A three-pronged approach was followed for deducing the smart glass market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for smart glass market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of smart glass market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The smart glass market was categorized into four segments, namely technology (Electrochromic, Polymer Dispersed Liquid Crystal, Suspended Particle Devices, Thermochromics, Photochromic), application (Architectural, Transportation, Automotive, Aircraft, Marine, Consumer Electronics, Power Generation), control mode (Rheostats, Switches, Remote), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).
The smart glass market was segmented into technology, application, control mode, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The smart glass market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into seventeen countries, namely, the U.S.; Canada; Germany; the UK.; France; Italy; Spain; China; Japan; India; South Korea; Australia; Brazil; Mexico; UAE; South Africa; Saudi Arabia.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The smart glass market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Asahi Glass Co. Ltd. (AGC, Inc.) , Asahi Glass Co. Ltd., based in Tokyo, Japan, specializes in the production of glass and ceramics. The company’s operations are divided into four main sectors: glass, electronics, chemicals, and ceramics & others. Through its glass division, it offers a variety of automotive and architectural glass products. For automotive applications, the company produces laminated glass, tempered glass, privacy glass, water-repellent glass, module assembly windows, glass antennas, laminated acoustic glass, snow-melting windshields, laminated side glass, and cover glass for car-mounted displays. In the architectural sector, the company’s offerings include multi-layered glass, heat-ray reflection/absorption glass, fireproof/fire-resistant glass, laminated glass, tempered glass, and soundproof glass. As of December 2020, Asahi Glass Co. Ltd. oversees close to 217 subsidiaries and employs around 55,600 people worldwide. The company is publicly traded on the Tokyo Stock Exchange. In March 2022, the company, under the name AGC Inc., launched a glass antenna called WAVEATTOCH. This antenna is compatible with all 5G Sub6 spectrum frequencies allocated to Japan’s four Mobile Network Operators. This innovative product allows for shared telecom infrastructure among multiple operators, thereby reducing capital investment.
ChromoGenics AB , Founded in 2003, ChromoGenics AB is a Swedish company based in Uppsala. The company’s inception was a result of research conducted on electrochromic materials at the Angstrom Laboratory of Uppsala University, also located in Sweden. ChromoGenics provides a cleanroom environment and maintains a production line for all its products, which can be manufactured in sizes up to 80 x 200 cm. The company also produces ConverLight Foil and offers automated testing in conjunction with a glass lamination laboratory. In 2016, ChromoGenics began supplying its products to real estate projects throughout Scandinavia. Since March 2017, the company has been listed on the Nasdaq First North.
Corning Incorporated , Corning Incorporated, a company based in the U.S., specializes in the production of glass and ceramics. Its main business areas encompass environmental technologies, display technologies, life sciences, optical communications, and specialty materials. The display technologies division of the company supplies glass substrates for Liquid Crystal Displays (LCDs), which are predominantly used in LCD televisions, flat-panel desktop monitors, and laptop computers. The specialty materials division of the company focuses on the development of a variety of material formulations for glass, fluoride crystals, and glass ceramics. Corning Incorporated has two joint ventures, namely Dow Corning and Pittsburgh Corning. In the year 2020, the company was awarded approximately 480 patents in the U.S. and over 1600 patents in other countries.
Gauzy Ltd. , Gauzy Ltd. is involved in the production and development of Light Control Glass (LCG) products, utilizing both SPD and Liquid Crystal Technology. The company’s LCG technology involves the combination of SPD emulsions or liquid crystal formulations, which are coated between two sheets of PET-ITO and subsequently cured with UV light, resulting in a new film. This SPD or LC LCG can transition from opaque to transparent, dimming or turning on & off, facilitated by the company’s patented control systems that support dynamic light control.
Gentex Corporation , Founded in 1974, Gentex Corporation is a U.S.-based company with its headquarters in Michigan. The company specializes in the design and manufacture of dimmable aircraft windows for the aviation industry, electrochromic automatic-dimming mirrors for the automotive industry, and fire-protection products. In 2021, about 97% of the company’s total revenue was generated from the automotive segment, which primarily includes automotive electronics and interior & exterior electrochromic automatic-dimming rearview mirrors. Gentex Corporation markets its products in Europe, North America, and Asia, primarily through a direct sales force. The company has sales & engineering offices in Sweden, the UK, Germany, France, China, Japan, and South Korea, in addition to its U.S. headquarters. Key competitors in the automotive rearview mirror market include Magna International, Peal Power Automotive, YH America, Inc., BYD Auto Company, and Steelmate, among others. Gentex Corporation holds 39 U.S. Registered Trademarks and 793 U.S. Patents. In addition, the company owns 357 foreign Registered Trademarks and 1224 foreign patents.
