With a few leading players, namely, ASAHI GLASS, Saint-Gobain, DuPont, and Guardian Industries, driving the entire market, the global market for smart glass demonstrates a consolidated structure, finds a report by Transparency Market Research (TMR). These players, collectively, held a share of 40% in this market in 2015. With participants increasingly involving into mergers, acquisitions, and strategic alliances, the competition within the market is expected to intensify over the forthcoming years, state the report.
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As per TMR’s estimations, the opportunity in the global market for smart glass is likely to rise at a CAGR of 14.50% over the period from 2016 to 2024, increasing from US$2.10 bn in 2015 to US$7.04 bn by the end of the period of the forecast. The demand for smart glass is higher in the transportation sector compared to other end users. The scenario is anticipated to remain the same throughout the forecast period, thanks to the expanding application base of these mirrors in automobiles, such as increased usage in sun visors, sun roofs, and rear and side windows in high-end premium cars. The current boost in the worldwide aviation and the automotive industries is also projected to fuel the demand for smart glass in the transportation sector significantly over the next few years.
North America to Gain Supremacy among all Regional Markets
According to the research report, the worldwide market for smart glass is spread across North America, the Middle East and Africa, Asia Pacific, Latin America, and Europe. The global market has been led by North America over the past few years and is expected to remain so throughout the forecast period. The growth of this regional market can be attributed to the increasing prominence of renewable sources of energy, specifically solar energy. As smart glass has an important role to play in the generation of solar energy, the demand for smart glass is expected to increase with the increasing uptake of solar energy in this region.
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North America acquired 30% of the overall market in 2015 and was closely followed by Asia Pacific and Europe. The smart glass market in Asia Pacific is relatively new and is showing immense potential for future growth; however, Europe, being a mature market, is predicted to witness a decline in its market share over the next few years, notes the study.
Demand for Sustainable Energy to Influence Uptake of Smart Glass
On the grounds of the depleting sources of energy, the demand for sustainable energy, nowadays, has increased substantially, compelling governments across the world to implement regulations and take initiatives to reduce the consumption of energy. The promotion of green buildings is one of the most prominent initiatives for energy conservations taken by the governments in a number of developed countries. “Since smart glass play a significant role in saving the energy required for heating, cooling, and lighting in green buildings, its demand has soared, globally,” says an analyst at TMR.
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With the increasing proliferation of green building across the world, the global smart glass market is likely to fare impressively in the near future. However, the high price associated with it and the easy availability of cheap substitutes may obstruct the growth of this market to a bit in the years to come, states the report.