- Shipments of smart glass products expected to increase to meet demand for smart home installation; need for next-generation smart glasses in vehicles, which strengthens the prospects of a patented lighting system
- Advances in electronically switchable glasses to create additional avenues in the smart glass market; electrochromic lenses will be widely adopted, generating sales revenue in North America
ALBANY, NY, April 8, 2022 /PRNewswire/ — Growing prospects for advanced glass technology in architecture, consumer electronics and transportation applications are expanding the outlook for the smart glass market. The usage has proliferated in multiple applications to address several functional aspects such as energy efficiency and privacy in automobiles and smart homes, respectively. The global smart glass market is expected to grow at a CAGR of 14.5% during the period 2021-2031 to reach a value of US$18.3 billion by 2031.
Advances in media control technologies have expanded the capabilities of smart glasses, such as the functionality of advanced control systems possible with power switchable glasses. R&D on electrochromatic technology is expected to pave the way for new revenue streams for smart glass market players, say analysts in an in-depth study by TMR.
The demand for next-generation smart glasses in sunroofs and other window-like surfaces in vehicles has made it possible to control the amount and nature of light through glass. New types of smart glasses are being adopted by consumer electronics manufacturers, creating new avenues in the smart glass market. Smartphone manufacturers are multiplying patents relating to lighting systems, which will help them gain competitiveness, say analysts who are scrutinizing the lucrative avenues.
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Key Findings from the Smart Glass Market Research
- Widespread application in the automotive industry to propel product sales: Rising demand for next-generation glasses for vehicles is bolstering the revenue prospects of the smart glass market. The extensive use of smart glasses in automotive applications is expected to push the boundaries. Automakers are bringing smart glass technology to automobiles to provide anti-reflective property, remote configuration freedom, and opaque adjustment properties. A typical example is the popular application of SPD (suspended particle devices) smart glass technology in automotive applications.
- The use in multiple applications underlies wide avenues; Lucrative solar power generation application: There has been a strong demand for smart glass in architectural and transportation applications. It should be noted that solar PV glass technology has made considerable progress in response to the need for increasing solar power generation capacities. Sales of solar PV glass products are supporting the revenue outlook of the smart glass market. Vigorously, smart glass based on various technologies is breaking new ground. The authors of the TMR smart glass market study find that electrochromic glasses have widened in applications, such as switchable glass applications.
- Patented products to generate new sources of revenue: Patented technologies relating to the control of the opaque properties of products broaden the scope of action for players in the smart glass market. Tech companies such as Google Inc. and Apple want to bring seamless media technologies to market for a range of applications, including automotive and architectural.
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Smart Glass Market: Key Drivers
- The growing application of configurable transparent structures for lighting and display in the transportation and automotive industries is a key pivot for the steady expansion of avenues in the smart glass market
- Growing investment in solar power generation has propelled demand for smart glass products
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Smart Glass Market: Regional Growth Dynamics
- North America held a significant share of the global smart glass market. Companies in the regional market have derived revenue from rising sales of smart glass products in multiple applications in automotive, solar energy and architecture. A significant portion of revenue has come from the United States, and the domestic market should continue to offer lucrative avenues.
- the Asia Pacific The smart glass market is expected to abound with opportunities over the forecast period 2021-2031. China should generate substantial leads.
Smart Glass Market: Key Players
Some of the major players in the smart glass market are iGlass, Research Frontiers, Innovative Glass Corporation, Smartglass International Limited, ChromoGenics AB, Polytronix, Inc., Saint-Gobain SA, ASAHI GLASS CO., LTD. and DuPont.
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Global Smart Glass Market: Segmentation
Smart Glass Market, By Technology
- Crystal Liquid
- Suspended Particle Device
Smart Glass Market, By End Use
- Consumer electronics
- Solar power generation
Smart Glass Market, By Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC countries
- South Africa
- Rest of Middle East & Africa
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