PUNE, India, December 3, 2015 /PRNewswire/ --
According to the new market research report on "Smart Glass Market by Technology (SPD, Electrochromic, PDLC, Thermochromic), Application (Architecture, Transportation, Solar Power Generation, Electronics & Others), & Geography - Global Trend & Forecast to 2020", published by MarketsandMarkets, the market is expected to reach USD 5.81 Billion by 2020, at a CAGR of 19.5% between 2015 and 2020.
Browse 82 market data Tables and 66 Figures spread through 211 Pages and in-depth TOC on "Smart Glass Market".
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The driving factors for the growth of this market include optimal energy saving performance, increasing growth prospects of next generation displays, emerging green building concept, recovering automotive sector, and growing popularity of internet of things
SPD (Suspended Particle Devices) technology was the biggest segment in terms of market size in 2014:
TSPD glass has significant benefits by its unmatched working capacity to change its light emission property to a desired level. This glass can adjust its light emission property from transparent to dark within 1-3 seconds. SPD technology restricts the UV light up to 99%, providing healthy ambience with sufficient amount of natural light. SPD glass can provide approximately 50% saving on consumption of energy. The customization and superior working reduces the load of HVAC systems (heating, ventilating, air-condition) of the building. The growth of SPD smart glass is mainly driven by the increase in the demand for energy-efficient and eco-friendly products. In addition, the cost efficiency of SPD smart glass products reduces its maintenance cost, which is making these products a popular choice in industries
Transportation market segment expected to dominate the smart glass market during the forecast period:
Transportation is one of the major application sectors of smart glass products. In all the means of transportation, smart glass products are used. They are used in the transportation sector in the form of doors, windows, sunroofs, windshields, rear mirror, and skylights. It is used by transport sector to minimize heat build-up, provide shading, limit the viewing scope, and offer privacy to the user. The automotive sector under transportation segment is the leading consumer of smart glass market products. Many automobile manufacturers include glass material into their vehicle's designs because of the advantages of smart glasses that are anti-glaring, remote access capacity, and dynamic light emission adjustment property. The smart glass applications are present in the automotive segment in products such as sunroofs, windows, visors, and rear-view mirrors. Such products can be controlled by user by the simple switch; as a result, customization in lighting and cooling can be possible very easily.
APAC market expected to grow at the highest CAGR during forecast period
APAC is an emerging market for smart glasses and thus holds a lucrative position in the market. Many players in are strategizing to tap this market. Companies such as SAGE Electrochromics, Research Frontiers Inc. have collaborated with distributors and partners of that region to enter into unexplored territories. Recently, SAGE Electrochromic partnered with Jun Huo (a supplier of building façade and curtain wall solutions in China) to supply dynamic glass to the Chinese building market as the country aims to balance the huge demand for new buildings with the need for sustainable building practices. SAGE has also entered into partnership with Mechosystems, Jun Hao Group Companies, and Spohn Associates Inc. in the past few years, to expand its foothold into the smart glass market especially the APAC region, which is expected to be highest-growing market for smart glass.
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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.), Hitachi Chemicals Co. Ltd. (Japan), Glass Apps. (U.S.), Pleotint, LLC (U.S.), RavenBrick LLC (U.S.), Scienstry Inc. (U.S.), SmartGlass International Ltd. (Ireland), and SPD Control System Corporation (U.S.).
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