Smart Glass Market Statistics 2023, Industry Size, Share & Forecast Till 2028

According to the latest report by IMARC Group, titled “Smart Glass Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global smart glass market statistics.The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global smart glass market size reached US$ 5.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 11.0 Billion by 2028, exhibiting a growth rate (CAGR) of 11.2% during 2023-2028.

Smart glass represents a superior-grade glazing reflector that is manufactured by laminating and arranging switchable acrylic polycarbonate films. These layers include liquid crystals that filter the level of heat, brightness, and voltage entering through lenses. Smart glass is available in various technologies, such as thermochromic, photochromic, and suspended particle devices (SPD).It prevents ultraviolet (UV) radiation, reduces glare, allows easy cleaning, provides instant privacy and enough natural light, and enhances the appearance of the infrastructure. In addition, smart glass is easy to install, aesthetically appealing, secured, and requires minimal operational costs. As a result, this reflector is used as an electrochromic and envelope glass across several power generation and commercial buildings.

Market Trends & Drivers

The emerging construction activities and infrastructural projects and the escalating product demand, as it exhibits energy-saving capacity that reduces the power consumption on heating, ventilation, and air conditioning (HVAC) systems, are among the primary factors driving the smart glass market. Besides this, the launch of several green building policies by the government bodies, owing to the rising environmental concerns, is further augmenting the market growth.

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Moreover, the incorporation of smart glass in sun visors, sunroofs, windshields, and rear-view mirrors, on account of the expanding automotive industry and the escalating need for luxurious vehicles, is also catalyzing the global market. Apart from this, the extensive utilization of suspended particle devices (SPD) glass in the aerospace sector to offer improved aircraft performance, acoustic insulation, and superior heat rejection is acting as another significant growth-inducing factor. Furthermore, the introduction of floor-to-ceiling reflector windows and the development of three-dimensional (3D) designs prepositions to ensure optimum thermal insulation are anticipated to propel the smart glass market over the forecasted period.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

AGC Inc., Asahi India Glass Limited, ChromoGenics AB, Compagnie de Saint-Gobain S.A., Diamond Glass Limited, Gauzy Ltd, Gentex Corporation, Halio Inc., Polytronix Inc., Research Frontiers Inc. and View Inc.

Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Material:

• Polypropylene (PP)
• Polyethylene (PE)
• Nylon
• Others

Breakup by Thickness:

• 16µm
• 20µm
• 25µm

Breakup by End User:

• Industrial
• Consumer Electronics
• Automotive
• Others

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Regional Insights:

• Asia Pacific
• North America
• Europe
• Middle East and Africa
• Latin America

On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.

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