The global smart glass market size is expected to reach USD 9.98 billion by 2025 registering a CAGR of 15.2%, according to a new report by Grand View Research, Inc. Rising product demand in residential and commercial buildings for better aesthetics is expected to boost the market growth over the next six years. Architects are widely using smart technology in new buildings, which is further expected to have a positive impact on the product demand in the architectural application sector. As smart glass is gradually replacing its conventional counterpart in the manufacturing of automobiles, aircraft, and trains, significant growth opportunities exist for manufacturers in the transportation sector.
Four prominent companies involved in the development and production of smart glass, namely Research Frontiers Inc., Vision Systems, Hitachi Chemical, and Gauzy, jointly invested for producing Suspended Particle Device (SPD)-Smart light-control film used in Electronically Dimmable Windows (EDWs) manufactured by Vision Systems. EDWs are widely used in automobiles and aircrafts. Favorable growth prospects in the construction industry, increased production of automobiles, and growing investments in infrastructure projects are factors that are propelling market growth.
Residential and commercial buildings are also getting restored and renovated to make them more energy-efficient, thereby further widening the application scope for smart glass. Electrochromic glass has proved to be an appropriate solution for buildings, such as healthcare facilities, retail spaces, and classrooms, where sunlight control is a challenge. It helps maintain access to daylight and outdoor views, which aids in quicker recovery of patients, improves emotional wellness, and increases employee productivity. Moreover, retaining daylight access can reduce a building’s reliance on artificial lighting.
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Further key findings from the study suggest:
- Electrochromic smart glass is projected to expand at the highest CAGR during the forecast period owing to its increased usage in commercial buildings and transportation application
- Demand for smart glass in power generation application is expected to increase in the coming years due to extensive R&D in this field
- Asia Pacific is projected to be the fastest-growing market registering a CAGR of 17.7% from 2019 to 2025 as it’s a relatively untapped region for manufacturers
- AGC, Inc.; Corning, Inc.; DuPont de Nemours, Inc.; and Compagnie de Saint-Gobain S.A. are some of the prominent companies in the market
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.