The global smart glass market was valued at approximately US$ 2.85 billion in 2018 and is projected to expand at a compound annual growth rate (CAGR) of 17.2% from 2019 to 2027, ultimately reaching around US$ 11.73 billion by 2027.
Several factors are propelling the growth of the smart glass sector, including the surge in both commercial and residential construction, alongside a growing emphasis on energy efficiency and the optimal use of natural light. Nevertheless, the high cost associated with smart glass technology is expected to pose challenges to market expansion in the upcoming years. Furthermore, the rapid economic development in emerging markets within the Asia Pacific region is anticipated to present significant opportunities for the smart glass industry. Key players in this market are increasingly focusing on strategic initiatives to enhance their product offerings and broaden their geographical reach, which is further fueling the growth of the smart glass market.
Across both developed and developing nations, there is a notable demand for commercial applications. The commercial sector encompasses a wide range of constructions, including shopping centers, office buildings, airports, railway stations, healthcare facilities, and infrastructure such as roads and bridges. Modern builders are showing a growing preference for energy-efficient and multifunctional materials in their projects. Commercial constructions not only beautify urban landscapes but also attract tourism, leading to increased governmental support aimed at enhancing the aesthetic appeal of commercial buildings to bolster the tourism sector. The artistic use of glass in architecture significantly elevates the visual quality of structures.
The Asia Pacific region is recognized as the fastest-growing economic area, with countries like China and India experiencing rapid development. Additionally, emerging economies in Southeast Asia, including Vietnam, Malaysia, and Indonesia, are witnessing growth in their industrial, construction, and infrastructure sectors. This economic advancement has created a pressing need for improved infrastructure, resulting in a surge in the construction of facilities such as shopping malls, hospitals, and hotels. The ongoing construction boom in these regions is expected to positively impact the smart glass market in the foreseeable future. Leading manufacturers in the smart glass sector within the Asia Pacific region include Hitachi Chemical Co. Ltd. and Asahi Glass Co. Ltd. These companies are actively pursuing various strategic initiatives to solidify their presence in the Asian smart glass market. For instance, in 2017, Asahi Glass Co. partnered with Kinestral Technologies to initiate smart glass production in Taiwan, with an investment of approximately US$ 100 million. This partnership aims to enhance the market penetration of smart glass in both Asian and European markets.
The overall size of the smart glass market has been determined through a combination of primary and secondary research methods. The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the smart glass market. This research also includes an overview and forecast of the global smart glass market segmented by five major regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Additionally, primary interviews were conducted with industry participants and experts to validate the data and analysis. Participants typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the smart glass market.
Notable players in the smart glass market include Artratio S.L., Asahi Glass Co. Ltd., Compagnie de Saint-Gobain S.A., Corning, Incorporated, Gentex Corporation, Hitachi Chemical Co. Ltd., Pleotint LLC, Polytronix, Inc., Research Frontiers Incorporated, and Smartglass International Ltd., among others.