Smart Glass Market Estimated to Witness High Growth Owing to Increasing Usage in Automotive Industry
Smart glass or switchable glass is a technology used to control the light transmission properties of glass and glazing in buildings, cars and aircraft. It allows glass to switch between clear and dark states, either manually or automatically. Products include switchable glass, electrochromic glass and suspended-particle devices glass.The global smart glass market is estimated to be valued at US$ 6.44 Bn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The global smart glass market is witnessing high growth owing to increasing usage of smart glass in automotive industry for sunroofs, backlights and windows. As per studies, nearly 60% of new vehicles are expected to use smart glass technology by 2027. Apart from this, growing construction of smart homes and commercial buildings utilizing smart glass for energy efficiency is also propelling the market growth.
Another key driver pushing the smart glass market size is the ability of smart glass to automatically tune light transmission based on ambient conditions like heat, brightness and UV rays. This helps in saving energy consumed for heating, ventilation and air conditioning (HVAC). With rising energy costs and focus on sustainability, smart glass is gaining prominence over conventional glass in buildings.
SWOT Analysis
Strength: Smart glass has three main strengths. First, it can change from transparent to opaque using small electric signals making it an adaptable component. Second, smart glass provides energy efficiency by reducing needs for HVAC systems via automatic controls. Third, smart glass improves security with optional locking functions compared to traditional glass.
Weakness: High costs of materials and manufacturing pose two weaknesses for smart glass. First, the technologies involved result in significantly higher prices than ordinary glass at present. Second, some types of smart glass have limited lifespans which can raise long term costs.
Opportunity: Smart glass presents two main opportunities. First, its appearance changing abilities can enable novel designs for architecture and interior spaces. Second, applications in automotive and transportation provide growing markets as those sectors embrace new technologies.
Threats: Two threats face further growth of smart glass. First, some nations have cold climates reducing potential demand. Second, new materials may displace smart glass if better solutions emerge for changing appearances or saving energy.
Key Takeaways
The global smart glass market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is expected to reach US$ 6.44 billion with a projected CAGR of 9.0% through 2030.
Regional analysis: North America currently dominates usage owing to early technology adoption and many applications in construction and vehicles. Europe and Asia Pacific regions are also significant markets and projected to be the fastest growing, especially countries like China, Japan and India.
Key players operating in the smart glass market include Intel Corporation, Broadcom Inc., Mellanox Technologies (now part of NVIDIA), Cisco Systems Inc., Juniper Networks Inc., Hewlett Packard Enterprise (HPE), Dell Technologies Inc., Huawei Technologies Co. Ltd., Arista Networks Inc., Extreme Networks Inc., Juniper Networks Inc., Marvell Technology Group Ltd., Fujitsu Limited, NEC Corporation, Microchip Technology Inc. Intel holds the leading position based on product portfolio and global presence. The market sees ongoing investment in R&D to further improve performance and lower costs of smart glass over time.
Get more insights on this topic: https://www.trendingwebwire.com/smart-glass-market-size-and-outlook/
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