LONDON, April 25, 2016 /PRNewswire/ -- The smart glass market is expected to reach USD 5.81 billion by 2020, at a CAGR of 19.5% between 2015 and 2020. Global energy demand continues to grow despite the historical high prices and mounting concerns over the energy security. Improving the energy efficiency of homes, businesses, schools, government buildings, and industries is imperative and inevitable to address the energy supply and demand. Switching to smart windows makes a huge difference in the overall energy consumption. Smart windows are made of smart glass regulate the amount of light passing through them depending on the time of the day. As a result, these windows with smart glass can switch from being translucent to transparent without consuming a large amount of energy.
According to the U.S. Department of Energy, by using smart glass, the energy consumption can be reduced by almost 40%. This energy saving property of the smart glass is a driving force for the smart glass market.
"Robust demand for smart glass in premium automotive sector during the forecast period"
Smart glass is ideal for automobile, aviation, and any other transportation applications where heat and glare control are desired. In the automotive sector, smart glass is used in applications such as rear view mirrors, windows, sun roofs, and windshields. Smart glass provides protection from harmful UV rays, glare protection, and helps to control heat inside the vehicle and saves energy.
Europe is the largest market for smart glass as it is the manufacturing hub for premium automobiles. Manufacturers such as Mercedes, BMW, and Audi have partnered with smart glass licensee—Reseach Frontiers, Inc. (U.S.)—to use its innoavtive smart glass for enhancing the performance and aesthetic value of its automobiles.
The APAC region is expected to grow the highest in the automotive application of smart glass during the forecast period. Asahi Glass Company in March 2014 launched its smart window named WONDERLITE being used in Japanese test rail which uses the SPD technology licensed by Research Frontiers Inc. Recently, Ford partnered with Research Frontiers to use its SPD technology for their electronically dimmable sunroofs.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted with key people. Break-up of profile of primary participants is given below as:
- By Company Type: Tier 1 – 35 %, Tier 2 – 40% and Tier 3 – 25%
- By Designation: C-level – 35%, Director level – 25%, Others – 40%
- By Region: North America – 43%, Europe – 19%, APAC – 29%, RoW – 9%
Due to rise in the demand for energy-efficient solutions and emerging green building concept, the smart glass market finds huge opportunity to expand in the next five years.
The various key market players profiled in the report are as follows:
- 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)
- SPD Control System Corporation (U.S.).
The report would help the companies in this market in the following ways:
- The report segments the smart glass market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the sub-segments across the different verticals and regions.
- The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
- This report would help stakeholders to understand the competitors better and gain more insights to enhance their position in the business.
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