Smart Glass Market - Forecasts from 2022 to 2027

The smart glass market is projected to grow at a CAGR of 12.27% to reach US$9.538 billion by 2027, from US$4.241 billion in 2020.

Smart glass which is also known as Light Control Glass (LCG) or switchable glass help to alter the amount of light transmitted through transparent materials. The rising global adoption of green buildings and eco-friendly technologies is the major factor driving the demand for these products. The market's growth is further fueled by financial support and tax benefits from different governments provided to smart glass manufacturers.

The growing automotive industry is also escalating the demand for these glasses as they help to control the heat inside the vehicle while saving energy. However, the growth of the global smart glass market is expected to be impeded in the forecast period owing to the lack of consumer awareness about the benefits of these glasses, and the difficulty in maintaining an exact glass color balance. Moreover, smart glasses are more expensive than their alternatives and may be challenging in terms of their higher adoption.

The presence of alternatives may pose a threat to hampering the growth of the global smart glass market during the forecast period.

For smart glass, which is also known as switchable glass, there is a presence of alternatives where most of which offer the same benefits as that of smart glass. Consumers may find these alternatives as a convenient option at the time of purchase. This is because these are cheaper in comparison to smart or switchable glasses. Examples include blinds, shoji screens, and frosted window vinyl. Many of these are quite convenient in terms of application and are available with different levels of opacity. Some of the products may be easily cut based on their usage and hence are easy for on-site application. Additionally, with researchers working on the development of affordable smart glass alternatives, the presence of alternates may have a high impact on impeding the market growth in the forecast period. Researchers at the Massachusetts Institute of Technology, have come up with a solution to an affordable smart glass alternative, PDMS, which, according to their prediction, is a cheaper polymer material for smart windows. The material is capable of adjusting according to the incoming light and can be extensively used in engineering applications for controlling indoor light through windows.

The Asia Pacific region is expected to show higher growth prospects in the forecast period with the growing real estate industry.

With the growing concerns regarding climate change, certain regulations are revolutionizing the real-estate sector. These concerns have further given rise to the adoption of green or eco-friendly technologies coupled with huge energy savings, hence, fueling the market demand in the forecast period. Furthermore, in the Asia Pacific region, the growth in the middle-class population has created a market demand for smart glasses in the residential sector as well. This is because of the increase in family income and growing disposable income. Hence, this emerging middle-class population has become potential consumers for the adoption of smart glasses, further creating a huge consumer base. The growing urbanization, giving rise to the development of smart cities as per the customers' demand, is further providing an opportunity for the market to thrive in the forecast period and the coming years. The APAC region comprises around 60% of the total urban population on a global level. By 2050, it is expected that around two-thirds of the total regional population will reside in cities. Furthermore, the growing automotive industry, especially in the emerging economies of India and China, is further propelling the market demand in the forecast period.

Product offerings

• The Saint-Gobain Group SageGlass is an innovative electrochromic glass. The smart glass offered by the Saint-Gobain group allows unparallel control of the indoor environment and design possibilities. Furthermore, these smart glasses can provide maximum comfort and energy efficiency by adjusting the tint and performance.
• View, Inc. provides a transforming experience with their View Smart WindowsTM which uses AI-enabled technology to determine whether, when, and how much to tint each window based on different variables such as sun's position, cloud cover, interior floorplans, and many more. The company's mobile app enables the building manager or room's tenant to customize their smart widow experience through their smartphones.
• Halio North America LLC offers Viracon PLUSTM Smart Glass which is the fastest-tinting electrochromic glass. The company claims that the Viracon smart glass has a Color Rendering Index (CRI) of 97.5% which allows interior colors to stay true. These Viracon PLUS smart glass powered by Halio delivers fully automated or manually controlled tinting which can be operated via mobile app, desktop app, or voice assistants.

COVID-19 Impact on Smart Glass Market

The pandemic had a significant impact on the smart glass market globally owing to the temporary shutdowns in major consumer industries like the automotive industry and real estate industries. To curb the spread of COVID-19, several nations have put limitations on economic activities and the movement of people and goods. Due to such restrictions, delays in the production and delivery of components or raw materials that are a part of the supply chain were hindered. Hence, the construction projects were halted due to the global financial crisis which slowed down the smart glass market growth during the pandemic.

Segmentation:

• By Type

Passive

• Thermochromic
• Photochromic

Active

• Electrochromic (EC)
• Suspended Particle Devices (SPD)
• Polymer Dispersed Liquid Crystal (PDLC)
• By End User

Residential

Commercial

Industrial

• By Geography

North America

• USA
• Canada
• Mexico

South America

• Brazil
• Argentina
• Others

Europe

• UK
• Germany
• France
• Spain
• Others

Middle East and Africa

• Saudi Arabia
• UAE
• Israel
• Others

Asia Pacific

• China
• Japan
• India
• South Korea
• Indonesia
• Others