December 5, 2024
Smart Glass Market

Smart Glass Market Driven by Growing Demand for Energy Efficient and Eco-friendly Products

Smart glass, also known as switchable glass or electrochromic glass, can change its light transmission properties according to applied voltage. It provides an energy-efficient and eco-friendly solution for temperature and light control in homes and commercial buildings. With its self-dimming and tinting properties, smart glass helps reduce energy costs by lowering usage of air conditioners, lighting, and blinds. It also offers privacy and glare control simply with the flick of a switch. The global smart glass market consists of various products such as suspended particle devices glass, electrochromic glass, photochromic glass and liquid crystal/polymer dispersed liquid crystal glass which find applications in construction, automotive and aircraft industries. The global smart glass market is estimated to be valued at US$ 6.44 Bn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends: One major trend in the smart glass market size is the growing adoption of electrochromic smart glass. Electrochromic glass uses electrically controlled material like tungsten trioxide or nickel oxide to control the amount of light and heat passing through. It allows automatic control of light and heat with the touch of a button. The properties of electrochromic glass like self-dimming, high switching speed and low power consumption is driving its use in residential and commercial constructions. Its ability to provide aesthetic look and energy savings is increasing the demand in architectural and automotive applications. With advancement in materials for electrochromic devices and manufacturing processes, electrochromic glass is emerging as a lucrative segment in the global smart glass market over the forecast period.

Porter’s Analysis
Threat of new entrants: The smart glass market requires huge R&D investments for product innovation and development. Players need to develop strong brand image and distribution networks to gain consumer adoption, creating entry barriers.
Bargaining power of buyers: Buyers have high bargaining power due to the availability of substitutes like curtain glass. Buyers can negotiate on price and demand after-sales services.
Bargaining power of suppliers: Major suppliers like glass manufacturers and electronic component providers have moderate power. Suppliers differentiate products and invest in innovation to maintain competitive prices.
Threat of new substitutes: Technologies like switchable films and smart curtains offer substitution. However, smart glass has wider applications and better aesthetic appeal.
Competitive rivalry: The market has key global players competing on technology, quality, and pricing. Players focus on new product innovations and partnerships to gain market share.

Key Takeaways
The global smart glass market is expected to witness high growth over the forecast period.

Regional analysis: Asia Pacific is expected to grow at the fastest pace during the forecast period. Increasing construction activities and rising living standards are driving the demand for smart architectural glass in the region. China, Japan, and India are major markets in Asia Pacific.

Key players operating in the smart glass market are Intel Corporation, Broadcom Inc., Mellanox Technologies (now part of NVIDIA), Cisco Systems Inc., Juniper Networks Inc., Hewlett Packard Enterprise (HPE), Dell Technologies Inc., Huawei Technologies Co. Ltd., Arista Networks Inc., Extreme Networks Inc., Juniper Networks Inc., Marvell Technology Group Ltd., Fujitsu Limited, NEC Corporation, Microchip Technology Inc. Intel Corporation focuses on product innovation and strategic collaborations to strengthen its market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Ravina
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Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.

Ravina Pandya

Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.

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