Global Smart Glass Market size is expected to reach USD 9.98 billion by 2025, according to a new report by Hexa Reports. The growing glazing area in commercial and residential buildings is expected to impact the market positively over the next few years. Architects are suggesting the use of smart technology for new buildings, which is expected to drive smart glass demand in the architectural segment.
High growth opportunities exist in the transportation sector as manufacturers are increasingly using smart glass as an alternative to conventional glass. In 2016, the new Mercedes-Benz SLC incorporated the Suspended Particle Devices (SPD) technology developed by Research Frontiers, Inc. Daimler AG and BMW AG have deployed smart glass in sunroofs and windows of their premium cars. Ferrari 575M Super America featured an electrochromic smart glass panel roof. Electrochromic smart glass is used in the fabrication of Boeing 787 Dreamliner windows.
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The key factors contributing to the smart glass market growth include positive growth outlook of the construction industry, increasing automotive production, and rising investments in infrastructure projects.
Moreover, growing restoration and renovation activities in commercial and residential buildings are providing ample replacement opportunities as the current buildings lack energy-efficient infrastructure.
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Further key findings from the report suggest:
- The electrochromic segment is expected to account for a revenue share of close to 30% by 2025, owing to its increased adoption in smart windows for transportation and architectural applications
- The consumer electronics segment is expected to grow at a significant rate as several manufacturers are focusing on implementing smart glass in their products
- LG incorporated the technology in its new refrigerator, which featured darkened glass panel that illuminates upon an external stimulus to become transparent in order to reveal the fridge’s contents
- The aircraft segment is expected to grow at a CAGR of more than 15% over the forecast period
- Asia Pacific is expected to be the fastest-growing regional market, owing to increasing investments for the production of smart glass in economies such as Taiwan and Japan
- The key industry players include Saint-Gobain S.A., Asahi Glass Co., Ltd., Corning Incorporated, and DuPont
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