Global Smart Glass and Window Market Insights
Rising concerns pertaining to energy efficiency among construction companies, building managers, and owners have been fuelling demand for smart glass and window. With leading players exploring applications beyond conventional sectors, Transparency Market Research (TMR) forecasts, the global smart glass and window market to surge at a 14.7% CAGR from 2015 to 2021.
Besides their rising installation across green buildings, demand for smart glass and windows is also expected increase in the automotive, marine, power generation, and construction sectors. Currently, the market has a stronger footprint in developed regions. However, during the course of the forecast period and as a consequence of robust infrastructural development, deployment of smart glass and windows is likely to be widespread across emerging economies.
The global smart glass and window market stood at US$2.25 bn in 2014, says TMR. The market is expected to reach US$6.07 bn by the end of 2021.
Automotive and Construction Sectors Exhibit Highest Demand for Smart Glass and Window
Industries such as marine, construction, automotive, and aircraft presently exhibit the highest demand for smart glass and windows. Of these, the automotive segment emerged dominant in the market, accounting for a share of 46.6% in 2014.
Demand for vehicles offering improved fuel-efficiency will increase exponentially in the forthcoming years. Vehicle manufacturers are therefore exploring the latest technologies to render cars more fuel-efficient. TMR expects the advent of smart glass and window to considerably aid the objectives of auto-manufacturers. Several leading car manufacturers have already incorporated the technology in side view and rear view mirrors. This will bode well for smart glass and window sales.
Construction in the same year emerged as the second-largest application segment in the global smart glass and window market. It held over 43.6% of the market in 2014. The rising need of efficient energy consumption in commercial, corporate, as well as residential buildings will boost installation of smart glasses and windows across the construction sector.
Technological Advancements in North America Boost Installation of Smart Glass and Window across Various Sectors
The global smart glass and window market comprises North America, Asia Pacific, Europe, and Rest of the World. Among these regions, North America emerged dominant in the market in 2014, with a share of 31.8%. The North America smart glass and window market is projected to rise at a CAGR of 14.7% between 2015 and 2021.
The region witnesses rapid technological advancements, high demand for energy-efficient products, and supportive government regulations. Spurred by these factors, the installation of smart glass and windows has significantly increased across the automotive, construction, marine, and other sectors in the region. The U.S. emerged as the largest market for smart glass and window in the region, followed by Canada.
Europe held the second-largest market share in 2014 and is expected to exhibit a CAGR of 15.8% in the forecast period. TMR expects demand from Asia Pacific to rise as well in the forthcoming years. Robust infrastructural development and urbanization witnessed across emerging economies are fueling the demand for energy in the region. This will subsequently bolster sales prospects for smart glass and window manufacturers in the region.
Saint Gobain S.A., Research Frontiers Inc., Asahi Glass Co., Ltd., View Inc., Hitachi Chemicals Co., Ltd., Pleotint Llc, and PPG Industries Inc. are identified in the report as the key players in the global smart glass and window market.
Smart glass and window is made up of special glass which changes light transmittance properties across a spectrum. The characteristics of these glasses can be varied depending on the ambient conditions with the help of heat voltage or light applied as per needs of the occupants. With increasing technological advancement, these glasses ensure user comfort, energy effectiveness, proper fuel consumption and blockage of harmful radiation among others. The smart glass and window market is composed of two technology types which include active and passive. The active segment is further subdivided into polymer dispersed liquid crystals (PDLC), suspended particle device (SPD), electrochromic and others. Moreover, the passive segment is classified into passive photochromic and passive thermochromic. Active smart glass and window market held the largest market share in 2014, owing to dynamic light transmission adjustment property using a single switch. By application, the smart glass and window market is segmented into automotive, aircraft, construction and marine. The automotive sector accounted for the largest market share in 2014, primarily due to increasing demand for eco friendly solutions, fuel efficacy and passenger safety among others. The market is classified into four geographic regions - North America, Europe, Asia Pacific, and Rest of the World.
The smart glass and window market is primarily driven by growing surge for efficient consumption of energy in buildings. Smart glasses reduce costs for air conditioning, lighting and heating among others and also block UV light. Moreover, these glasses are fuel efficient and have low carbon emissivity and hence are largely incorporated in personal vehicles. Furthermore, increasing demand from developing countries and new technological advancement are likely to create growth opportunity for the global smart glass and window market in the future. However, prices of smart glasses are approximately double as compared to conventional glasses. Hence the use of smart windows is mostly limited to rich commercial and corporate buildings. With decrease in price of electrochromic materials used in smart windows, the costs of these glasses are expected to drop down in the future. Considering all the prevailing trends, the smart glass and window market is expected to experience robust growth throughout the forecast period from 2015 to 2021.
North America dominated the global smart glass and window market in 2014 in terms of value. Supportive government mandates for energy conservation along with immense development of technology are primarily driving the growth of market in North America. Europe held the second largest share of the global market in terms of value in 2014. In addition, Asia Pacific and rest of the world region are also having huge growth potential for smart glass and window market. Larger addressable market as a result of emerging middle class population in developing countries such as China, India and Brazil among others is one of the major reasons responsible for the growth of smart glasses in these regions.
The research report on the global smart glass and window market offers detailed analysis of global smart glass and window technologies and helps to understand the driving forces behind the popularity of this market. Detailed analysis of major segments and sub-segments of the global smart glass and window market are provided for the next six years. Moreover, the report includes exhaustive analysis of the drivers, restraints, market trends and future outlook of the industry. The strategies and imperatives of stakeholders for succeeding in the business have been comprehensively assessed in the report. The market has been segmented on the basis of technology, application and geography.
Some of the major players in the market are Research Frontiers, Inc. (U.S.), View Inc.(U.S.), Pleotint Llc.(U.S.), Asahi Glass Co., Ltd.(Japan), Compagnie de Saint-Gobain S.A.(France) and Hitachi Chemical Co., Ltd.(Japan).
The report segments the smart glass and window market into:
Smart glass and window market, by technology: The market is broadly classified on the basis of technology into:
- Polymer Dispersed Liquid Crystals (PDLC)
- Suspended Particle Device (SPD)
- Others (Micro blinds and nano crystals)
- Passive Photochromic
- Passive Thermochromic
Smart glass and window market, by application The market is broadly divided on the basis of application into:
Smart glass and window market, by geography: The market is broadly segmented on the basis of geography into:
- North America
- United States
- United Kingdom
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World (RoW)
- Latin America
- Saudi Arabia
- South Africa