According to a recent market research report published by Transparency Market Research, the global smart glass and window market is estimated to expand robustly at a CAGR of 14.7% during the period between 2015 and 2021. The report, titled “Smart Glass and Window Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021,” projects the global smart glass and window market to be valued over US$6 bn by 2021. The overall market stood at a valuation of US$2.2 bn in 2014.
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Smart glass refers to a special glass whose light transmission properties are altered on application of light, voltage, or heat. Technological advancements have led these glasses to be used for ensuring energy effectiveness, proper fuel consumption, user comfort, and blockage of harmful radiation. The growing awareness about efficient energy consumption has propelled the demand for smart glass and window across the construction and automotive sector.
The growing need for energy efficiency and the rising demand for smart glasses in automobiles are the key factors driving the global smart glass and window market. However, the high cost of smart glass is expected to restrain the overall market during the forecast horizon. The global smart glass and window market has a huge opportunity to expand with the growing demand from Asia Pacific and extensive usage of smart glass in new application areas.
On the basis of technology, the global smart glass and window market has been broadly categorized into active and passive. The active smart glass and window segment has been divided into suspended particle device (SPD), polymer dispersed liquid crystals (PDLC), electrochromic, and others. The passive smart glass and window segment has been sub-segmented into thermochromic and photochromic. The active smart glass and window segment led the overall market in 2014 and accounted for a share of more than 80%. These active smart glass and windows are extensively used across the transportation and construction sectors. Among the various types of active smart glass and window, the demand for suspended particle device (SPD) was the highest in 2014. The photochromic smart glass and windows accounted for the largest share in the passive smart glass and window segment.
In terms of application, the report segments the global smart glass and window market into aircraft, construction, automotive, and marine. The automotive sector dominated the overall market in 2014 due to the increased demand for fuel efficiency, passenger privacy, and protection from radiation.
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The report studies the smart glass and window market across four key regions: Asia Pacific, North America, Europe, and Rest of the World. In 2014, North America was the largest market for smart glass and window and held 30% of the overall market. The rising consumer awareness about energy conservation across the U.S. and Canada, along with technological advancements has propelled the growth of this regional market. Europe emerged as the second largest market with a share of 25% in the global market. The smart glass and window market in Europe has been driven by rising architectural developments and the existence of large glass formats.
Describing the competitive landscape, the report profiles some of the key players in the global smart glass and window market such as Hitachi Chemical Co. Ltd.(Japan), Research Frontiers Inc.(U.S.), Pleotint Llc.(U.S.), View Inc.(U.S.), Compagnie de Saint-Gobain S.A.(France) and Asahi Glass Co. Ltd.(Japan). The key players account for more than 80% of the market.