The global smart glass market is witnessing a healthy growth and steady demand owing to the recent shift towards green buildings and sustainable energy solutions. Developed nations are witnessing a surge in the demand for smart glass as it helps in saving the energy needed for lighting, cooling, and heating green buildings. Moreover, governments of developed nations are also playing a positive role in the growth of this market by encouraging citizens to shift to green buildings and reduce energy consumption. All these factors are expected to result in the smart glass market to expand at a CAGR of 14.50% from 2016 to 2024, rising from US$2.10 bn in 2015 to US$7.04 bn by 2024, according to Transparency Market Research (TMR)
Given below are some of the important questions related to the smart glass market, which are answered by TMR analysts:
What are the factors boosting the global smart glass market?
Smart glasses are used in the mirrors of automobiles such as sun visors, side and rear windows, and sun roofs of high end premium cars, and this is creating a heightened demand for these glasses from the automobile industry. As the automobile industry has been thriving from quite some years now, the demand for smart glass from this sector is also be on the rise. The demand for smart glass is also high from the aviation sector and thus, the transportation sector is one of the key reasons behind the growth of this market. Smart glass is also used in consumer electronics and for solar power generation. Since solar power generation has become popular as an alternative source of clean power generation, the demand for solar heaters, and thus, the need for smart glass is expected to arise.
Which region is expected to be a key market for smart glass in the coming years?
North America is expected to hold dominant shares of the market in the coming years, after being the leader in 2015, accounting for 30% of the market. The growing focus on renewable energy sources is anticipated to encourage the use of solar energy and this in turn will continue to drive the North American smart glass market. Moreover, Asia Pacific is witnessing a considerable growth in the market. The flourishing consumer electronics, housing and construction, and transportation sectors are behind the growth of the smart glass market in Asia Pacific. The region is also expected to make an increasing use of solar panels, which will further drive the market. It is likely that Asia Pacific will exhibit the most promising growth in the coming years.
What are the recent developments by companies operating in the smart glass market?
Asahi glass, a Japanese company has come up with a product called temperlite, which is used in solar water heater covers, lighting devices, and road display boards. The product has immense wind pressure strength and when broken, will result in granular pieces, as opposed to sharp shards.
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Another company called Smart Glass International, has developed switchable security glass, which has the capacity to withstand high impact, including penetration by sharp objects. Such developments are expected to boost the market and ensure its continued growth.