According
to the new research report "Smart Glass Market by Technology (Suspended Particle
Display, Electrochromic, Liquid Crystal, Photochromic, Thermochromic),
Application (Architecture, Transportation, Consumer Electronics), and Geography
- Global Forecast to 2023", the
smart glass market is expected to reach USD 8.35 Billion by 2023 from USD 3.32
Billion by 2017, at a CAGR of 16.61% between 2017 and 2023. The growth of this
market is mainly driven by factors such growing demand for smart glass in
automobile applications, strong government support through mandates and
legislations for energy-efficient construction, and optimal energy saving
through smart glass applications
Electrochromic technology expected to
hold largest share of smart glass market by 2023
Electrochromic
technology is expected to hold the largest share of the smart glass market
based on technology by 2023; the growth of the market for this technology
attributed to a shorter switching time exhibited by this glass to switch from
clear to dark state and increasing investments in this technology from the
smart glass industry players. The automotive industry is a vital application
area for electrochromic glass.
Smart glass market for architecture
expected to grow at highest CAGR between 2017 and 2023
The
smart glass market for the architecture application is expected to grow at the
highest CAGR between 2017 and 2023. It offers energy-efficiency and improved
aesthetics in these applications. Use of smart glass in various architecture
applications increases the aesthetic value of a building and reduces the
heating, cooling, and lighting costs significantly. In the architecture
application, the smart glasses are used in doors, partitions, windows,
skylights, and elevators. Various establishments in the architecture
application using smart glass in their designs include residential buildings,
schools and colleges, hospitals, corporate offices, and retail buildings
including malls, outlets, and supermarkets and hypermarkets.
Europe expected to dominate smart glass
market during the forecast period
The
smart glass market in Europe is expected to grow at the highest CAGR during the
forecast period. Europe consists of a number of developed countries such as
Belgium, France, Germany, Italy, and the UK. This region derives its revenues
from the tourism, industry, and manufacturing businesses, among others. The
hospitality and automotive manufacturing sectors in this region have grown
tremendously due to supportive government policies over the past few decades.
The government initiatives for green buildings and energy harvesting have
contributed to the rise in the popularity of smart glasses. As a result, Europe
holds a significant share of the overall smart glass market.
https://www.marketsandmarkets.com/Market-Reports/smart-glass-market-907.html
The
key players in the market include SAGE Electrochromics, Research Frontiers,
View, Inc., Asahi Glass Co., Gentex, Hitachi Chemical, Glass Apps, Pleotint,
Polytronix, RavenWindow, Scienstry, Smartglass International, and SPD Control
Systems. The key players in this market are increasingly undertaking the
strategies of partnerships and collaborations, and product developments and
launches to develop and introduce new technologies and products to the market.
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