Smart Glass Market to reach $2.22 billion by 2026 at 8.6% CAGR, says Global Market Insights Inc.
The growth of smart glass market is driven by robust demand in construction and transportation applications, rapid adoption of smart technologies in developed regions, and booming automotive, construction, and electronics sector in Asia Pacific, says this report.
SELBYVILLE, Del., Feb. 26, 2020 /PRNewswire/ -- According to the report published by Global Market Insights Inc., the global smart glass market was estimated to be worth over US$1,160.32 million in 2018 and is projected to cross a $2.22 billion valuation by 2026, recording a robust CAGR of 8.6% from 2019 to 2026. The report provides a comprehensive analysis of the market size & estimations, drivers & opportunities, wavering market trends, top winning strategies, competitive scenario, and major investment pockets.
Smart glass technology has been in the market for a few decades now and it is gaining momentum on account of widespread use in construction and transportation applications. Smart glass is an innovative material that has witnessed rapid adoption over the past few years due to the growing need for smart and sustainable infrastructure to provide higher privacy and security to residents.
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Developed regions such as Europe and North America are increasingly incorporating switchable glass in interior and exterior infrastructure, automobiles, electronics, and marine vessels to maximize energy savings and efficient heat and light control. With regional governments encouraging the adoption of sustainable practices, smart buildings are increasingly gaining prominence in the construction sector particularly in the U.S., U.K., France, Italy, and Germany.
Key reasons for smart glass market growth:
- Robust demand in construction and transportation applications
- The rapid adoption of smart technologies in developed regions
- Booming automotive, construction, and electronics sector in the Asia Pacific
2025 forecasts show the 'transportation' application segment retaining its dominance:
The transportation sector mainly includes automobiles, railways, aerospace, and marine. Surging demand for glare control products in the automotive sector has substantially accelerated the demand for smart glass, particularly in Europe, North America, and the Middle East. Excellent ability of smart glass to reduce sun glare and lower discomfort to passengers and drivers without compromising natural light and visibility is driving the smart glass market demand in transportation applications.
The electrochromic segment will keep maintaining its share during the study period:
Based on technology, the electrochromic segment contributed a decent revenue share in 2018 and is projected to maintain its share until 2026. On the other hand, the PDLC segment in the smart glass industry is becoming popular among users owing to its split-second response time coupled with larger applications in both interiors and exterior spaces such as conference rooms, hotels, hospitals, aircraft, automobile, etc.
The Asia Pacific to continue its top status in terms of revenue:
From a geographical point of view, high-income countries in Asia Pacific including China, Japan, Australia, and Korea are increasingly implementing smart glass technology to suit both energy-saving and luxury & privacy needs. Innovative use of it in automobiles, buildings, and electronics in China and Japan is propelling the regional growth. Falling prices of smart glass will further bolster the smart glass market outlook in the near future.
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Leading market players:
The key market players analyzed in the global smart glass market report include Saint Gobain, NSG group, Asahi glass, Merck & Co., View Inc, RavenWindow, Smartglass International, Gauzy, Polytronix, Pleotint LLC. These players have incorporated different strategies such as mergers & acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global industry.
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Smart Glass Market to surpass $2.228 million by 2026
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SOURCE Global Market Insights, Inc.
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