sheet Glass Group, Japan based manufacturing group partnered with Cohda Design Limited to design Electrical Glass Applications.
  • In July 2021, Corning collaborated with Hyundai Mobis to develop augmented reality based heads-up display. Hyundai motor company first time launched this technology in 2021 IONIQ 5 electric crossover utility vehicle.
  • In 2018, Guardian, launched a new, reliable and integrated shading solution for windows and doors. Company is planning to construct pilot facility in Europe to launch their product.

Segments Covered in the Report:

The global Smart Glass Market has been segmented on the basis of Technology, application, and key regions. Based on Technology, the market is segmented into Electrochromic, Polymer Dispersed Liquid Crystal, Suspended Particle Devices, Thermochromic and Photochromic. Based on application, the market is segmented into Consumer Electronics, Architectural, Transportation and Power Generation. 

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Market Segmentation

Global Smart Glass Market by Technology

• • Electrochromic
  • Polymer Dispersed Liquid Crystal (PDLC)
  • Suspended Particle Devices (SPD)
  • Thermochromic
  • Photochromic

Global Smart Glass Market by Application

• • Architectural
  • Transportation
    • Automotive
    • Aircraft
    • Marine
  • Consumer Electronics
  • Power Generation

Global Smart Glass Market by Region

• • North America Smart Glass Market (Option 1: As a part of the free 25% customization)

    • By Technology
    • By Application
    • US Market All-Up
    • Canada Market All-Up

  • Europe Smart Glass Market (Option 2: As a part of the free 25% customization)

    • By Technology
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Smart Glass Market (Option 3: As a part of the free 25% customization)

    • By Technology
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Smart Glass Market (Option 4: As a part of the free 25% customization)

    • By Technology
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Smart Glass Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Asahi India Glass Limited
  • ChromoGenics
  • Corning Incorporated
  • DuPont
  • e-Chromic Technologies, Inc.
  • Gentex Corporation
  • Guardian Glass LLC
  • Showa Denko Materials Co., Ltd.
  • Kinestral Technologies, Inc.
  • Innovative Glass Corporation