Smart Glass also known as Switchable Glass or Magic Glass changes its light transmission properties on provision of voltage, light or heat. It finds application mostly in doors, partitions, skylights or windows in both residential as well as commercial buildings. Both manual and automatic variants of smart glass are available in the market. It turns transparent from translucent or allows passage of selective wavelengths as required.
It has significant advantages over regular glass like energy efficiency, reduced carbon emission and user comfort. Factors such as rise in the growth prospects of next-generation displays,optimal energy-saving performance, improvement in the automotive sector,increase in popularity of internet of things (IoT) and devolvement in green building concept will lead to rapid commercialization of the smart glass market in the years to come.
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The Global Smart Glass Market is expected to reach an estimate of $8.35 Billion in the year 2022 from $3.32 Billion in 2017 at a CAGR of 16.61%. Global Smart Building market is expected to grow tremendously due to its numerous advantages which will propel the smart glass market in the coming years. Automobile Sector is also witnessing high growth rate in recent years due rising purchasing power of individuals and growing economy.
It will be a major factor for smart glass market in the future period. The market will also receive a further boost by increased number of air passengers and air cargo deliveries. Increased use of solar power can also boost the smart glass market owing to its applications in producing solar energy.
The sharp rise in electronic gadgets and devices will further spur the growth of smart glass market. The availability of a huge penchant for novel advances, key smart glass innovators, and stringent energy efficiency regulations are a few of the major drivers in industrialized markets. The shift in demand from passive to active glass is generating high needs in the replacement market. However, slower response time for large glasses, lack of general awareness among consumers and higher costs compared to its alternatives may act as hindrance to this rapidly growing market.
Based on technology, the Global Smart Glass Market is divided into Active Glasses and Passive Glasses. Active glass is stimulated by electricity while passive glass by heat or UV light. The active glass can be further subcategorized to suspended particle device glass, electronic glass, nanocrystals, micro-blinds and polymer dispersed liquid crystal glass. SPD Glass has the largest market share among others due to applications in architecture and automobiles.
Passive glasses are further subcategorized in thermochromic and photochromic glass. By end user application, global smart glass market is segmented into transportation, architecture, power generation, electronics and others. Architecture includes both commercial and residential buildings and is the market leader in terms of market share.
On the basis of regions the global smart glass market is segmented into seven regions, Asia-Pacific (excluding Japan), Western Europe, Latin America, North America, Japan as a separate region, Middle East & Africa and Eastern Europe. North America dominates the global smart glass market in terms of high production and consumption of smart glasses. But it is expected that European market will grow significantly in near future due to its architectural advancement and efficiency standards of government.
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Some of the key players in the Industry are Vision Systems, PPG Industries Inc., Asahi Glass Company Ltd., Research Frontiers Inc., Corning, INC., RavenBrick LLC, Sage Electronics, Pleotint LLC, Hitachi Chemical Co. Ltd. And Smartglass International.
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