Strong Growth Projected for Global Smart Glass Market
The global smart glass market is expected to grow at a CAGR of close to 20% from 2016-2020.
The global smart glass market is expected to grow at a compound annual growth rate (CAGR) of close to 20% from 2016-2020, according to a recent report from Technavio. By value, the global smart glass market for other applications was $210 million in 2015, and it is expected to reach $520 million by 2020, growing at a CAGR of 19.88%.
Factors such as growing applications in aviation, marine, and solar power are aiding market expansion, and a shift in demand from passive to active smart glass innovations is driving market growth. Smart glass can be categorized into two types: active and passive . Active smart glass reacts to an electrical stimulus to initiate the change, whereas passive smart glass reacts to heat and UV light sources to make the change. The major difference between active and passive smart glass is that the change in the light transmission properties of the former can be controlled by the user, while the latter provides no such functionality. Thus, the existence of electrical current is the major difference between these two types of smart glass.
Transportation is one of the major application segments of smart glass products. They are used as a part of the transportation segment as doors, windows, sunroofs, windshields, rear-view mirrors and sky-facing windows. They are used by the transportation sector to shade, minimize heat build-up and restrain the viewing degree. The automotive segment of the transportation industry is the main consumer of smart glass products. Smart glass is perfect for automotive, aviation and other transportation means where heat control needs to be achieved per a required level. It gives protection from harmful UV light, controls heat inside the vehicle and limits energy consumption.
“The global smart glass market in the transportation sector is estimated to grow at a rapid pace because of the use of smart glass in various auto components by major global automobile manufacturers,” said Chandrakumar Badala Jaganathan, lead analyst. “With the increase in awareness about the benefits of smart glass over plain glass, both the automotive and aviation segments of the transportation sector are expected to increase their adoption of smart glass products.”
Infrastructural development has high growth potential during the forecast period due to the rise in demand for smart glass in architecture. Traditionally, screens, shades or curtains are used to control the passage of light through windows. However, smart glass can help monitor light and heat in architecture. The use of smart glass is also increasing in commercial and residential buildings in the form of doors, windows, partitions, and skylights.
“The increase in glazing area in both residential and commercial buildings will be the major driving force for the use of smart glass products in the infrastructural development sector,” said Badala Jaganathan. “Huge growth is estimated in the sector as more and more architects are suggesting smart glass-based designs to their customers.”
The market is estimated to achieve a high growth rate in other sectors as well, such as electronics and solar energy. In particular, the increase in commercial use of smart glass in the construction of solar panels will act as a boon for the global smart glass market.
For more information, visit www.technavio.com.