Guardian Industries Corp. , Guardian Industries Corp., based in Michigan, is a glass manufacturing company established in 1932. It produces fabricated and float glass products for various applications including residential, commercial, and transportation. The company’s operations span approximately 25 countries on five continents. Guardian Industries Corp. has two main business divisions: Guardian Glass and SRG Global. It serves several key sectors such as public and commercial transportation, construction & agriculture, lifestyle, vehicles, nonmotility, safety and protection, and service parts. The company manufactures coated mirrors used in concentrating solar power technology. In addition to its manufacturing activities, the company invests in the research and development of eco-friendly products and seeks business acquisitions and partnerships. Since 2017, Guardian Industries Corp. has been operating as a subsidiary of Koch Industries, Inc.
Halio Inc. (formerly known as Kinestral Technologies, Inc.) , Based in San Francisco, Kinestral Technologies, Inc. is a company that offers products utilizing dynamic light control technology. These products are designed for various applications including offices, connected offices, cars, and more. The company’s offerings include the Halio smart tinting glass and a natural light management system, both of which can automatically adjust to block solar heat and minimize glare. Kinestral Technologies’ main investors are SK Holdings, Asahi Glass Co., and GPB Capital Holdings. The company primarily caters to customers in the U.S. and Taiwan. In April 2021, the company rebranded itself as Halio Inc. It is known for its intellectual property, holding 48 patents.
Nippon Sheet Glass Co., Ltd. (NSG Group) , NSG Group is a worldwide provider of architectural and automotive glass. The company’s operations are primarily divided into three sectors: creative technology, architecture, and automotive. The architectural division provides glass for building and solar energy applications, while the automotive division caters to original equipment, aftermarket replacement, and specialized transport glazing markets. The creative technology sector aids in the company’s future growth. In terms of the company’s net revenue, the architectural, automotive, and technical glass segments contribute approximately 46.9%, 45.9%, and 6.62% respectively. Geographically, Europe contributes 40% to the company’s revenue, while Asia and the Americas each contribute 30%.
PPG Industries, Inc. , PPG Industries, Inc., a company with a rich history dating back to 1883 in Pennsylvania, specializes in the production and supply of a diverse selection of coatings, paints, and specialty materials. The company’s operations are divided into two key segments: performance coatings and industrial coatings. These products find applications in various sectors such as packaging, industrial equipment and components, automotive OEM, aircraft and marine equipment, and other industrial and consumer products. In 2021, PPG Industries, Inc. made significant strides in expanding its business. It acquired five major companies: Ennis-Flint, VersaFlex, Cetelon Lackfabrik GmbH, Wörwag, and Tikkurila. These acquisitions contributed to a 21.5% increase in net sales compared to the previous year. The company also invested a substantial amount of USD 463 million in research and development in the same year. As of 2021, PPG Industries, Inc. boasts over 156 manufacturing facilities across the globe. The company operates two main research centers, the “PPG Coatings Innovation Center” and the “Monroeville Business and Technology Center”, both located in Pennsylvania.
RavenWindow , RavenWindow, a company based in Denver, U.S., specializes in the production of advanced smart windows that feature solar-intuitive transitioning technology. The company offers smart glass solutions for thermochromic glass windows, which control solar heat gain without the need for a control system or electrical wiring, offering a maintenance-free solution for clients. The company’s specially designed thermographic filter can be easily applied to a glass surface, transforming it into automatically tinted glass. This technology reduces solar heat and automatically minimizes glare, requiring no manual intervention. It’s a ready-to-use technology that can be utilized for custom designs, new constructions, and retrofitting existing windows. RavenWindow also contributes to LEED certification and its products are suitable for both commercial and residential applications. The company operates a 55,000 sq. ft. manufacturing facility in Denver, capable of producing 100,000 square feet of RavenWindow filters per month.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2023, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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