Smart Glass Market is Estimated to Witness High Growth Owing to Advancements in Electrochromic Technology
Smart glass, also known as switchable glass, is a technology that allows glass to change properties and switch between transparent and opaque appearance. The key advantages of smart glass are that it provides control over heat, light and glare while maintaining safety and security. Rising need for energy efficiency in buildings and vehicles is contributing to the demand for smart glass.
The Global Smart Glass Market is estimated to be valued at US$ 7.42 Bn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the smart glass are 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. The key players in smart glass market are focusing on developing more advanced electrochromic materials and technologies to manufacture glasses with better energy efficiency and higher switchability.
Some of the key opportunities in the Smart Glass Market Demand are rising demand from automotive and aircraft industry, increasing application in smart homes, and ongoing research & development activities to introduce new form factors. With ongoing advancements in electrochromic technology, smart glass with faster switching speeds, lower power consumption and enhanced compatibility with control systems will enter the market in coming years.
The growing demand for energy efficient smart windows that can reduce lighting, heating and cooling costs in buildings is one of the key drivers contributing to growth of smart glass market. Majority of commercial real estate owners are adopting smart windows to earn LEED certifications and cut operating costs associated with infrastructure. Automotive manufacturers are increasingly using smart glass technology in sunroofs, rear view mirrors and vehicle roofs owing to advantages in safety, security and passenger comfort.
Market Drivers: The growing demand for energy efficient buildings as well as increasing need to reduce carbon footprint is a key market driver for smart glass. Governments across nations are implementing strict building codes and offering incentives to adopt energy efficient technologies like smart glass windows. Over 50% of total energy consumption in commercial buildings is used for heating, ventilation, air conditioning and lighting. Integrating smart glass technology that can automatically adjust solar transmission can greatly aid in energy savings. In automotive industry as well, use of electrochromic glass in rear view mirrors and sunroofs is helping reduce cabin temperature without the need for power hungry air conditioning systems. This is supporting growth of smart glass market.
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