Global Smart Glass Market
As stated in our extensive report; the Global Smart Glass Market accounted for USD 5.2 Billion in the year 2022.
Increasing investment in infrastructure projects and population growth has fueled the development of the building and construction industry, where Smart Glass is frequently employed in windows, walls, skylights, and doors to create adaptive lighting environments. In the coming years, this could be one of the major factors boosting the market for Smart Glasses. However, factors including rising original equipment manufacturers (OEMs), improved technology, and increased disposable money have caused the automotive industry to experience tremendous expansion, with Smart Glasses widely used in rear-view and side-view mirrors, sunroofs, windscreens, backlights, and sidelights. As a result, the market for Smart Glasses could expand more quickly. But as resources have become more scarce due to production problems, the cost of Smart Glass has gone significantly during the past few years. The Smart Glass industry has undergone numerous changes and developments in terms of technologies and applications.
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Compared to other types of glasses, this has caused the entire cost of Smart Glass to increase by 2–4 times. In addition, expensive, highly specialized equipment is needed to create Smart Glass. This limits manufacturers’ entry with little financial potential for Smart Glasses. The market for Smart Glasses might suffer.
Factors Influencing Global Smart Glass Market Growth
The growth of the global Smart Glass market can be attributable to the following:-
- The market expansion is anticipated to be fueled by rising energy conservation measures, such as green buildings and eco-friendly structures. Moreover, during the projection period, a favorable regulatory environment that facilitates financial and tax benefits are anticipated to impact the market area positively.
- The main reasons driving the industry are the technological breakthroughs in switchable glasses and the design improvements in most buildings that allow for the installation of smart windows.
- Strict government regulations for retrofitting existing structures with eco-friendly and energy-efficient technologies would accelerate the uptake of switchable glass.
- The increased investment in infrastructure projects and the burgeoning construction industry will substantially impact market expansion.
- The industry will have significant growth opportunities in the future due to consumers’ growing preference for glass over brick and cement walls. Large, floor-to-ceiling glass windows are a growing trend promoting product acceptance and giving manufacturers new commercial options.
- The continuous repair and renovation projects worldwide are anticipated to increase demand for Smart Glass. Over 19 million square feet of residential and 500 million square feet of windows are placed in commercial buildings in the United States alone, according to the Department of Energy (DoE).
North America Region to Take Over the Market
North America is anticipated to account for the majority of sales on the global market for Smart Glass. Many well-known players in the Smart Glass business are based in this area. Local companies are introducing tailored products to satisfy customer needs. The North American Smart Glass market will also benefit from the availability of a value-added product, such as laminated glazing Smart Glass, and the increasing number of energy conservation rules within the region’s infrastructure. The market for sustainable growth will be aided by the growing use of electric vehicles in the United States and cloud-based operations for autonomous applications.
The overall Smart Glass market sales have been favorably impacted by rising infrastructural investment and population density.
The well-known players of the Global Smart Glass Market include AGC Inc. (Japan), ChromoGenics (Sweden), Corning Incorporated (U.S.), Gauzy Ltd. (Israel), Gentex Corporation (U.S.), Guardian Industries (U.S.), Kinestral Technologies Inc. (U.S.), Nippon Sheet Glass Co. Ltd. (Japan) and others.