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Smart glasses or electrically switchable glasses are innovative building materials made up of electromagnetic glass or glazing whose light transmission properties are controlled or altered by passing voltage, light, or heat through them. Usually, the glass changes from transparent to translucent and vice versa, changing from letting light pass through to blocking some or all wavelengths of light and vice versa.
The light control offered by these glasses can help saving tremendous amounts of energy on heating, cooling, and lighting.
These offer protection from harmful ultraviolet (UV) rays, diminishing glare, assist in controlling the heat inside the vehicle, and decreasing energy consumed over-temperature maintenance which make them highly desirable in automobile, aviation, and any other transportation applications requiring heat and glare control.
These glasses are majorly used in the construction industry in the form of electrochromic windows and when are used in the envelope of buildings, they create climate adaptive building shells. These smart windows help in providing more savings and help in the reduction of greenhouse gas emissions efficiently.
The global smart glass market is expected to grow at a more than healthy CAGR in the years to follow.
The growth of this market is attributed towards major pertaining factors including; the growing adoption of smart glass in various end-use industry verticals, rising demand of smart glass for luxury and commercial smart windows and panels, the increasing implementation of sustainable solutions in the architectural and automotive sectors, the increasing governmental assistance through financial benefits and tax initiatives, increasing awareness of technical attributes and distinctive aesthetics of smart glass in industries, global extensive technological advancements in product development and in related industries, increasing developments in the automotive industry and the increasing stringent regulations for energy efficiency worldwide etc.
Additionally, smart glasses currently serve as luxury products which provide security and privacy to the users. And therefore, their demand is surging in the transportation sector as window and screen applications in automobiles, aircraft, marine vehicles such as yachts etc. Airplane manufacturers these days are increasingly installing electrochromic windows to increase their luxury and security factors for their pilots and passengers. This is majorly boosting the growth of the smart glass market.
Moreover, active glass installations are rising in the smart glass market owing to its ability of being controlled by the user. These provide a higher control overheat and light at the will of the user, which provides considerable electricity cost-savings, which, in turn, expands their demand and the size of the global smart glass market.
Furthermore, factors such as the surging global demand for eco-friendly and energy efficient products, declining prices for eletrochromic materials, improved innovation in raw materials & technologies coupled with the possibility for their new applications across various sectors, rapid urbanization in developing countries leading to increased need for infrastructure development, growing collaborations between technology providers and suppliers, increasing architecturally advanced construction philosophies incorporating the installation of large windows, the increased adoption of smart glass in trains and ships, the recovering automotive production and the surging restoration and renovation activities because of several windows in the current infrastructure lacking energy efficiency are further adding to the growth of the market.
However, the high cost of manufacturing smart glass and related products, presence of viable substitutes, such as chemical glazes and decals & coating, the lack of awareness about emerging innovations by the service providers and long term benefits of the product, lack of technical expertise and low durability of smart glass and performance are a few factors restraining the growth of this market.
SMART GLASS MARKET SEGMENTATION:
By Mode Of Control:
The European region is the dominating region in the smart glass market and is the largest market followed by North America. The growth in the region can be attributed to factors such as the increasing number of technological advancements in the region, the rapidly increasing energy cost triggering the demand for energy-efficient products, the increasing preference of smart glass in the region because of its beneficial functions in adverse and extreme climatic conditions, formulation and implementation of discretionary regulations to initiate and increase green building constriction, consequently ensuring the use of eco-friendly material, the growing demand and application of smart glass especially from and in the transportation sector etc. The major contributors in the region include The U.K. and Germany.
The North American region accounts for the second largest market for smart glasses and is anticipated for robust growth in the next few years in the market owing to the increasing automotive production, presence of major companies, increasing number of favorable regulations and mandates regarding the use of glass in the region, increasing demand from the transportation department and the increasing use of smart glass in electronic equipments in the region etc. The major contributor in the region is the U.S.
The Asia Pacific region is the fastest growing regional market for Smart Glasses and is expected to grow at a tremendous growth rate owing to factors such as the increasing disposable income of the growing populace in emerging countries of the region, growing number of technological innovations, increasing experiments of smart glasses for applications in electronics and energy generation in the emerging economies of the region, the presence of large numbers of leading smart glass manufacturers, growing infrastructural construction in the region etc. The major contributors in the region are India, China, Japan and South Korea among others of which China is currently the leader having huge manufacturing units of Smart Glasses, thereby contributing to the overall growth of the market in the region.
FEW KEY PLAYERS IN SMART GLASS MARKET:
Timeline Considered for Analysis:
- 2019: Base Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global smart glass market by the following segments:
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Smart Glass Industry Report
The report offers a comprehensive insight on the Smart Glass Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
We offer customizations as per client’s specific needs.