The global smart glass market size is projected to reach USD 15,788.0 million by the end of 2027. The increasing investments in the research and development of low cost and efficient products will bode well for market growth. The increasing integration of these glasses in the aerospace industry will have a positive impact on market growth. According to a report published by Fortune Business Insights, titled “Smart Glass Market Size, Share & COVID-19 Impact Analysis, By Technology (Polymer Dispersed Liquid Crystal Glass, Suspended Particle Device Glass, Electrochromic Glass, Photochromic Glass, and Thermochromic Glass), Application (Architectural, Automotive & Transportation, Consumer Electronics, Power Generation, and Others), and Regional Forecast, 2020-2027,” the market was worth USD 4,651.3 million in 2019 and will exhibit a CAGR of 17.2% during the forecast period, 2020-2027.
Smart glass is widely used across several industry verticals as a medium of display and other interfaces. The product works on the mechanism of light or voltage transmission wherein it changes its appearance whenever the aforementioned factors are passed or applied through it. The massive investments in the research and development of smart glass are consequential to the increasing applications of the product across diverse industries. The rising adoption and subsequently rising demand for smart homes and the integration of technologically advanced devices will create several growth opportunities for the market in the coming years. Due to the massive potential held by smart glass across the world, there are several companies operating across the world. Ultimately, the fierce market competition results in even more innovations and this will have a positive impact on the growth of the overall market in the coming years.
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Russia-Ukraine War Implication
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity.
Decrease in Product Demand during the Covid-19 Pandemic will have a Negative Impact on SMEs
The recent coronavirus outbreak has had a drastic impact on several industries across the world. With shutdowns in manufacturing units and production houses, the coronavirus outbreak has hampered the economic conditions of most businesses that come under the small and medium enterprise (SME) bracket. The decreasing in demand for these glasses in industrial sectors will have a negative impact on the smart glass market. Having said that, the constant demand for smart homes and the increasing integration of these glasses in smart homes, will provide a platform for growth in an otherwise stagnant market.
Company Mergers and Acquisitions are an Increasing Trend Among Major Companies across the World
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the massive potential held by smart glass across the world, there have been several company mergers and acquisitions in recent times. Due to healthy market competition, large scale companies are looking to acquire start-ups as well as SMEs. In 2020, Smartglass International announced that has forged a partnership with V-stream. The latter is an Ireland-based company and focuses on tech-innovations. Through this collaboration, the companies will look to implement the multi-panel floor-to-ceiling privacy smart glass, specifically for Dell offices in Ireland. Given the massive demand for these glasses in Europe, this collaboration will influence other companies in this sector. The report highlights a few other company mergers of recent times and discusses their impact on the global smart glass market.
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Europe Holds the Highest Market Share; Increasing Product Use in Architectural Design will Emerge in Favor of Market Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Europe is projected to emerge dominant in the coming years. The rising demand and adoption of these glasses in architectural designs and interiors will have a huge impact on the growth of the regional market. Moreover, the efforts put in to integrate smart glasses in renovations and retrofitting of old infrastructures will also contribute to the growth of the regional market. As of 2019, the market in Europe was worth USD 1,994.7 million and this value is projected to rise at a considerable pace in the coming years.
List of companies profiled in the report:
- Saint-Gobain (France)
- View, Inc. (U.S.)
- GENTEX Corporation (U.S.)
- Polytronix, Inc. (U.S.)
- Smartglass International Limited (Ireland)
- Glass Apps (U.S.)
- Scienstry, Inc. (U.S.)
- AGC Inc. (Japan)
- Research Frontiers (U.S.)
- Essex Safety Glass (UK)
- Gauzy Ltd and Entities (Israel)
- BSG Glass (Thailand)
- Asahi India Glass Ltd. (India)
- Schott AG (Germany)
- Central Glass Co., Ltd. (Japan)
- Pleotint LLC (U.S.)
- SPD Control Systems Corporation (U.S.)
- Other key players
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