The demand for more sustainable energy, on the grounds of the dwindling energy sources, has increased considerably in the recent years. This has led to several governments across the globe to impose strict rules and regulations and take up initiatives to cut down the consumption of energy. Smart glass plays an important role in saving the excessive consumption of energy needed for cooling, lighting, and heating in green buildings. Green buildings are being promoted by governments of the developed economies. This has been the primary driving factor for the growth of the It is expected that this growth will continue at a rapid pace in the coming years. However, high costs associated with smart glass and readily available cheap alternatives may hamper the growth of the global market in the coming years.
The global forecast market stood at an overall valuation of US$2.10 bn in the year 2015. It is expected to reach a total valuation of US$7.04 bn by the end of the forecast period in 2025. The growth in the period of 2016 to 2025 is expected to be achieved at a strong CAGR of 14.50%.
Transportation Sector to Dominate Global Smart Glass Market Owing to Large Scale Adoption
The demand for smart glass is high in different segments such as transportation, consumer electronics, solar power generation, and architecture. Amongst the mentioned sectors, transportation segment has emerged to be the leading end user application segment across the globe and is projected to continue its domination in the coming years. The growing use of smart glass in sun visors, sun roofs, side and rear windows in the top-class premium cars have significantly boosted the development of the global smart glass market in the transportation sector. In addition to this, use of smart glass in the aviation sector has also contributed significantly in the overall development of the global market. With the current boom in the automotive sector, the demand for smart glass will probably show even more growth in the coming years. The transportation sector accounted for nearly 57% in the overall smart glass market in 2015. Consumer electronics and architecture sectors are also expected to witness steady rise in the global smart glass market in coming years.
North America to Continue its Dominance in Market Thanks to Increasing Focus on Renewable Energy Sources
Geographically, the global smart glass market is divided into key regions such as Asia Pacific, Middle East and Africa, North America, Europe and Latin America. North America region led the global smart market in 2015, accounting an overall market share of 30%. It is projected that the North America smart glass market will continue its dominance across the global market in the coming years. This growth is mainly because of increasing focus on renewable sources of energy such as solar power. Smart glass plays an important role in the solar power generation, thus positively influence the regional market in the coming years.
Asia Pacific, among other key regions, is currently experiencing considerable growth in the smart glass market. This region is expected to show the most lucrative growth prospects over the course of the given forecast period owing the rapid development in the economic conditions in nations such as Korea, Japan, and China. The developing segments in the region such as construction and housing, transportation, consumer electronics, and solar energy generation are projected to spur the demand for solar panels, and thus drive the growth of smart glass market in the region.
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Some of the key companies plying their trade in the global smart glass market include names such as DuPont, Smartglass International Ltd., Polytronix Inc., Research Frontiers, and iGlass among others.