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Smart Glass Market with COVID-19 Impact - Global Forecast to 2025

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The smart glass market size is expected to grow from USD 3.8 billion in 2020 to USD 6.8 billion by 2025, at a CAGR of 12.1% during the forecast period. The growth of the smart glass industry is driven by factors, such as the growing adoption of smart glass in automotive application and, declining prices for eletrochromic material. Other major driving factors for smart glass  adoption  include supportive government mandates and legislation on energy efficiency. Governing bodies of various countries are increasingly encouraging the use of these energy-efficient products. Smart glass has inherent energy-saving and auto-dimming properties, which reduce its maintenance cost. As a result, the perceived benefits of these glass products are more than the incurred investments.

The automobile industry is growing at a fast pace since its revival after the financial meltdown in 2008. Renewed consumer confidence in the economy and higher spending have driven up the sales of light- and heavy-duty vehicles. The demand for automotive glass is influenced by several factors. The replacement volume of glasses increases with an increase in the total vehicle population and number of miles driven. Severe weather and road conditions can also increase the demand for automotive glass repair and replacement. However, consumers tend to defer fixing minor damage to a windscreen until a vehicle trade-in or sale or vehicle inspection. Therefore, sales of new vehicles, turnover of used vehicles, and laws for vehicle inspection influence the demand differently for smart glass in the automotive application in countries.

Smart glass is ideal for automobile, aviation, and any other transportation applications requiring heat and glare control. In the automotive sector, smart glass is used in applications such as rearview mirrors, windows, sunroofs, and windshields. Smart glass provides protection from harmful ultraviolet (UV) rays, reduces glare, helps control the heat inside the vehicle, and reduces energy consumed over temperature maintenance.

Smart glass was used for the first time in the 1980s, but the technology was commercialized after 2000. The smart glass industry has undergone many changes and advancements in terms of technologies and applications. The cost of smart glass is 2 to 4 times higher than that of conventional windows and glass due to significant technological advancements. The high cost of these glasses deters its large-scale adoption. Manufacturers find it difficult to quantify the ROI to end users and, hence, its major application can be found across the high-end and luxury verticals.

While the smart glass technology was introduced to the market almost a decade back, it is only in the last couple of years that manufacturers have secured the funding and support necessary to launch large volume production. With the opening of large volume manufacturing facilities, manufacturers are expected to achieve economies of scale, which, in turn, will lower the cost. With the increasing volume of production, the cost of smart glass is estimated to reduce by 30%–40%.

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The cost associated with energy is constantly increasing; consequently, the demand for unconventional power sources has been on the rise over the last decade. Solar energy is one of the alternatives to conventional sources of energy. The performances of photochromic and thermochromic smart glasses are directly or indirectly dependent on sunlight. The use of such auto-dimmable smart glass helps reduce electricity consumption to a great extent, especially for heating and cooling systems.

 

One of the emerging applications of smart glass is solar power generation plants. Smart glass is used in solar panels to absorb the maximum amount of light to generate electricity. The solar power generation sector is expected to offer many opportunities for smart glass applications in the future.

The smart glass market was dominated by Saint Gobain (France), AGC Inc (Japan), Research Fronteirs (US), Gentex Corporation (US), and Veiw Inc (US). A few strategies adopted by these players to compete in the smart glassmarket include product launches and development, partnerships, and mergers and acquisition.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

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MarketsandMarkets™ INC.

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Northbrook, IL 60062

USA: 1-888-600-6441



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