Smart Glass Market Latest Trends, Demand and Advancement 2019 to 2027-The News PEDI
Global smart glass market accounted to US$ 2.85 Bn in 2018 and is expected to grow at a CAGR of 17.2% during the forecast period 2019 â 2027, to account to US$ 11.73 Bn by 2027.
APAC is considered to be the fastest growing economic region. The dominance of the region is majorly attributed to the presence of large numbers of leading smart glass manufacturers. Almost 60% of the world’s population lives in the Asia Pacific region, China and India being the most populated countries. More than 2 billion people live in the urban areas. Owing to these reasons, the density of buildings and infrastructural construction properties has reached to a new high in the region. Growing infrastructures and population have put pressures on the energy demands in the region, and therefore energy efficiency is one of the prime focus areas of Governments of respective countries in the APAC. Also, many of the cities in the region are technological hubs, where increasing number of companies are resulting in increasing infrastructural constructions. Owing to this, there has been rapid adoptions of innovative products such as smart glass in the recent infrastructural constructions. Thus, the smart glass market is anticipated to witness growth in the APAC region.
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The major companies offering smart glass market includeAGC, 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 globalsmart glass marketby 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 smart glass market is categorized on basis of various application such as commercial, residential, automotive, power generation, aerospace and defense, and others. Commercial application dominated the application segment and the commercial segment is calculated to continue its dominance year on year till 2027. The benefits of smart glass’, when coupled with the increasing investment from various government to enhance their tourism industry and achieve the building energy efficiency targets, is increasing the interest among the builders to adopt smart glass solutions. This factor is driving the smart glass adoption in commercial market in the recent years.
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.
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 and Defense
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