According to the latest report published by Credence Research, Inc. “Global Smart Glass Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global smart glass market accounted for US$ 3,264.8 Mn in 2017, expanding at a CAGR of 17.3% from 2018 to 2026.
The global market for smart glass was valued at US$ 3,264.8 Mn in 2017 growing with a CAGR of 17.3% during the forecast period from 2018 to 2026. Rise in construction activities, increase in automotive production, coupled with high investments in infrastructure across developed and developing nations driving the global smart glass market.
Browse the full report Global Smart Glass Market – Growth, Future Prospects and Competitive Analysis, 2018-2026 report at https://www.credenceresearch.com/report/smart-glass-market
Growing renovation and restoration activities in both residential and commercial buildings are boosting the growth of global smart glass market as the existing buildings lack energy-efficient infrastructure. Furthermore, the demand for energy-efficient glasses is witnessing higher growth in recent years owing to favorable government mandates and legislations for energy-efficient construction and energy saving through smart glass applications.
As an alternative to traditional glass, smart glass manufacturers are ready to tap-in the enormous opportunities available in the global smart glass market. From 2016, Mercedes-Benz started using the SPD Technology (Suspended Particle Devices technology), which is a switchable glass assembly that offers different range of light to transmit. BMW AG and Daimler AG also have installed smart glass in sunroofs and windows in their premium cars. Furthermore, LG is using smart glass in its latest refrigerator series, which features dark glass panel that pops up light as an when it receives an external stimulus to become transparent to reveal contents of the fridge.
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Based on the geography, Europe held a significant share in the global smart glass market in 2017, with a market share of over 30% in terms of value. Furthermore, region is expected to witness significant growth in upcoming years owing to increasing demand from developed countries such as U.K., Germany, France, and Italy among others. This region also holds the largest advanced automobile hub, which is likely to generate higher demand for automobile smart glass. North America is the second largest region for smart glass market closely followed to Europe. Government rules-regulations and mandates has propelled the market growth of the region. Asia pacific is another lucrative market for smart glass in upcoming years owing to booming real estate industry in the region.
Key market players in the global smart glass market include Asahi Glass Company Ltd, Corning Incorporated, Saint Gobain S.A., Pleotint LLC, Polytronix Inc., Ravenbrick LLC, Research Frontiers Inc., Aage electrochromics, Inc., Schott corporation, Smartglass International Ltd. , View Inc. among others.