The smart glass market is expected to witness a CAGR of over 12% during the forecast period 2019
NEW YORK, Oct. 28, 2019 /PRNewswire/ --
Market Overview
The smart glass market is expected to witness a CAGR of over 12% during the forecast period 2019-2024. The smart glass technology has evolved considerably over the last decade, leading to increased adoption of controlled electronic appliances that can be remotely controlled from a centralized device. The ease of managing, monitoring, and controlling devices at any time, has been increasing consumer acceptance for smart glasses. However, applications found in the construction sector and transportation industries stand to be an excellent source of demand for smart glass, in the current market scenario.
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- Increasing regulatory reforms, such as LEEDS, National Green Building Standard, Green Globes, etc., for green buildings, are encouraging commercial building owners to invest in smart energy saving solutions, such as smart glass.
- Increasing applications in the field of transportation are creating immense demand for smart glass. It is estimated that smart glasses installed in automobiles are capable of providing 98% UV protection and 40% solar reduction, thus making the vehicle cabin more comfortable.
- Companies, like Boing and Airbus, are implementing smart glass technology by integrating with IoT systems. For example, the Boeing 787 Dreamliner airplane employs electrochromic windows, which turn entirely opaque on the click of a button. This trend is increasingly becoming popular amongst all the luxury and private jet manufacturers globally, opening new opportunities in the market.
Scope of the Report
A general glass material that is equipped with electrochromic, photochromic or thermochromic materials or electronic films in order to regulate the amount of light passing through is considered as smart glass.
Key Market Trends
Transportation is Expected to Hold a Significant Share
- The smart glass has found a large-scale application, particularly in the automotive industry, in sunroofs, and exterior and interior automatic dimming rear-view mirrors. Smart glass installations are seen in top automotive manufacturers, such as BMW and Mercedes. Mercedes-Benz offers its S-Class Coupe, as well as other variants of the S-Class, with an option of popular Magic Sky Control panoramic roof, using SPD-SmartGlass technology. Some of the benefits of SPD-SmartGlass include remarkable heat reduction inside the vehicle, UV protection, glare control, reduced noise, and fuel consumption.
- Smart glass is also increasingly being adopted in trains. For instance, a monorail train in South Korea has windows that automatically fog when passing apartments that are close to the train and the glazing occurs when the window's light transmission properties are altered through the application of voltage, heat or light to the surface.
North America is Expected to Hold the Largest Share
- Smart glass is becoming one of the region's popular building materials. One of the reasons for its growing popularity is that it is a multi-purpose building material that can be used by architects for several different purposes.
- In the case of the commercial design sector, smart glass has become an increasingly widespread feature because of its aesthetic value. For instance, Spirit Lake Casino & Resort, a fine dining restaurant in North Dakota, installed smart glass to give guests spectacular views of the natural surroundings, despite solar glare problem. The technology is also helping the restaurant save money by reducing the air condition cooling load during sunny days.
- Interest in the smart glass is growing because buildings account for 40% of total U.S. energy consumption and more than 70% of electricity use, according to the Department of Energy (DOE). Windows are commonly considered as one of the least energy-efficient building components, responsible for around 40% of total energy consumption for cooling and heating, as well as lighting when natural light blocked by shades, has to be replaced by artificial light, as per the California Energy Commission. Such factors are expected to influence the smart glass market demand in the region.
Competitive Landscape
The smart glass market is competitive and consists of several players. Many companies are increasing their market presence by introducing new products, by expanding their operations or by entering into strategic mergers and acquisitions.
- January 2018 - At CES 2018, Fisker launched its new Fisker E-Motion with an innovative four-segment SPD SmartGlass roof. Apart from this, the company has plans to offer SPD-SmartGlass technology on the side windows of this new electric vehicle.
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