SMART GLASS MARKET ANALYSIS

The global smart glass market size was valued at US$ 5.84 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 10.3 % from 2023 to 2030. The global smart glass market is projected to grow at a strong pace during the forecast period. This growth is primarily driven by the growing applications of smart glasses in building & construction, automotive, aerospace, and renewable energy plants, among others. The increasing demand for smart glasses in these regions will create lucrative opportunities for the industry players during the forecast period.

Global Smart Glass Market: Regional Insights

Based on geography, the global smart glass market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

The smart glass market is expected to grow significantly in the Asia Pacific region during the forecast period, owing to its growing use in a variety of applications in the architecture, transportation, power generation, and consumer electronics industries. The growth of the Asia-Pacific smart glass market is mainly attributed to its rising application in developing regions, such as India and China.

North America is expected to gain fastest growth in the global smart glass market over the forecast period owing to the increasing government regulations for energy efficiency. According to the Coherent Market Insights analysis, the smart glass market for automotive application in North America was valued at US$ 640.4 million in 2021 and is estimated to reach US$ 1,412.4 million by 2030, growing at a CAGR of 8.9% from 2022 to 2030. The aircraft application is projected to grow at the highest CAGR of 10.5% from 2022 to 2030. Marine segment is likely to grow at the rate of 9.8% from 2022 to 2030.

Figure 1. Global Smart Glass Market by Region, 2022

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Global Smart Glass Market Drivers:

Growing demand for smart glass based products to propel market growth

A number of innovative technologies have been introduced to the market that are facilitating the growth of the Smart Glass Market. These include polymer dispersed liquid crystal (PDLC) smart glass, suspended particle display (SPD) smart glass, electrochromic glass, photochromic smart glass, thermochromic smart glass, and microblind smart glass. These technological advancements have enabled manufacturers to offer a wide range of smart glass products that can be controlled using remote or switchers. These products are highly functional and offer a great deal of convenience to users. Moreover, these products are cost-effective and easy to install.

Increasing adoption in transportation sector to augment market growth

Smart glass in the automotive & transportation sector is anticipated to witness strong growth over the study period due to increased R&D activities and use of smart glass in premium vehicles, owing to its potential to provide significant energy-efficiency, light & heat control, privacy, automated shading, and design innovation. Increased adoption of solar-powered heating & cooling systems in aircrafts and fighter jets to lower operational costs, as well as smart glass applications on cruise ships’ interior barriers are also anticipated to drive the market.

Global Smart Glass Market Opportunities:

Increasing energy concerns and a growing awareness about the environment are expected to provide lucrative growth opportunities for smart glass market. Moreover, the market is gaining traction due to the presence of government programs for green buildings and eco-friendly structures. The demand for smart glass is expected to grow at a fast rate during the forecast period. It helps reduce heating, ventilation, and air conditioning (HVAC) equipment costs, and it also improves indoor environmental quality. It also helps prevent glare and increases safety by allowing drivers to take their eyes off the road. The technology can also be used to display text messages, warning signs, and other content on the front windscreen.

Increasing applications of smart glass in electronic devices, such as smartphones and televisions, are likely to offer bright market opportunities for smart glass market. Moreover, the increased R&D activities and growing awareness about renewable energy sources are expected to fuel the usage of these glasses in solar-powered panels.

Global Smart Glass Market Trends:

Growing popularity of smart glass as UV rays protector

It can protect skin from UV rays. This is because it blocks over 95% of UV rays, which will keep skin from harmful rays that can cause skin cancer and other health problems.It can also be customized to suit needs, so user can have a specific level of privacy or glare. This type of technology is also ideal for rooms that need to be darkened or screened-off from the outside world, such as hospital rooms and boardrooms.

Effective at blocking noise from outside

Smart glass is very effective at blocking noise from outside. It can block out sound to as much as 39 DB, which is perfect for meeting rooms and other areas where sound locked is required. it is also extremely durable, so it’s unlikely to break down anytime soon. This is a great feature for anyone who wants to have a beautiful looking and long-lasting glass solution in their home or office.

Global Smart Glass Market Restraints:

High price of smart glass to hamper market growth

One of the most notable disadvantages of smart glass is that it can be quite expensive. The price of smart glasses has gone up over the years and some models are incredibly overpriced. There are also many concerns about privacy and security issues. These are some of the most common drawbacks associated with this technology, but it has some great advantages too.

Lack of awareness to restrict its adoption   

Lack of awareness regarding benefits of smart glass especially across underdeveloped and developing countries are expected to limit its adoption. This factor is expected to hamper the market growth over the forecast period.           

