Global Smart Glass Market to Witness a CAGR of 16.2% during 2019-2025
NEW YORK, May 03, 2019 (GLOBE NEWSWIRE) -- The global smart glass market is estimated to reach USD 20.1 million by 2025, while augmenting at a CAGR of 16.2% during 2019-2025. The rising adoption of sustainable solutions in architectural and automotive sector, and government initiatives for energy conservation are primary factors attributing to the market growth. The increasing demand for energy-efficient glasses coupled with low cost of electrochromic materials is also projected to drive the demand for the smart glass. Moreover, growing infrastructural investments in emerging and developed economies, and increasing renovation and restoration activities are further anticipated to propel the market growth over the years to come. However, relatively higher cost of smart glasses compared to flat glasses, and lack of awareness among consumers is expected to limit the market growth during 2019-2024.
Smart glasses are gaining prominence as they enable energy conservation, thermal and acoustic insulation, and sumptuous 3D designer proposition. Additionally, they use green technology concepts which means they are eco-friendly while changing their properties. Besides, smart glass can switch its properties automatically or manually in accordance with the external temperature, to manage the amount of heat. Also, these glasses possess low reflection that minimizes the glare. Simultaneously, smart glass provides a potential for saving more than 25% of the electricity consumption in commercial and residential buildings through dynamic control of solar heat through windows.
Key findings of the report:
-- The global smart glass market is expected to reach USD20.12 billion by 2025, at a CAGR of 16.2%. -- Based on Technology, active glass segment is accounted to hold the major market share, and is projected to retain its dominance during 2019-2025. -- On the basis of end-use, the automobile segment is accounted to hold the largest share in 2018, and is likely to retain its dominance over the forecast period. However, construction segment is likely to register the highest CAGR over the forecast period. -- Major players operating in the global smart glass market include; Smartglass International Limited, View, Inc., RavenWindow, Research Frontiers Inc., Saint Gobain, Pleotint LLC., ChromoGenics, Kinestral Technologies, Inc., e-Chromic Technologies, Inc., SAI Industrial LLC., Asahi India Glass Limited, and halioglass among others.
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Global Smart Glass Market - Regional Insight
Geographically, North America is projected to dominate the global smart glass market, followed by Europe. The market growth is primarily attributed to the increasing government initiatives for energy efficient products, and presence of prominent players in the region. Europe is anticipated to hold the second largest share of the smart glass market owing to the huge capital investment by major players such as Smart Glass International, Ltd. and Saint-Gobain SA, and rising popularity of smart glass for building purpose. However, Asia-Pacific is likely to emerge as the fastest growing region in the global smart glass market. The regional growth is mainly driven by growing development activities predominantly in the automotive industry of the emerging economies such as China and India. Moreover, increasing urban population coupled with rising disposable income is also expected to foster the market demand over the forecast period.
The report segments the global smart glass market on the basis of technology, end-use, and region.
-- By Technology o Active Glass # Suspended Particle Display (SPD) # Electrochromic Glass # Polymer Dispersed Liquid Crystal (PDLC) # Others o Passive Glass # Thermochromic Glass # Photochromic Glass -- By End-Use o Consumer Electronics o Automobiles/ Transportation o Architectural/ Construction o Power generation plants o Others -- By Region: o North America # U.S. # Canada o Europe # UK # Germany # France # Italy # Russia # Rest of Europe o Asia-Pacific # China # Japan # India # South Korea # Rest of Asia-Pacific o Central and South America (CSA) # Brazil # Mexico # Rest of CSA o Middle East and Africa (MEA) # UAE # Saudi Arabia # South Africa # Rest of MEA
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