Smart Glass Market to witness high growth in near future | Saint Gobain, NSG group, RavenWindow, Smartglass International

As per reports, the smart glass market size is likely to reach more than USD 2.23 billion globally in annual valuation by 2026.

Increased focus on user controlled windows used in construction will stimulate the smart glass market forecast in the coming years. Smart glass is mainly utilized in buildings to offer privacy and comfort to the residents. Active smart controls the flow of sunlight in automobile windows with the help of user-controlled electric stimulation as opposed to material components in passive glasses.

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Global smart glass manufacturers are working on product innovations, acquisitions, and partnerships for industrial expansion. They are also engaged in major investments to reduce the overall product costs by deploying raw materials and technologies. Some of the prominent manufacturers of smart glass market include Polytronix, Saint Gobain, RavenWindow, Smartglass International, NSG group, View Inc, Asahi glass, Merck &, Co., Gauzy, and Pleotint LLC.

Deployment of electrochromic smart glass

Based on technologies, the smart glass market is segmented into electrochromic, SPD, PDLC, and other techniques. Passive smart glass can be bifurcated into thermochromic photochromic and others. Electrochromic smart glass leads the segment in comparison to other technologies and contributed to nearly 45% of the market share owing to low per sq. meter costs.

Smart glass incorporated with PDLC technology will witness increased adoption considering lower response time and voltage supply, along with extensive consumption across interior and exterior spaces. Smart glass technologies like perovskite and transparent luminescent solar concentrators (TLSCs) are currently been configured to generate solar power to support self-sustained buildings.

Growth Drivers of smart glass market are

• Strong building & construction outlook
• Rising penetration in the transportation sector
• Increasing product demand in the electronics & electrical industry

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Luxury spending to boost global consumption

Europe, North America, and the Middle East are likely to witness an increased demand and production of smart glass due to rising requirements to handle luxury applications and minimize solar glare to offer privacy in commercial offices and residential properties. The building industry in Europe and North America is majorly focused on building LEED-certified energy-efficient structures.

The emergence of IoT (Internet of Things) technologies will further drive the material consumption. Glass-covered buildings are urging a higher product demand in the Middle East. Rising disposable incomes together with higher expenditure on modern buildings, along with provision of security facilities like unique structural additions will expand the industrial growth in the Asia Pacific.

However, limitations to exterior applications as well as extended response time could hamper the demand. The ongoing coronavirus crisis has also stalled the activities in the construction sector to some extent worldwide, impacting the product consumption.

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