A recent report published by
Infinium Global Research on the smart glass market provides in-depth analysis of
segments and sub-segments in the global as well as regional smart glass market.
The study also highlights the impact of drivers, restraints, and macro
indicators on the global and regional smart glass market over the short term as
well as long term. The report is a comprehensive presentation of trends,
forecasts and dollar values of global smart glass market. According to the
report, the global smart glass market is projected to grow at a CAGR of 16.36%
over the forecast period of 2020-2026.
Smart glass is an innovative
building material that is made up of electromagnetic glass to create room
partitions, electronic curtains, privacy windows for the home and office,
vision panels, and other applications. These smart glasses are electrically
switchable surfaces that are able to change their properties when voltage,
light, and heat are applied to them. The smart glass transforms from
translucent to transparent bypass an electric current into the panels. Smart
glass technologies contain electrochromic, photochromic, thermochromic,
suspended particle, micro-blind and polymer dispersed liquid crystal devices.
The smart glass market has been
severely affected by the spread of COVID-19. Disruption in the supply chain of
smart glass has been the major obstacle for the growth of the market during
pandemic. Moreover, the demand for smart glass has also been affected by the
COVID-19 pandemic. Furthermore, the government lockdowns coupled with the
concern over spread of coronavirus led many industries such as automotive and
consumer electronics to reduce their production and close their manufacturing
units in some countries. However, as the pandemic situation came under control,
many countries including China, India, Thailand and South Korea eased the
lockdown orders, restoring smart glass production to normal volume. This brings
back the supply of smart glass to its pre-pandemic level. Moreover, as the
pandemic situation cools down, the production of products using smart glass
such as vehicles, consumer electronics and buildings is anticipated to grow.
This, in turn, boosts the demand for smart glass from these industries.
Rapidly increasing the use of
smart glass for developments in automotive industries and government
initiatives to construct energy-efficient and eco-friendly buildings drive the
growth of the smart glass market. Automotive smart glass supports temperature
control, protection of interiors from degradation/staining from UV, dimmable
shading in all windows to diminish blinding glare, projection applications for
digital signage, and security in armored vehicles. In addition, the enlargement
of application areas for smart glass technology and its various advantages such
as energy efficiency, reducing carbon emission, and providing comfort for users
are expected to enhance the market growth of smart glasses over the forecast
period. However, High initial cost and lack of technical expertise are
considered to be the restraining factors for the growth of the smart glass
market. Moreover, inclinations of consumers towards energy conservation using
smart glass technologies, and recent advancements in smart glass technologies
are expected to serve more opportunities for companies working in this market
in upcoming years.
The report provides regional
analysis covering geographies such as North America, Europe, Asia-Pacific, and
the Rest of the World. North America dominates the market of smart glass due to
the favorable government rules and regulations. It holds a 37.41% smart glass
market share in 2018. Europe is expected to grow at a CAGR of 15.58% because
governments in the European countries are planned to introduce smart glass
technology in several industrial applications. Asia-Pacific region is
anticipated to grow at the highest CAGR of 20.28% over the forecasted period.
The countries like China and India offer great opportunities for automotive
market growth, so smart glass manufacturers are trying to expand their business
in these emerging economies.
The report on global smart glass
market covers segments such as technology, and application. On the basis of
technology, the sub-markets include electrochromic, suspended particle devices
(SPD), polymer dispersed liquid crystal (PDLC), thermochromic, photochromic,
and liquid crystal. On the basis of application, the sub-markets include
architecture, transportation, power generation plants (Solar), consumer
electronics, and others.
The report provides profiles of
the companies in the market such as Asahi Glass Company, Gentex, Hitachi
Chemicals, Pleotint, LLC, Guardian Industries Corp., Innovative Glass Corp.,
Kinestral Technologies, Inc., LTI Smart Glass Inc., Vitro Architectural Glass,
and Saint-Gobain SA.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of the smart glass market. Moreover, the study highlights current market
trends and provides forecasts from 2020-2026. We also have highlighted future
trends in the market that will affect the demand during the forecast period.
Moreover, the competitive analysis given in each regional market brings an
insight into the market share of the leading players.