Smart Glass Market

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The Global Smart Glass Market is valued at USD 5.2 Billion in 2022 and is projected to reach a value of USD 10.7 Billion in 2030 at a CAGR (Compound Annual Growth Rate) of 10.9% over the forecast period.

Smart or switchable glass is a glass or glazing through which light transmission can be altered to control the entry of solar irradiation within buildings. Generally speaking, the glass can change between transparent and translucent and vice versa. The global Smart Glass market's primary driver can be the rising demand for reducing energy spent on heating, ventilation, and air conditioning (HVAC) and lighting systems. Additionally, Smart Glass installation can provide indoor environmental quality of infrastructure. Decreasing the price of electrochromic glass and the utilization of Smart Glass within the automobile sector will further contribute to global market growth.

A rising number of energy-conservation initiatives, including green buildings and eco-friendly structures combined with favorable scenarios regulating financial and tax benefits arising from the installation of Smart Glasses, will sustainably increase the global market's footprint. For instance, in 2021, the Canadian government announced allocating USD 1.5 billion to increase the number of green buildings through various initiatives such as upgrades, retrofits, and construction. These initiatives are prompting energy-saving properties, giving rise to elegant 3D designs, and improving thermal and acoustic insulation. These factors will add to the demand for Smart Glass.

Expanding utilization of Smart Glass within various industries, including automobile, construction, and consumer electronics, is expected to widen the global market's scope. Growing investments towards infrastructure are expected to propel the construction sector, thereby fuelling the growth of the Smart Glass industry. The increasing inclination of consumers towards glass instead of bricks and cement walls will further create lucrative opportunities for the global Smart Glass market during the forecast period. An ongoing trend of large, floor-to-floor glass windows is favoring a budding market potential.

An increasing number of replacement and renovation activities across the globe is expected to drive the demand for Smart Glass at an exponential rate. According to studies conducted by the Department of Energy (DoE), more than 19 million square feet of residential windows will be installed in the US alone, and more than 500 million square feet of windows will be installed in the commercial sector in the upcoming years. However, a higher cost of Smart Glass will restrain the growth factor to a certain extent. Smart Glass prices are based on installation costs, material costs, electricity costs, and functional features.

Economic Insights

Many financial analysts and economists predicted that, if not already, the majority of the global economy would be in recession. However, as 2022 comes to a close and 2023 begins, the global slowdown is expected to worsen. Given the tight labour market, studies indicate that the United States will enter a recession in the first half of 2022. The ongoing conflict between Russia and Ukraine has lowered the likelihood of a post-pandemic economic recovery in many countries. The economies of developed and developing countries in Europe and Central Asia are expected to bear the majority of this financial burden. Energy price shocks will continue to impact the global economy, resulting in a decline in economic activity throughout 2023.

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Top Market Trends

1. Supportive Government Initiatives to Propel Market Growth: Increasing number of supportive government initiatives are expected to provide a sustainable pathway for the market to flourish. For instance, the UK government introduced various schemes during the pandemic, such as the Coronavirus Business Interruption Loan Scheme (CBILS). Under the scheme, SMEs with an annual turnover of USD 60.34 million going through cashflow disruptions due to the pandemic were eligible for approximately USD 6.7 million financing.

2. Rising Awareness Regarding Renewable Energy Sources: During the forecast period, rising awareness aimed at increased utilization of Smart Glass within renewable energy is expected to rise. Studies have indicated that Smart Glasses can act as auto-dimming glasses to enhance solar panels' heat-capturing capacity. Additionally, technological advancements and rising R&D activities have surged the utilization of photochromic and thermochromic Smart Glasses with renewable energy.

3. Increasing Manufacturing Post COVID-19: The pandemic hampered the growth trajectory of the global Smart Glass industry as non-essential activities were put on the backpedal. However, post-pandemic, manufacturers are increasing their local production capabilities to reduce their dependencies on other economies for raw material sourcing. Additionally, the prominent players in the industry are widening their product portfolios to serve various sectors such as electronics, healthcare, and solar power generation. Rising imports and exports of Smart Glass products are expected to contribute to the industry exponentially.

4. Expanding Utilization Within the Automotive Industry: Surging demand for privacy, energy efficient, light & heat control, design innovations, and automated shading will boost the demand for Smart Glass within the automotive sector. Increased utilization of smart within luxurious cars is on the rise. They provide features such as auto thermal heating and cooling as per the external weather. This can lead to enhanced fuel efficiency.

5. Rising Research and Development within Solar Power Generation: Solar energy generation is gaining tremendous popularity and grabbing the attention of environmentally conscious people. Solar power generation is the primary mode of renewable energy conversion. Many countries across the globe are constantly thriving to increase their output of solar power panels due to their energy-efficient and cost-productive nature.

