With a few top players driving the global smart glass
market, the market features a consolidated competitive landscape,
says a new report by Transparency Market Research (TMR). The top
players, namely ASAHI GLASS, DuPont, Saint-Gobain, and Guardian
Industries held a share of 40% in the global market in 2015. However,
the degree of competition is expected to rise as players focus on
strengthening their position with strategic alliances and mergers and
acquisitions.
TMR estimates that the global smart glass market is
expected to display a CAGR of 14.50% between 2016 and 2024. As a
result, the market’s valuation will reach US$7.04 bn by 2024
increasing from US$2.10 bn in 2015.
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North America to Lead among all Regional Segments
In terms of end user, architecture, transportation,
consumer electronics, and solar power generation are the segments of
this market. Of these, transportation displays the leading demand for
smart glass and the scenario is expected to remain same until the end
of the forecast period in 2024. This is due to the increasing
application of smart glass in automobiles for sun roofs, sun visors,
and side and rear windows in high-end cars. At present, the
flourishing aviation and automotive industries are also expected to
fuel the demand for smart glass in the transportation sector.
The architecture and consumer electronics segments
also display substantial demand for smart glass and are expected to
continue do so over the coming years.
In terms of geography, the worldwide smart glass
market is spread across North America, Asia Pacific, Latin America,
the Middle East and Africa, and Europe. North America leads the
global market and is expected to continue doing so in the near
future. In this region, the increasing prominence of renewable
energy, particularly solar energy, as a measure to ensure energy
security in the long-run is driving the smart glass market. As smart
glass is important for the generation of solar energy, increasing
initiatives for harnessing solar power to convert into energy will
display an increased demand for smart glass.
The region is closely followed by Europe and Asia
Pacific in terms of growth of smart glass market. At present, the
smart glass market in Asia Pacific is relatively new; however, the
market holds immense potential for solar power generation due to the
abundance of solar energy in countries that are close to the Equator.
Moreover, in countries such as China and India, improving economic
conditions leading to the development of the housing sector will
display the demand for solar panels, which in turn, will benefit the
smart glass market.
Rising Focus on Renewable Energy Bodes Well for
Market
Across the world, depleting sources of energy have
raised alarms among governments to implement regulations to reduce
the consumption of energy. The development of green buildings fitted
with smart glass is one of the prominent initiatives taken for energy
conservation by governments across several developed countries. This
is because smart glass plays a key role in saving energy that can be
used for heating, cooling, or illumination purposes.
With the increasing development of green buildings
across several large cities of the world, the smart glass market is
expected to be benefitted. However, high cost factor of smart glass
and the easy availability of substitutes may challenge the growth of
this market to some extent, states the report.
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The review presented is based on the findings of
Transparency Market Research report, titled “Smart Glass Market
(Technology - Electrochromic, Thermochromic, Photochromic, Liquid
Crystal, and Suspended Particle Device; End User - Architectural,
Consumer Electronics, Transportation, and Solar Power Generation) -
Global Industry Analysis Size Share Growth Trends and Forecast 2016 -
2024.”
The global smart glass market is segmented as
follows:
By Technology
- Electrochromic
- Liquid Crystal
- Suspended Particle Device
- Thermochromic
- Photochromic
By End User
- Architectural
- Consumer Electronics
- Transportation
- Solar Power Generation
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