Smart Glass Market Size, Share & Trends Analysis Report By Technology (Electrochromic, SPD, PDLC, Thermochromics), By Application (Transportation, Power Generation), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global smart glass market size was valued at USD 5.13 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 10.3% from 2022 to 2030. The growing energy-conservation initiatives, such as green buildings and eco-friendly structures, are expected to drive market expansion. Besides, a favorable regulatory scenario facilitating financial and tax benefits is also expected to positively influence the market space during the forecast period.

For instance, in April 2021, the Canadian government announced to allocate USD 1.5-billion to increase green building initiatives through upgrades, retrofits, and construction of public institutions. Such initiatives are stimulating the adoption of smart glass in recent years owing to its energy-saving properties, elegant 3D design proposition, and thermal and acoustic insulation. Installation of smart glass into doors, windows, partitions, and skylights enables effective sunlight control, preventing a rise in indoor temperatures in summers. This, in turn, reduces the building's overall energy cost and carbon footprint.

The expanding construction industry coupled with the growing investment in infrastructure projects will significantly contribute to the market growth. The increasing inclination of consumers towards glass over bricks and cement walls will create lucrative growth avenues for the market over the foreseeable future. The growing trend of large, floor-to-ceiling glass windows is also favoring product adoption, providing new business opportunities for the manufacturers.

The ongoing replacement and renovation activities across the globe are expected to drive the demand for smart glass further. According to the Department of Energy (DoE), around 19 million square feet of residential windows are installed in the U.S. alone and around 500 million square feet of windows are installed in the commercial sector.

Of these, most of the buildings have been constructed before establishing the ASHRAE standards, which address indoor air quality, thermal comfort, and energy conservation in buildings. Retrofitting of such buildings is expected to create significant opportunities for the market in the U.S. However, factors such as high base cost and lack of awareness regarding the product benefits might affect the demand for smart glass during the forecast period.

The COVID-19 crisis had made a serious impact on the market outlook, especially within the automotive sector due to the temporary closure of assembly plants and supply chains globally. Automotive sales declined by around 45% in the second quarter of 2020, especially in Europe, affecting the overall smart glass demand.

The temporary halt on construction activities during the pandemic subsequently reduced the demand for building glass. The impact of the COVID-19 crisis in Europe was majorly experienced in Italy, France, and Luxembourg where the construction activities declined by 71.5 %, 63.9%, and by 55.0 % respectively from February 2020 to April 2020.

The supportive government initiatives across various countries provided relief for businesses. The U.K. government introduced various schemes during the pandemic time, such as Coronavirus Business Interruption Loan Scheme (CBILS). Under the scheme, the small and medium businesses (SMEs) with an annual turnover of up to USD 60.34 million (approx.) that are going through cashflow disruptions due to the pandemic are eligible for government financing of around USD 6.7 million (approx.).

Technology Insights

The electrochromic glass segment had accounted for a sizeable share of over 83.0% in 2021. This can be largely attributed to the benefits associated with the product, such as the high blockage ratio of UV and IV rays, low driving voltage, and the ability to integrate with large glass panels easily. Besides, electrochromic glass can be colored, tinted, and turned opaque, modulating the transmitting light and heat as per the situation. These glasses find extensive application in hospitals, educational buildings, commercial spaces, and retail outlets.

The Suspended Particle Device (SPD) smart glass segment is expected to witness the highest CAGR of around 15.0% through 2030 on account of the high stability of SPD against UV rays. These glasses offer precise and instant light control and can turn from transparent to dark within 1-3 seconds. They also have an exceptional optical quality that facilitates effective control of the glare from sun rays.

Polymer Dispersed Liquid Crystal (PDLC) glass also known as switchable glass, magic glass, intelligent glass, or privacy glass, is massively used in electronic devices. The technology is mainly used in homes and offices to offer privacy while providing an ample amount of light. It finds applicability in various dynamic sectors, including aircraft, automotive, marine, and architecture. The growing proclivity towards ‘Green Energy’ resources is further driving the demand for PDLC smart glass technology.