6. Increasing Number of Start-ups: The Smart Glass industry is extremely budding, and various technological developments are constantly occurring. As such, there has been an increased number of start-ups entering the Smart Glass sector. Various US-based startups are developing glass that can harness solar energy for producing electricity. These glasses have a similar look to traditional glass. However, they have photovoltaic (PV) window coating for storing and distributing solar energy. These developments will fuel the growth of the global Smart Glass market.

Market Segmentation

The global Smart Glass market can be categorized on the following: Technology, Application, Control Mode, and Regions. Based on technology, the market can be categorized into suspended particle display, electrochromic, liquid crystal, microblind, photochronic, thermochronic. By application, the market can be segmented across architecture, transportation, power generation plants (solar), consumer electronics & others. In terms of control mode, the market can be fragmented across dimmers, switchers, remote control, and others. Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Technology

Electrochromic Glass Segment to Occupy Largest Market Owing to Easy Integrating with Large Glass Panels

Electrochromic glasses will dominate the global Smart Glass segment during the forecast period. Factors such as increasing benefits, including a higher blockage ratio of UV and IV rays combined with low driving voltage, are expected to contribute to segmental growth. Additionally, the ability to be integrated with large glass panels and extensive utilization in hospitals, educational buildings, commercial spaces, and retail outlets will widen the segmental growth. The segment about suspended particle devices (SPD) will grow with the fastest growing CAGR owing to precise and instant light control and the ability to transform transparent to dark within a shorter time.

Based on Application

Transportation to Occupy Largest Market Share While Architecture to Grow with the Fastest Growing CAGR

Transportation will account for the largest market share in the global Smart Glass market. Smart Glass in transportation is utilized within aircraft, automotive, and marine applications. Luxury car manufacturers integrate Smart Glass at a maximum capacity. For instance, in September 2021, BMW announced its BMWi Vision Circular Showcar at the IAA Auto Show. The BMWi comes equipped with an advanced headlight design incorporating the SPD LCG Technology developed by Gauzy Ltd. Architecture will grow with the fastest growing CAGR during the forecast period owing to studies indicating Smart Glass integration to maximize work productivity.

Based on Control Mode

Switchers to Own Largest Market Share Owing to Ease of Convenience

Switchers are expected to dominate the global Smart Glass market in revenue and sales. These switchers are often utilized higher in office and commercial settings. Switchers offer an easy and convenient mode of operation and allow for efficient Smart Glass operation. Business meetings and other discussions are often required within office settings that can require privacy. These factors are expected to contribute toward exponential segmental growth. Remote control will grow with the fastest growing CAGR during the forecast period due to remote operation mode.

Based on Region

North America to Dominate Market Due to Rising Availability of Product and a Higher Adoption Rate

The global Smart Glass market is expected to be dominated by the region of North America in terms of registering maximum sales. The region is home to many prominent players within the Smart Glass industry. The regional companies are launching customized products that meet the consumer's demands. Additionally, the availability of a value-added product, including laminated glazing Smart Glass, combined with the rising number of energy conservation regulations within infrastructure in the region, will contribute to the North American Smart Glass market. The rising adoption of electric vehicles within the United States and cloud-based operations for autonomous applications will contribute to the market for sustainable growth.

Asia Pacific will register the fastest-growing CAGR during the forecast period owing to incredible growth opportunities within the transportation sector. Increasing disposable income and rising demand for luxurious vehicles within the region will also account for the growth in the Smart Glass industry.

Competitive Landscape

The competitive landscape for the global Smart Glass market is extremely high due to the presence of numerous dominant players. Additionally, the global Smart Glass market is highly fragmented as players focus on investing heavily in their research and development departments to capture a wider product portfolio. Additionally, strategies such as mergers and acquisitions and the rising number of MoUs will further widen the global market's scope.

The key players in the global Smart Glass market include - AGC Inc. (Japan), ChromoGenics (Sweden), Corning Incorporated (U.S.), Gauzy Ltd. (Israel), Gentex Corporation (U.S.), Guardian Industries (U.S.), Kinestral Technologies Inc. (U.S.), Nippon Sheet Glass Co. Ltd. (Japan), PPG Industries Inc. (U.S.), Raven Window (U.S.), Research Frontiers Inc. (U.S.), Saint-Gobain S.A. (France), Showa Denko Materials Co. Ltd. (Japan), Smart Glass International Limited (U.S.), VELUX Group (Denmark), Vision Systems (Israel), HAVERKAMP GmbH (Germany) among others.

Recent Market Developments:

• September 2021: Saint-Gobain announced they were acquiring IMPAC, a market leader in chemical construction solutions in Mexico. This is expected to prop the position of the Group in Latin America and accelerate its expansion in the area by expanding its light and sustainable building solutions portfolio.
• September 2021: The Research Frontiers SPD-Smart light control film announced its use in the BMWi Vision Circular Showcar in their headlights. The SPD glass can turn transparent from dark once the light is switched on.
• January 2022: Gentex announced they were partnering with eSight to develop digital eyewear for helping people with visual impairment.

Segmentation of the Global Smart Glass Market