Smart Glass Market

Smart Glass Market Overview:

The global smart glass market size reached US$ 6.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 14.8 Billion by 2032, exhibiting a growth rate (CAGR) of 9.9% during 2024-2032. Rapid urbanization, increasing focus on energy-efficiency, and thriving retail sector are strengthening the growth of the market.

Smart Glass Market Analysis:

• Major Market Drivers: Rising energy-conversion initiatives, along with the growing number of eco-friendly structures, are facilitating the growth of the market.
• Key Market Trends: Rapid urbanization and the increasing need for advanced safety features are catalyzing the demand.
• Geographical Trends: North America holds the largest segment because of rising issues about energy consumption in building, coupled with the continuous technology advancements.
• Competitive Landscape: Some of the major market players in the smart glass industry include AGC Inc., Asahi India Glass Limited, ChromoGenics AB, Compagnie de Saint-Gobain S.A., Diamond Glass Limited, Gauzy Ltd, Gentex Corporation, Halio Inc., Polytronix Inc., Research Frontiers Inc. and View Inc., among many others.
• Challenges and Opportunities: While the market faces challenges like compliance with building codes, which impacts the market, it also encounters opportunities in the development of enhanced performance, durable, and cost-effective smart glasses.
   

Smart Glass Market Trends:

Burgeoning Security Industry

The IMARC Group’s report shows that the global security market reached US$ 138.0 Billion in 2023. The burgeoning security industry currently represents one of the significant factors fueling the market growth. Smart glass can be installed in the surveillance rooms, command centers and observation decks to give the clear visibility when needed and privacy when required. Besides the effectiveness of their surveillance, this feature protects sensitive data from unauthorized access. In addition, smart glass is used in secure facilities, data centers, and critical infrastructure sites to improve the physical security measures. By controlling the visibility from the outside, smart glass prevents possible hazards like unauthorized surveillance, vandalism or unwanted intrusion. Additionally, these glasses can be embedded into access control systems and secured entrances to authenticate people and control entry to the restricted areas. It enhances security by providing visual confirmation of identity while maintaining privacy for authorized personnel.

Increasing Focus on Energy-Efficiency

As per the International Energy Agency, the global investment in energy efficiency reached USD 560 billion in 2022, an increase of 16% on 2021. Governing agencies and regulatory bodies in several countries are imposing stricter energy efficiency regulations and building codes to lower carbon emissions and reduce climate change. Smart glass technologies including electrochromic and thermochromic glass fulfilling these objectives by utilizing daylight, controlling solar heat gain, and cutting down on the use of artificial lighting and heating systems. Moreover, energy-efficient buildings fitted with smart glass technologies benefit from low operating costs for heating, cooling, and lighting because of reduced energy consumption. Smart glass technology is helpful in maximizing the use of daylighting, minimizing the solar heat gain, and improving thermal insulation, which is consequently lead to reduction of dependence on heating, ventilation, and air conditioning (HVAC) systems and artificial lighting.

Thriving Retail Sector

Smart glass technologies provide retailers with the ability to generate an intense and interactive shopping atmosphere for individuals, which can have a positive effect on their brand appearance. The switchable smart glass displays and shop windows provide retailers with an engaging and original mode of product presentation, boosting the appeal of stores and thus attracting more people to stores. Moreover, smart glass applications for retailers is allowing them to redesign their visual marketing plans with management of transparency and adjusting lighting conditions. Dynamic window displays and interactive products attract individuals and encourage impulse purchases, contributing to increased sales and smart glass market revenue. The smart glass allows retailers to be able to tune their display in real-time according to the seasonal promotions, trends and the stock level. According to the IMARC Group’s report, the global retail market is expected to reach US$ 46,304.9 Billion by 2032.

Smart Glass Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with market forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on technology, control mode, and application.

Breakup by Technology:

• Thermochromic
• Photochromic
• Electrochromic
• Suspended Particle Device (SPD)
• Polymer Disperse Liquid Crystal (PDLC)
• Others
   

Electrochromic accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the technology. This includes thermochromic, photochromic, electrochromic, suspended particle device (SPD), polymer disperse liquid crystal (PDLC), and others. According to the report, electrochromic represents the largest segment.

The IMARC Group’s report shows that the global electrochromic glass market reached US$ 1.7 Billion in 2023. Electrochromic smart glass uses electrochromic technology, which enables it to change its tinted color or opacity by voltage or electrical current. Such dynamic regulation of the light transmission and transparency makes electrochromic smart glass highly desirable for a wide range of applications. Additionally, advancements of electrochromic technology is leading to improvements in performance, durability, and cost-effectiveness, making electrochromic smart glass more accessible.

