Smart Glass Market Reflect Impressive Growth Rate to During 2021-2031

Smart Glass Market Demand,Forecast,Trend

Smart Glass Market Outlook 2031

  • The global smart glass market was valued at US$ 4.1 Bn in 2020
  • It is estimated to expand at a CAGR of 14.5% from 2021 to 2031
  • The global smart glass market is expected to reach the value of US$ 18.3 Bn by the end of 2031

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Analysts’ Viewpoint on Smart Glass Market Scenario

Manufacturers are addressing poor market sentiments by taking data-driven decisions before maximizing the production of smart glass products during the ongoing coronavirus crisis. The market for smart glass is positioned for robust growth throughout the assessment tenure. Since high cost of smart glass may affect sales, manufacturers should increase RD in technologies such as self-adhesive switchable glass, which is a cost-effective option for upgrading existing windows. The smart glass technology can be utilized in partitions, windows, and numerous transparent surfaces across varied sectors. With the installation of smart glasses, one can experience privacy in smart homes. Smart glasses enable elimination of unhygienic curtains that are difficult to sanitize or clean.

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U.S. and China Witness Demand for Smart Glass

North America holds major share of the global smart glass market. The market in the region is predicted to expand at a high CAGR throughout the assessment tenure. The increase in demand for smart glass in various end-use industries such as solar power generation, architecture, and transportation is driving the market in North America. The U.S. is a key country of the smart glass market in North America. It held a significant share of the smart glass market in North America in 2020, and is estimated to maintain its dominant position in the market during the forecast period.

Asia Pacific is also a prominent region of the global smart glass market. China led the smart glass market in Asia Pacific in 2020. The rise in demand for smart glass in architectural and transportation sectors is fueling the market in China.

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Trade of Smart Glasses to Rise with Increased Shipments Post COVID-19 Crisis

The reopening of commercial offices, schools, and universities holds potentials for smart glass manufacturers to increase product availability during the ongoing coronavirus crisis. Manufacturers are increasing their local production capabilities to reduce dependence on other countries for raw materials.

Companies are diversifying their product portfolio in consumer electronics, healthcare, and solar power generation to keep the economies running. As such, import and export of smart glasses is projected to rise, owing to increase in shipment and demand trends. The industry is likely to witness steady expansion driven by the increase in demand for smart glass with better resolution of supply chain issues in various countries.

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Patented Smart Glass Technology Helping Manufacturers in Gaining Competitive Advantage

Based on revenue share, the transportation segment is projected to dominate the global smart glass market during the forecast period. Increase in demand for smart glass in the transportation industry is anticipated to drive the segment in the near future.

Smart glass is extensively utilized in the automotive industry, in sunroofs and exterior interior automatic dimming rear-view mirrors. Smart glass is being installed by top automotive manufacturers, such as BMW and Mercedes. Automotive giants are providing the option of modern panoramic roof with the help of patented smart glass technology. The SPD (Suspended Particle Devices) smart glass technology is being publicized for including remarkable heat reduction inside the vehicle, reduced fuel consumption, glare control, noise reduction, and UV protection.

 

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Electronically Switchable Glass Holds Promising Potentials for Fuel Efficiency in Cars

The surging demand for privacy, energy-efficiency, light heat control, design innovation, and automated shading is boosting the demand for smart glass. Smart glass, also known as electronically switchable glass, opens an array of possibilities for interior designers and architects to control UV radiation, light, and glare.

The use of smart glass is considerably popular in premium cars. Auto thermal heating cooling as per external weather changes is extremely important and enhances fuel efficiency with less pressure of fuel management on car engines. Hence, rise in smart glass installations in sunroofs, sun visors, and side rear windows is propelling the expansion of the global smart glass market.

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