North America accounted for the highest market share in terms of revenue in 2020, contributing to nearly one-third of the global market
WILMINGTON, DELAWARE , UNITED STATES, March 20, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, the global smart glass and smart window market size was valued at $5.14 billion in 2020, and is projected to reach $19.62 billion by 2030, registering a CAGR of 15.0%. Asia-Pacific is expected to be the leading contributor toward the smart glass and smart window market during the forecast period, followed by LAMEA and Europe.
๐๐ผ๐๐ป๐น๐ผ๐ฎ๐ฑ ๐ฅ๐ฒ๐๐ฒ๐ฎ๐ฟ๐ฐ๐ต ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐ ๐ฆ๐ฎ๐บ๐ฝ๐น๐ฒ & ๐ง๐ข๐ @ https://www.alliedmarketresearch.com/request-sample/261
Smart glass, also known as switchable glass or privacy glass, is a highly versatile and innovative material that can electronically alter its transparency or light-blocking properties. It can seamlessly switch between transparent and opaque states, offering benefits such as privacy, reduced glare, and improved energy efficiency. Meanwhile, a smart window refers to a window that integrates smart glass technology, allowing users to control its tint or transparency levels. This technology optimizes natural light and indoor temperature, enhancing comfort and energy savings in both buildings and vehicles. As these cutting-edge advancements continue to gain momentum, they are transforming the architectural and automotive sectors, fostering dynamic and sustainable living and work environments.
Smart glass and smart window have features, such as controlling heat, absorbing ultraviolet light, and getting their transmission properties changed from opaque to translucent to transparent when voltage, heat or light is applied. Also, the use of electrochromic smart windows is the latest trend which reduces energy costs and provides architects with more design freedom.
Growth of the global smart glass and smart window industry is anticipated to be driven by factors, such as growing demand for smart glass-based products in automotive & aviation sector, reducing expenditure on air-conditioning, heating & lighting, and stringent regulations by government. However, high initial cost of smart glass and smart window products acts as a major restraint for the market. On the contrary, decline in the price of electrochromic materials, adoption of new technology, and advancements in smart glass functions are expected to fuel the market growth during the forecast period.
๐๐ป๐พ๐๐ถ๐ฟ๐ ๐๐ฒ๐ณ๐ผ๐ฟ๐ฒ ๐๐๐๐ถ๐ป๐ด @ https://www.alliedmarketresearch.com/purchase-enquiry/261
Moreover, developing nations tend to witness high penetration of smart glass and smart window products, especially in the automotive segment, which is anticipated to augment the smart glass and smart window market growth. Factors, such as rise in demand for electric and hybrid vehicles accelerate the market growth.
The smart glass and smart window market is segmented on the basis of technology, end user, and region.
Based on technology, the active segment contributed to the highest market share in 2020, accounting for more than four-fifths of the global smart glass and smart window market, and is projected to maintain its lead position during the forecast period. Moreover, this segment is expected to witness the highest CAGR of 15.6% from 2021 to 2030. This is due to surge in development of smart glass-based products using this technology, recent advancements in technologies, and innovative ideas that influence commercial and residential sectors. The report also analyzes the passive segment.
Based on end user, the construction segment held the largest market share in 2020, contributing to nearly two-fifths of the global smart glass and smart window market. This is attributed to experimentation in smart glass technology, low cost of products, rise in usage of the eco-friendly products in the sector. However, the automotive segment is estimated to register the largest CAGR of 16.4% from 2021 to 2030, owing to the trend of self-dimming window glass technology and developments in the technology to lower the overall costs of automotive vehicles.
Based on region, North America accounted for the highest market share in terms of revenue in 2020, contributing to nearly one-third of the global smart glass and smart window market. This is due to rise in installation in several offices, hotels, and homes in the region. However, Asia-Pacific is expected to manifest the fastest CAGR of 16.7% during the forecast period, owing to implementation of smart glass and smart windows for saving electricity without harming the environment and its resources in countries such as China, Japan, and India.
๐ฅ๐ฒ๐พ๐๐ฒ๐๐ ๐ณ๐ผ๐ฟ ๐๐๐๐๐ผ๐บ๐ถ๐๐ฎ๐๐ถ๐ผ๐ป @ https://www.alliedmarketresearch.com/request-for-customization/261
The key players profiled in the report include Asahi Glass Co., Ltd., Corning Incorporated, Gentex Corporation, Hitachi Ltd. (Hitachi Chemical Co., Ltd.), Pleotint LLC, PPG Industries Inc., Ravenbrick LLC (Ravenwindow), Research Frontiers Incorporated, Saint Gobain, and View Inc. These players have adopted various strategies such as partnership, acquisition, and product launch to strengthen their foothold in the industry.
๐๐ฒ๐ ๐๐ถ๐ป๐ฑ๐ถ๐ป๐ด๐ ๐ข๐ณ ๐ฆ๐๐๐ฑ๐
โข The active segment is projected to be the major technology, followed by passive.
โข Asia-Pacific and North America collectively accounted for more than 59% of the smart glass and smart window market share in 2020.
โข India is anticipated to witness highest growth rate during the forecast period.
โข The U.S. was the major shareholder in the North America smart glass and smart window market, accounting for approximately 70% share in 2020.
โข Depending on end user, the construction segment generated the highest revenue in 2020. However, the automotive segment is expected to witness the highest growth rate in the future.
โข Region-wise, the smart glass and smart window market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.
David Correa
Allied Market Research
+ +1 5038946022
help@alliedmarketresearch.com
Visit us on social media:
Facebook
Twitter
LinkedIn