Breakup by Control Mode:

• Dimmers
• Switches
• Remote Control
• Others
   

A detailed breakup and analysis of the market based on the control mode have also been provided in the report. This includes dimmers, switches, remote control, and others.

Dimmers are gaining traction because of their large number of applications and the demand for energy efficiency and comfort. Smart glass, providing dimming function, allow users to regulate light and heat passing through glass by changing the level of transparency. This function is desirable in the field of architecture, whether it is in residential or commercial project, as it improves the quality of indoor environment significantly and decreases the use of artificial heating and cooling systems resulting in energy savings.

The use of smart glass with the switchable feature significantly improves user experience. The glass can be completely transparent with the flick of a switch or allow for a quick adjustment of privacy anytime. The above-mentioned feature is appealing in the situations where privacy, glare reduction or light control are necessary like in conference rooms, hospitals and residential areas. Additionally, ongoing invention in the technology are leading to the modern energy efficient switchable smart glass options, which people find as alternatives in building structures for environmental sustainability.

The greater functionality of remote control as opposed to manual control in the market is largely due to its versatility and convenience. With remote control, users can change different settings, such as the level of transparency and tinting on smart glass conveniently by simply pushing a button or tap on the screen. This level of control allows users to tailor their environment to meet their specific needs, such as privacy, sunlight exposure, or energy efficiency.

Breakup by Application:

• Architectural
• Transportation
• Consumer Electronics
• Power Generation
   

Transportation represents the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the application. This includes architectural, transportation, consumer electronics, and power generation. According to the report, transportation represents the largest segment.

Smart glass technologies are responsible for the improvement of safety, comfort, and aesthetics in various means of transportation including automotive, aviation, and marine vessels. The automotive sector is integrating smart glass in vehicles to improve visibility, reduce glare and enhance driver comfort and safety. Furthermore, the aviation industry is using smart glass for cockpit windows, cabin partitions, and window shades to improve visibility, reduce solar heat gain, and enhance passenger satisfaction during flights. Similarly, smart glasses are being installed in ships for windows, partitions, and sunroof to ensure an optimal visibility, glare, and ultraviolet (UV) protection for passengers and crew.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America leads the market, accounting for the largest smart glass market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America represents the largest regional market for smart glass.

As per the Associated General Contractors of America, there were more than 919,000 construction establishments in the U.S. in the 1st quarter of 2023. The growth of advanced infrastructure and high acceptance of smart technologies in the region offer a conducive environment for the incorporation of smart glass solutions across industries, including construction, automobile, and healthcare. Moreover, strict regulations in the region in terms of energy efficiency and sustainability are propelling the requirement of smart glasses, as they provide flexible light and heat transmission. Moreover, the rising awareness about green building frameworks and the robust construction industry is further catalyzing the smart glass demand in the region.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major smart glass companies have also been provided. Some of the major market players in the smart glass industry include AGC Inc., Asahi India Glass Limited, ChromoGenics AB, Compagnie de Saint-Gobain S.A., Diamond Glass Limited, Gauzy Ltd, Gentex Corporation, Halio Inc., Polytronix Inc., Research Frontiers Inc. and View Inc.
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• Companies are continuously investing in research and development (R&D) activities to increase their product offerings, which help in bolstering the market growth. Many key manufacturers are offering cost-effective smart glass products to expand and survive in a competitive market environment. Moreover, major key players are prioritizing creating innovative offerings to severe a large customer base and obtain a competitive edge. They are also undertaking multiple initiatives to expand their footprint across the globe, along with several smart glass market recent developments like new product launches, mergers and acquisitions (M&A), rising investments, and collaborations with other industries to expand their product offering and market reach. For instance, in 2023, Kolbe partnered with Gauzy Ltd. to integrate LCG® Smart Glass Technologies into select window and door products, for various levels of privacy on demand.

Smart Glass Market News:

• February 6, 2023: AGC Inc. announced its partnership with Saint-Gobain flat glass manufacturers. This collaboration aimed to design a flat glass line which reduce CO₂ emissions significantly.
• October 27, 2023: ChromoGenics entered a cooperation agreement with Smartglass International of Ireland for the manufacturing, marketing, and distribution of dynamic glass ConverLight Dynamic. They are looking forward to developing the European market together with their competent team and tap North America as well.

Smart Glass Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the smart glass market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global smart glass market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the smart glass industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.