The global smart glass market is expected to be worth $12,76-billion by 2030, according to a new report by Grand View Research, which says the sector is expected to grow at a CAGR of 9,9% from 2023 until then.
The growth of the market can be attributed to the growing product demand across the automotive and architectural industries. The emerging trend of deploying innovative technologies in new buildings has instigated the adoption of smart glass products in the architectural sector.
The market’s expansion is attributed to the growing investment in infrastructure development, high demand for luxury vehicles equipped with smart glass, and government initiatives to construct eco-friendly and energy-efficient buildings. An increase in the glazing area in commercial and residential buildings is expected to affect demand positively over the next few years.
An increasing number of architects suggest using this glass to construct new buildings which is estimated to lead to high demand in architectural applications. The high adoption of electrochromic glass in automotive and building construction applications has been the primary contributor to the segment’s dominance. There is a rapid growth in the adoption of electrochromic windows that offer control over energy consumption, glare, and comfort in the North America and Europe region.
According to the National Renewable Energy Laboratory (NREL), windows made using electrochromic technology are capable of reducing the electricity consumption for cooling by up to 49% and decreasing the costs of lighting by up to 51%. Such benefits of electrochromic technology are opportunistic for the growth of the segment.
Smart glass technology is largely adopted in commercial office buildings and corporate headquarters as it helps save costs considerably while maximising workplace productivity. Technologies, such as self-cleaning glass, low-emissivity glass, and solar control glass have become prominent offerings for the construction sector.
The increasing number of infrastructure projects, as well as restoration and renovation activities in residential and commercial spaces, is contributing to the growth of the architectural segment. For instance, Evora Public Central Hospital (around $228,8-million), Edge East Side Tower (around $448,7-million), Baltic Offshore Pipeline (around $2,7-billion), and Flamanville 3 (around $14,2-billion) among others are some of the prominent construction projects in Europe that were planned for the completion in the year 2023.
Companies are adopting strategic initiatives such as investments in R&D, mergers & acquisitions, collaborations, partnerships, and new product developments to gain a competitive edge. For instance, in March 2023 Kognition, an AI safety & security startup, partnered with View Inc, the provider of smart glass, to integrate View’s Smart Building Cloud – an integrated software stack for smart buildings, with Kognition’s SPS smart building software.
This partnership is aimed at providing a comprehensive approach to building safety and security, and helping the customers deploy and manage a cyber-physical security system powered by AI.
Additional highlights from the smart glass market report include:
* Electrochromic segment captured a significant market share of around 62% in 2022. This can be credited to increasing consumer demand driven by the ability of electrochromic glass to control the amount of light passing through it, becoming opaque or transparent through a switch or a remote control.
* Transportation application segment accounted for a considerable market share of around 49% in 2022 due to an increased inclination of automakers toward adopting SPD glass, especially in the luxury car segment.
* North America dominated the market in 2022 accounting for largest revenue share of over 33%. This growth can be attributed to the growing inclination toward green buildings.
* Asia Pacific is projected to record the fastest CAGR of over 11% from 2023 to 2030 as the region presents remarkable growth opportunities in the transportation sector.