Application Insights

The transportation application segment had captured a considerable market share of around 49.0% in 2021. The transportation segment is further bifurcated into aircraft, automotive, and marine. The notable growth in the automotive segment can be ascribed to the heightened adoption of smart glass by luxury car manufacturers. The rising demand is urging the market players to strengthen their product portfolio in this segment to gain a competitive edge. For instance, in September 2021, Automotive major BMW introduced its BMWi Vision Circular Showcar at IAA Auto Show, equipped with an advanced headlight designed using the SPD LCG Technology developed by Gauzy Ltd.

Smart glass technology is predominantly adopted in commercial office buildings and corporate headquarters as they help save costs considerably while maximizing workplace productivity. Self-cleaning glasses, low-emissivity glasses, and solar control glasses are likely to become prominent offerings for the construction sector in the upcoming years. The increasing number of infrastructure projects, as well as restoration and renovation activities in residential and commercial spaces, are strongly contributing to the growth of the architectural segment.

Some of the prominent examples of the commercial buildings where smart glass has been deployed are Advent, LLP’s commercial office in Omaha, U.S., CertainTeed Corporations’ headquarters in Malvern, U.K., Microsoft’s corporate office in Lisbon, Portugal, and Sukup Manufacturing Co.’s headquarters in Sheffield, U.K.

Regional Insights

North America dominated the smart glass market in 2021 by holding a revenue share of over 32.0%. This can be credited to the availability of value-added products, including laminated glazing in conjunction with the establishment of energy conservation regulations for buildings in the region. The regional companies are launching products in line with consumer requirements.

For instance, in 2022, Halio, Inc. unveiled its AI-based smart glass solution at CES 2022 that offers responsiveness and speed, clear and tint color, tint uniformity, and cloud-based technology for autonomous operation. The increasing adoption of electric cars integrated with advanced technologies is also expected to instigate the demand for smart glass in the regional automotive sector.

Asia Pacific is projected to record the highest CAGR of over 12.0% through 2030 as the region presents remarkable growth opportunities in the transportation sector. Rising disposable income and increasing demand for luxury vehicles are favoring the expansion of the regional market. In addition to this, the rising awareness regarding energy conservation in the region is also anticipated to drive the adoption of energy-efficient air-conditioners and energy-efficient windows.

Key Companies & Market Share Insights

The major market players are emphasizing the development of innovative offerings to serve a large customer base and gain a competitive advantage. To illustrate, Gentex Corporation is innovating and enhancing its dimmable automotive mirrors. The company makes a hefty investment toward required research and development.

Various companies are forming strategic alliances, partnerships, and acquisitions to gain a strong foothold in the market. For instance, in October 2021, NSG Group announced a collaboration with Cohda Design Limited (UK) to design glass applications that power devices without using electric wires. Some prominent players in the global smart glass market include:

• AGC Inc.

• ChromoGenics

• Corning Incorporated

• Gauzy Ltd.

• Gentex Corporation

• Guardian Industries

• Kinestral Technologies, Inc.

• Nippon Sheet Glass Co., Ltd.

• PPG Industries, Inc.

• RavenWindow

• Research Frontiers Inc.

• Saint-Gobain S.A.

• Showa Denko Materials Co., Ltd.

• Smartglass International Limited

• VELUX Group

• View, Inc.

• Vision Systems

Smart Glass Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global smart glass market report based on technology, application, and region:

• Technology Outlook (Revenue, USD Million, 2018 - 2030)

  • Electrochromic

  • Polymer Dispersed Liquid Crystal (PDLC)

  • Suspended Particle Devices (SPD)

  • Thermochromics

  • Photochromic

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Architectural

  • Transportation

    • Automotive

    • Aircraft

    • Marine

  • Consumer Electronics

  • Power Generation

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • MEA