The global smart glass market has been prognosticated in a report by Transparency Market Research (TMR) to bear a consolidated characteristic for its vendor landscape owing to the presence of a handful of companies operating therein. Some of the leading players of the market are Guardian Industries, DuPont, Saint-Gobain, and Asahi Glass Co. In the recent past, these players had showcased their dominance in the market by securing a handsome share. As predicted in the report, the competition in the market could escalate during the course of the forecast tenure as participants engage in strategic alliances, mergers, and acquisitions.
TMR has foretold the global smart glass market to expand at a 14.50% CAGR between 2016 and 2024 to reach to a US$7.04 bn growth by the completion of the forecast tenure. By end user, the market could honor the transportation industry as a leading segment owing to its larger share. On the basis of region, North America has been foreseen to account for a staggering share in the coming years.
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There has been a substantial increase in the demand for sustainable energy these days due to significant depletion of energy sources. This has compelled government bodies to take initiatives and implement regulations to curb the consumption of energy. In several developed nations, governments have been taking powerful initiatives to conserve energy, including the promotion of building green structures. The demand for smart glass could surge expansively in the foreseeable future on account of growing awareness about its important role in saving energy that is required for lighting, cooling, and heating purposes in green buildings.
The demand for smart glass has been projected to stay strong in the transportation industry because of growing application in the manufacture of mirrors, rear and side windows, sunroofs, and sun visors for premium automobiles. Rising applications in the automotive and aviation industries could also help the world smart glass market to increase growth in the near future.
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Cheap Alternatives and Extortionate Price of Smart Glass Discourage Adoption
Easy availability of economical substitutes and expensive price of smart glass have been anticipated to hamper market growth during the forecast tenure. However, the international smart glass market could make a comeback on the back of increasing promotion of green buildings. Furthermore, rising significance of solar energy and other forms of renewable energy sources could support the growth of the market in North America. The swelling adoption of solar energy in the region has been expected to work in the favor of the market as smart glass is studied to find a vital application for generating solar energy.
Stringent regulations and policies set up by governments around the globe to reduce the consumption of energy have been envisaged to promise the birth of lucrative opportunities for growth in the international smart glass market. The increasing requirement of solar panels in various industries such as solar energy generation, consumer electronics, transportation, and construction and housing could also augur well for market growth in the coming years.
Key Takeaways:
- Demand surges as smart glass plays a significant role in saving energy required for various purposes in green buildings.
- North America banks on increasing prominence of renewable sources of energy to lead the market.
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