by Brianna Crandall — November 18, 2015—According to a new market report published by Transparency Market Research, the global smart glass and window market was valued at U.S.$2.2 billion in 2014 and is expected to exceed $6 billion by 2021, at a compound annual growth rate (CAGR) of 14.7%, from 2015 to 2021. The market is primarily driven by the increasing demand for building energy efficiency worldwide, but also by a growing demand from the automotive industry.
According to the report, smart glass consists of special glass that changes light transmittance properties across a spectrum. “The characteristics of these glasses can be varied depending on the ambient conditions with the help of heat voltage or light applied as per needs of the occupants,” adds the report. With continuing technological advances, the glass is engineered to help ensure user comfort, effective energy use, proper fuel consumption, and blockage of harmful radiation, among other uses.
Smart windows are dynamic and are emerging as the future technology of choice. Key players are expanding the use of smart glass in new and existing application areas, such as power generation, construction and automotive, among others, bringing significant opportunity for the smart glass and window market worldwide.
Moreover, developing countries like India and China with their large populations and a rising middle class require efficient technologies to reduce and conserve energy needs, which in turn will augment the growth of the market in the future.
However, the high price of smart glass and windows — roughly double that of regular glass and windows — is a significant concern for end users and is restraining the growth of the market.
Active and passive segments
The market is broadly segmented into active and passive technology. Active smart glass and windows held the largest share of the market globally in 2014, accounting for more than 80%. These glasses are easy to operate and can change light transmission properties with the help of a single switch, thus they are popular in the construction and transportation sectors.
The active segment is further divided into polymer dispersed liquid crystals (PDLC), suspended particle device (SPD), electrochromic and others. The suspended particle device sub-segment contributed to the largest share of the active smart glass and window market in 2014, owing to wide application in automobiles and airplanes.
The passive segment is further classified into passive photochromic and passive thermochromic. Passive photochromic smart windows provide broader range of dimmability and have potential application in the architectural sector, thus this sub-segment held the largest share of the global market for the passive segment.
Applications
In terms of applications, the global market for smart glass and window is split into four segments, namely: automotive, aircraft, construction and marine. The automotive sector held the largest share of the market in 2014. Increasing demand for fuel efficiency, better adaptability and control of light along with passenger privacy and protection from radiation are some of the major factors boosting the demand for smart glass and window in the automotive sector.
Geographical regions
The report splits the market into four geographical regions: North America, Europe, Asia Pacific and the Rest of the World (RoW). North America acquired the largest share of the global market in terms of revenue in 2014 and accounted for more than 30% of the overall market. The market in North America is primarily driven by a high level of technological development and both government mandates for and consumer awareness of energy conservation in the USA and Canada, among others.
Europe held the second largest market globally and accounted for more than 25%. The market in this region is driven by increasing architectural developments along with the existence of large glass formats in Europe.
Major players
Some of the major players in the smart glass and window market are Research Frontiers, Inc. (USA), View Inc. (USA), Pleotint Llc. (USA), Asahi Glass Co., Ltd. (Japan), Compagnie de Saint-Gobain S.A. (France) and Hitachi Chemical Co., Ltd. (Japan). The market is consolidated at present, and key players account for more than 80% share in the overall market.
Available to purchase from Transparency Market Research, Smart Glass and Window Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021 provides in-depth analysis of the global smart glass and window market along with the market estimates, in terms of revenue (USD million) for the forecast period from 2015-2021.
