The construction industry is expanding at a steady growth rate in the developed regions across the globe. While on the other hand, in the developing regions, the industry is experiencing a substantial growth rate. Investments in infrastructure construction industry is continuously growing across the globe. The major focus of investments is on the residential sectors as the global population is constantly increasing at an exponential rate, which is demanding more residential spaces. The number of new residential buildings or individual houses rose rapidly over the years in the developed as well as developing nations worldwide. The US infrastructure industry is set to continue relatively fair growth rate during the forecast period which is heavily supported by residential constructions. Similarly, Canada’s New Canada Building Plan is supporting the construction industry in the country and the same is expected to drive the industry in the coming years. The growing investments and initiatives in the residential and commercial construction in North American countries is influencing the glass manufacturers to increase their production. This factor is boosting the market demand for smart glass in the North American residential as well as commercial constructions. Construction in European countries is also increasing slowly, demanding improved building materials. European countries namely; Spain, Italy, and Turkey are experiencing demand for increased number of residential sectors as well as commercial spaces, thereby, catalyzing the demand for smart glass. The increased demand from the builders in the countries is propelling the production lines of glass windows and doors year on year in these countries, thereby, substantially driving the market.
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The major companies offering smart glass market include AGC, INC., ArtRatio S.L., Compagnie de Saint-Gobain S.A., Corning Incorporated, GENTEX Corporation, Hitachi Chemical Co., Ltd., Pleotint LLC, Polytronix, Inc., Research Frontiers Incorporated, and Smartglass International Limited among others. Several other companies are also offering these smart glasses for various end-uses which is facilitating the market to propel over the years.
The global market for smart glass market is segmented based on the parameters such as technology, application, and geography. Based on technology, Suspended Particle Device segment dominates the smart glass market heavily, and is expected to dominate the market in the forecast period from 2019 – 2027. On the basis of application, commercial segment led the market in 2018 with a maximum market share and is expected to continue its dominance during the forecast period. Key players operating in the market are introducing attractive solutions and are partnering with the small as well as large companies which are helping them to gain customer traction.
Smart glass aids in dynamically changing the tint of the glass in order to control the amount of heat/light that penetrates in a building. They are also used for creating on-demand private space, especially for offices. The smart glass windows provide 45 to 70% more energy efficiency in comparison with the dual-pane standard glass. The smart windows help in providing more savings and help in the reduction of greenhouse gas emissions. The smart glass windows that are used in commercial and residential buildings are multi-functional; these windows help in maximizing the amount of sunlight and controlling the transfer of heat in and out of the building. However, the loss of energy through the doors and windows account about 50% of the energy consumption in the buildings. In order to make the buildings more energy efficient, the engineers and scientists have collaborated with the architects for developing advanced window designs.
The advent of IoT has enabled each device to be connected over the internet and the rising adoptions globally would result in more than billions of devices connected over the internet. Huge populations of India and China are further influencing the growing penetration of smart phones and other consumer electronic devices. Furthermore, apart from the individuals, businesses across almost all industry verticals have realized the importance of IoT, communications, and sensors, and have therefore, paved way for integration of sensors into the smart glass. Thus, this factor is expected to trigger the growth of the smart glass market in the coming years.
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The global smart glass market by technology is segmented into electrochromic, polymer dispersed liquid crystals (PDLC), suspended particle device (SPD), photochromic, thermochromic, and others. The most prominent type in smart glass market accounted for Suspended particle device segment which is further expected to dominate in the forecast period. Electrochromic segment held the second largest market in 2018, and is anticipated to continue its growth during the forecast period from 2019 – 2027.
The report segments the global Smart Glass Market as follows:
Global Smart glass Market – By Technology
- Polymer Dispersed Liquid Crystal (PDLC)
- Suspended Particle Device (SPD)
Global Smart glass Market – By Application
- Power Generation
- Aerospace & Defense
Global Smart glass Market – By Geography
- North America
- Rest of Europe
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