Report: Smart glass market to top $8 billion by 2023
The smart glass industry is expected to continue its rapid growth over the next several years, topping a collective value of $8 billion by 2023, new research shows.
The growth is mainly driven by factors such as growing demand in automobile applications, strong government support through mandates and legislation for energy-efficient construction, and optimal energy saving through smart glass applications, according to MarketsandMarkets.
The company’s report, "Smart Glass Market by Technology (Suspended Particle Display, Electrochromic, Liquid Crystal, Photochromic, Thermochromic), Application (Architecture, Transportation, Consumer Electronics), andGeography - GlobalForecast to 2023,” shows that the smart glass field is expected to reach $8.35 billion by 2023, up from $3.32 billion this year. The growth represents an annual growth rate of 16.61 percent.
Electrochromic technology is expected to hold the largest share of the smart glass market based on technology by 2023; the growth of the market for this technology attributed to a shorter switching time exhibited by this glass to switch from clear to dark state and increasing investments in this technology from the smart glass industry players.
The automotive industry is a vital application area for electrochromic glass. The smart glass market for the architecture application is expected to grow at the highest CAGR between 2017 and 2023. It offers energy-efficiency and improved aesthetics in these applications. Use of smart glass in various architecture applications increases the aesthetic value of a building and reduces the heating, cooling and lighting costs significantly.
In the architecture application, smart glass is used in doors, partitions, windows, skylights and elevators. Various establishments in the architecture application using smart glass in their designs include residential buildings, schools and colleges, hospitals, corporate offices, and retail buildings including malls, outlets, and supermarkets and hypermarkets.
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 United Kingdom. This region derives its revenues from the tourism, industry, and manufacturing businesses, among others.
The hospitality and automotive manufacturing sectors in the 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.
Topics: Associations / Organizations, Building Owners and Managers, Construction Firms, Consulting - Green & Sustainable Strategies and Solutions, Data Centers - Mission Critical Information Centers, Sustainable Communities, Sustainable Trends and Statistics, Technology, Urban Planning and Design, Windows - Glass and Glazing Strategies and Systems