Smart Glass Market: Introduction
Transparency Market Research delivers key insights on the global smart glass market. In terms of revenue, the global smart glass market is estimated to expand at a CAGR of 14.5% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecast in its report on the global smart glass market.
The global smart glass market is broadly affected by several factors, including increase in usage of smart glass in various end-use industries such as architectural, consumer electronics, transportation, and solar power generation. Rise in global demand for transportation has led to significant increase in usage of smart glass. Increase in production and demand for smart glass in the transportation industry is expected to be the primary driver of the global smart glass market.
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Smart Glass Market: Dynamics
Smart glass, also known as privacy glass, or switchable glass, is a technology type that enables control of numerous light forms including UV and visible light. These glasses are based on technologies that enable polycarbonate or glass to switch from a clear to opaque or shaded versions. The benefits attached to these glass types are estimated to be key factors boosting the smart glass market. The smart glass technology can be utilized in partitions, windows, and numerous transparent surfaces across varied sectors. Thus, increasing use of these technologies is projected to propel the smart glass market.
The rising demand for energy-efficiency, light and heat control, privacy, automated shading, and design innovation is driving the demand for smart glass. Smart glass, also known as electronically switchable glass, opens an array of possibilities for architects and interior designers to control light, glare, and UV radiation.
The use of smart glass is considerably popular in premium cars. Auto thermal cooling and heating, according to 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 on sunroofs, side and rear windows, sun visors is driving the global smart glass market.
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The global transportation segment is expected to expand considerably during the forecast period. Thus, a rise in production of transportation is projected to boost the demand for smart glass during the forecast period.
Manufacturers are focusing on transportation, as the share held by this segment in the smart glass market is likely to increase during the forecast period.
Smart Glass Market: Prominent Regions
North America holds major share of the global smart glass market. The market in the region is anticipated to expand at a CAGR of more than 15.3% during the forecast period. Increase in demand for smart glass in various end-use industries such as architectural, transportation, and solar power generation is driving the smart glass 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. The country is estimated to maintain its dominant position in the market in the region during the forecast period.
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Asia Pacific is also a prominent region of the global smart glass market. China led the smart glass market in Asia Pacific in 2020. Increase in demand for smart glass in architectural and transportation sectors is driving the market in China.
Smart Glass Market: Major Players
The global smart glass market is consolidated with the presence of key players. Prominent players operating in the global smart glass market include DuPont, ASAHI GLASS CO., LTD., Saint-Gobain S.A., Polytronix, Inc., ChromoGenics AB, Smartglass International Limited, Innovative Glass Corporation, GUARDIAN INDUSTRIES CORP, Research Frontiers, and iGlass.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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