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(IT-NEWSWIRE.COM, March 17, 2020 ) According to the new research report "Smart Glass Market by Technology (Suspended Particle Display, Electrochromic, Liquid Crystal, Photochromic, Thermochromic), Application (Architecture, Transportation, Consumer Electronics), and Geography - Global Forecast to 2023", the smart glass market is expected to reach USD 8.35 Billion by 2023 from USD 3.32 Billion by 2017, at a CAGR of 16.61% between 2017 and 2023. The growth of this market is mainly driven by factors such growing demand for smart glass in automobile applications, strong government support through mandates and legislations for energy-efficient construction, and optimal energy saving through smart glass applications
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Declining prices of electrochromic materials
At present, electrochromic materials are offered as both smart electrochromic glasses and electrochromic films. Various reasons make electrochromic materials an ideal material for smart windows. Being an active technology, electrochromic windows can be directly controlled manually or by building automation systems for optimum comfort and energy control. The performance and capabilities of electrochromic materials are well understood because of their widespread adoption in auto mirrors.
Electrochromic glasses exhibit long product life as electrochromic materials are not easily deteriorated by light. Electrochromic windows are a highly functional technology that is at, or near, full commercialization. With these characteristics, the popularity of electrochromic glasses has increased. Moreover, the prices of electrochromic glasses are also declining with increasing economies of scale. Sage Electrochromics managed to reduce the cost of smart glass by 50% over the past 4 years by scaling up the new manufacturing capabilities with economies of scale.
Europe expected to dominate smart glass market during the forecast period
The smart glass market in Europe is expected to grow at the highest CAGR during the forecast period. Europe consists of a number of developed countries such as Belgium, France, Germany, Italy, and the UK. This region derives its revenues from the tourism, industry, and manufacturing businesses, among others. The hospitality and automotive manufacturing sectors in this region have grown tremendously due to supportive government policies over the past few decades. The government initiatives for green buildings and energy harvesting have contributed to the rise in the popularity of smart glasses. As a result, Europe holds a significant share of the overall smart glass market.
The key players in the market include SAGE Electrochromics, Research Frontiers, View, Inc., Asahi Glass Co., Gentex, Hitachi Chemical, Glass Apps, Pleotint, Polytronix, RavenWindow, Scienstry, Smartglass International, and SPD Control Systems. The key players in this market are increasingly undertaking the strategies of partnerships and collaborations, and product developments and launches to develop and introduce new technologies and products to the market.
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Mr. Sanjay Gupta
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raviraj.tak@marketsandmarkets.com
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