Figure 2. Global Smart Glass Market by Technology, 2022

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Global Smart Glass Market Segmentation:

The global smart glass market report is segmented into technology, application, and region

Based on technology, the market is segmented into Electrochromic, PDLC, Suspended Particle Devices (SPD), Thermochromic, and Photochromic. Out of which, Electrochromic and Suspended Particle Devices (SPD) is expected to dominate the global market over the forecast period. Electrochromic (EC) and Suspended Particle Device (SPD) are the most commonly used smart glass technologies. These smart glass products can change their light transmission properties based on external stimuli, such as heat and electricity. They can also be used to regulate the amount of sunlight a room receives, which may help reduce air conditioning costs and glare from the sun, and they are increasingly being used in vehicles to control the level of visibility for safety reasons.

PDLC segment is also expected to witness significant growth in the near future and this is owing to the growing demand from internal window applications

Based on application, the market is segmented into Architectural, Transportation (Automotive, Marine, and Marine). Out of which, Architectural is expected to dominate the global market over the forecast period and this is attributed to the growing strict government requirements for energy-efficient construction. Architectural smart glass market in terms of revenue is expected to reach US$ 5,438.3 million by 2030, growing at a CAGR of 10.1% from 2022 to 2030.

Transportation (automotive) segment is also expected to witness significant growth in the near future. They are widely used in rear and side-view mirrors, which offer more detailed insights on surroundings, hence enhancing user experience. The market for smart glass in the automotive application was valued at US$ 1,959.4 million in 2021 and is projected to reach US$ 4,839.7 million by 2030, growing at a CAGR of 10.2% from 2022 to 2030.

Global Smart Glass Market: Key Developments

• In February 2022, Gauzy Ltd raised US$ 60 million in round D and also announced the acquisition of Vision Systems, a prominent manufacturer of Advanced Driver Assistance System (ADAS).
• In April 2020, Gauzy Ltd secured US$ 10 million in Series C funding round led by Hyundai, BlueRed Partners VC, and Avery Dennison.
• In January 2020, Gauzy Ltd announced that Gauzy USA and Gauzy Germany are officially ISO Certified for the first year.
• In January 2022, Corning Inc. launched a new glass composition to expedite the development of augmented and mixed reality diffractive waveguides for wearable devices. The optical advancements in the glass will enhance the augmented reality experience through clearer and larger digital content that provides more immersive user experiences.
• In July 2021, Corning Inc. added Corning Curved Mirror Solutions, a new product category to its automotive glass range which will serve as key components in the new Augmented Reality based Head- up Display system in Hyundai Mobis.
• In July 2021, Corning Inc. launched Corning Gorilla Glass with DX and DX+, its new range of durable and scratch-resistant glass composite products. Incorporation of this technology in mobile cameras will allow capturing of professional-grade image by combining advanced optical performance, durability, and superior scratch resistance.
• In February 2022, ChromoGenics entered a cooperation agreement with Finnglass Oy for the manufacturing, marketing, and distribution of dynamic glass ConverLight Dynamic. The latter is known to be a supplier of advanced glass solutions with expertise in the integration of electrical functions in glass and modern processes of manufacturing.
• In June 2020, ChromoGenics initiated collaboration with Samsung to certify the autonomous control system for connection to Samsung SmartThings. Furthermore, the dynamic glasses in a real estate can communicate internally and be wirelessly controlled.
• In March  2020,  ChromoGenics  AB’s  Uppsala,  Sweden  factory  became  operational  and performedannounced the This week a milestone was reached when the plasma function test was performed. Plasma particles are a critical part of the sputtering process. With the positive result of the test, we can conclude that the machines are in operational condition.
• In June 2019, ChromoGenics AB announced that it would open a new factory in Uppsala, Sweden.
• In May 2022, AGC, Inc. developed a Low-E coating based light-control panoramic roof, which will be incorporated in Toyota Motor Corporation’s LEXUS RZ. The Low-E glass with high solar control and heat insulation characteristics will provide a comfortable cabin temperature and an open cabin environment. Its ability to eliminate sunshade provides a lighter body.
• In March 2022, AGC Inc., introduced a glass antenna WAVEATTOCH compatible with all the frequencies of 5G Sub6 spectrum allocated to four Mobile Network Operators in Japan. This new offering can be used for sharing telecom infrastructures among multiple operators while reducing the capital investment.
• In January 2021, AGC Inc. and NTT DOCOMO, INC. developed a prototype technology that effectively guides 5G radio signals with 28-GHz frequency received from outdoors to specific indoor locations through a metasurface lens attached to window surfaces.

Global Smart Glass Market: Key Companies Insights

The global smart glass market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global smart glass market are DigiLens Inc, Corning Incorporated, OPPO, Meta, AGC INC., and CORNING INCORPORATED

*Definition: Smart glass is a type of transparent or translucent glass that undergoes a change in appearance or light transmission properties when a stimulus such as voltage, light, or heat is applied to it. It is used in a variety of applications including transportation, architecture, and power generation.