CHICAGO, Feb. 2, 2024 /PRNewswire/ -- The global smart glass market is expected to be valued at USD 5.8 billion in 2024 and is projected to reach USD 9.4 billion by 2029; it is expected to grow at a CAGR of 9.8% from 2024 to 2029 according to a new report by MarketsandMarkets. The smart glass market is driven by the demand for energy efficiency in construction and automotive sectors, aligning with smart city initiatives.
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Browse in-depth TOC on "Smart Glass Market"
120 - Tables
55 - Figures
230 - Pages
Smart Glass Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 5.8 billion |
Estimated Value by 2029 | $ 9.4 billion |
Growth Rate | Poised to grow at a CAGR of 9.8% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Technology, Mechanism, Control System and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Compliance with building codes and regulations in the smart glass market |
Key Market Opportunities | The rising potential of minimalist architecture offers a unique opportunity for the market growth of smart glass |
Key Market Drivers | Increasing demand for smart glass from the automotive sector |
Based on technology smart glass market for electrochromic segment to hold the largest share during the forecast period.
The dominance of electrochromic technology in the smart glass market can be attributed to its remarkable versatility and energy-efficient characteristics. Electrochromic glass enables users to dynamically regulate tint and transparency levels, responding to external factors like sunlight or electrical signals. This adaptability not only enhances user comfort by minimizing glare and controlling indoor temperatures but also leads to substantial energy savings by diminishing the need for external shading devices or excessive air conditioning. Widely embraced in both residential and commercial settings, as well as integrated into automotive and aerospace applications, electrochromic technology stands out as the preferred choice. Ongoing advancements in electrochromic materials and manufacturing techniques continuously enhance performance, durability, and cost-effectiveness, reinforcing its prominent position in the smart glass market.
Smart glass market for the mobile-based control system to exhibit the highest CAGR market during the forecast period.
Mobile-based control systems hold a higher CAGR in the smart glass market due to their seamless integration with the modern lifestyle and the increasing reliance on mobile devices. The convenience of controlling smart glass functionalities through mobile applications aligns with the growing trend of smart home and building automation. Mobile-based control offers users the flexibility to manage smart glass settings remotely, fostering enhanced user experience and convenience. As smartphones become ubiquitous, the ease of adjusting transparency levels, tint, or other features via mobile apps resonates well with consumers. This widespread adoption of mobile-based control systems, coupled with ongoing technological advancements in mobile platforms, positions it as a key driver for the observed higher CAGR in the smart glass market.
Based on mechanism smart glass market for active segment to hold the largest share during the forecast period.
Active mechanisms secure the largest share in the smart glass market owing to their dynamic and controllable nature. Active smart glass systems, which rely on external stimuli like electrical voltage or heat to induce changes in optical properties, provide users with real-time adjustability for tint, transparency, and opacity. This instant responsiveness is particularly attractive across various applications, from smart windows in homes and offices to automotive glass. The demand for active mechanisms stems from their ability to offer precise control over environmental factors, enhancing user experience in terms of glare reduction, privacy control, and energy efficiency. The continuous innovation in active smart glass technologies, including improvements in responsiveness, energy efficiency, and cost-effectiveness, contributes to their widespread adoption and dominant position in the smart glass market.
Transportation end use segment to hold the largest share during the forecast period in smart glass market.
The dominance of the transportation sector in the smart glass market stems from its widespread integration across various applications in automotive, aerospace, and marine industries. In automotive applications, smart glass is increasingly utilized in windows, sunroofs, and rearview mirrors, providing features like glare reduction, UV protection, and privacy control. Smart glass's lightweight and energy-efficient properties in the aerospace sector contribute to improved passenger comfort and overall fuel efficiency. Additionally, in marine applications such as cruise ships and yachts, smart glass enhances aesthetics and offers panoramic views. With the transportation sector experiencing substantial growth and a heightened focus on safety, aesthetics, and energy efficiency, it emerges as the primary contributor to the overall market share, establishing itself as a crucial segment within the smart glass market.
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Smart glass market for Europe region to hold the largest share during the forecast period.
Europe commands the largest share in the smart glass industry due to a confluence of factors that position the region as a major adopter of this innovative technology. The European market benefits from a robust demand for energy-efficient solutions in construction, where smart glass is widely employed for optimizing natural light and enhancing insulation. Moreover, stringent environmental regulations and a strong emphasis on sustainable practices drive the adoption of smart glass across residential and commercial structures. In the automotive sector, European automakers integrate smart glass for advanced functionalities, aligning with the region's reputation for technological innovation. The collective focus on energy efficiency, environmental sustainability, and advanced technology adoption positions Europe as a key player in the smart glass market, contributing significantly to its largest share.
Key Players
The smart glass companies includes major Tier I and II players like Saint-Gobain (France), AGC Inc. (Japan), GENTEX CORPORATION (US), Corning Incorporated (US), Nippon Sheet Glass Co., Ltd (Japan) and others. These players have a strong market presence of smart glass across various countries in North America, Europe, Asia Pacific and Rest of the World (RoW).
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