The advent of IoT has enabled each device to be connected over the internet and the rising adoptions globally would result in more than billions of devices connected over the internet. Huge populations of India and China are further influencing the growing penetration of smart phones and other consumer electronic devices. Furthermore, apart from the individuals, businesses across almost all industry verticals have realized the importance of IoT, communications, and sensors, and have therefore, paved way for integration of sensors into the smart glass. Thus, this factor is expected to trigger the growth of the smart glass market in the coming years.
The global smart glass market accounted to US$ 2.85 Bn in 2018 and is expected to grow at a CAGR of 17.2% during the forecast period 2019 – 2027, to account to US$ 11.73 Bn by 2027.
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The major companies offering smart glass market include AGC, INC., ArtRatio S.L., Compagnie de Saint-Gobain S.A., Corning Incorporated, GENTEX Corporation, Hitachi Chemical Co., Ltd., Pleotint LLC, Polytronix, Inc., Research Frontiers Incorporated, and Smartglass International Limited among others. Several other companies are also offering these smart glasses for various end-uses which is facilitating the market to propel over the years.
The dominance of the region is majorly attributed to the presence of large numbers of leading smart glass manufacturers. Almost 60% of the world's population lives in the Asia Pacific region, China and India being the most populated countries. More than 2 billion people live in the urban areas. Owing to these reasons, the density of buildings and infrastructural construction properties has reached to a new high in the region. Growing infrastructures and population have put pressures on the energy demands in the region, and therefore energy efficiency is one of the prime focus areas of Governments of respective countries in the APAC.
The construction industry is expanding at a steady growth rate in the developed regions across the globe. While on the other hand, in the developing regions, the industry is experiencing a substantial growth rate. Investments in infrastructure construction industry is continuously growing across the globe. The major focus of investments is on the residential sectors as the global population is constantly increasing at an exponential rate, which is demanding more residential spaces. The number of new residential buildings or individual houses rose rapidly over the years in the developed as well as developing nations worldwide. The US infrastructure industry is set to continue relatively fair growth rate during the forecast period which is heavily supported by residential constructions. Similarly, Canada's New Canada Building Plan is supporting the construction industry in the country and the same is expected to drive the industry in the coming years. The growing investments and initiatives in the residential and commercial construction in North American countries is influencing the glass manufacturers to increase their production. This factor is boosting the market demand for smart glass in the North American residential as well as commercial constructions. Construction in European countries is also increasing slowly, demanding improved building materials. European countries namely; Spain, Italy, and Turkey are experiencing demand for increased number of residential sectors as well as commercial spaces, thereby, catalyzing the demand for smart glass. The increased demand from the builders in the countries is propelling the production lines of glass windows and doors year on year in these countries, thereby, substantially driving the market.
Market Initiatives are referred as most adopted strategies in global smart glass market. Few of the recent market initiatives are listed below;
2019: Research Frontiers Inc. (Nasdaq: REFR) and Vision Systems launched a development program together to produce SPD-Smart light-control film used in Vision Systems' electronically dimmable windows (EDWs). The performance and reliability of these Vision Systems' products surpass all other products on the market, including "electrochromic" EDWs.
2018: Hitachi Chemical unveiled its plan to develop new light integrators for smaller smart glass. The company is looking for enhancing its offerings in optical plastics for smart glass by coming out with new optical integrators. Hitachi's new product possesses the same light efficiency provided by a dichroic mirror and even in strong external light outdoors achieves high visibility. Moreover, the company sees the innovative technology as a substitute for the configuration of existing smart glass.
2017: AGC Asahi Glass, a world-leading manufacturer of glass, chemicals, and high-tech materials, and Kinestral Technologies, maker of Halio™ smart-tinting glass, today announced the creation of three joint venture companies that will sell, distribute, and service Halio to the global market. Formed to accelerate the adoption of Halio, the new ventures – Halio North America, Halio International, and Halio China – will be the exclusive sales and marketing agents for Halio smart-tinting glass in the commercial and residential housing industries.
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