September 23, 2022 05:46 ET | Source: Facts & Factors Facts & Factors
NEW YORK, United States, Sept. 23, 2022 (GLOBE NEWSWIRE) -- According toFacts and Factors has published a new research report titled “Smart/Switchable Glass Market Size, Share, Growth Analysis Report By End-User (Automotive & Transportation, Architecture & Construction, Electronics, Aerospace & Defense, and Others), By Technology (Polymer Dispersed Liquid Crystal (PDLC), Photochromic, Suspended Particle Devices (SPD) Glass, Thermochromic, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Smart/Switchable Glass Market size & share in terms of revenue was valued at USD 4,650.5 million in 2021 and it is expected to surpass around USD 7550.5 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 6.55% during the forecast period 2022 to 2028.”
Smart/Switchable Glass market Overview:
Smart or switchable glass is capable of switching between two states namely an opaque state and a clear state. It is impossible to see through opaque glasses while clear classes are transparent. The switch between the states can be achieved with the help of a remote button. Although there are multiple ways of manufacturing smart glass, there are 3 main ways of achieving this. These three methods include the glass being exposed to heat, light, or an electrical current. The end result of employing all three methods is the same; however, there is a vast difference between the mechanics of these systems.
For instance, glasses using photochromic methods contain small molecules of silver halide that are suspended within the glass, and when exposed to sunlight, the molecules undergo a reaction to create a sheet of silver that does not transmit light. In thermochromic glasses, the catalyst is the heat from the sun rays and not the light itself, which leads to the glass becoming tinted. In the case of electronic glass, the switching occurs with the push of a button.
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The global smart/switchable glass market is projected to grow owing to the privacy offered by smart classes which is one of the major reasons for the higher adoption rate in private spaces. With the pandemic, there is a significant rise in the remote work culture trend resulting in people spending more hours at home than they did before Covid-19. This has caused an increase in spending on residential places to make the home environment more work-friendly. Since smart glasses can easily switch between states, they are a preferred solution for achieving privacy when needed. The global market cap is also projected to benefit from the rising emphasis on sanitation in hospitals and clinics. The traditional roll-up window panels, or other forms of shields, cannot be considered 100% hygienic since it involves human touch. Smart glasses are acting as the perfect substitute for conventional blinds or curtains in hospitals with high budgets. Some of the other factors contributing to high revenue include growing government initiatives to encourage methods that optimize energy consumption at least in large buildings that are a leading cause of carbon emission.
The high cost of glass may impede global market expansion while growing research & development is projected to provide excellent market growth opportunities, and less market penetration in the low-income group is anticipated to pose major expansion challenges
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Smart/Switchable Glass Market: COVID-19 Impact Analysis
Covid-19 resulted in slow growth during the peak of the pandemic caused by the closure of manufacturing units and delays in new launches. However, the changing consumer awareness and preference related to energy consumption and its impact are projected to help the global market cap grow in the coming years.
Smart/Switchable Glass Market: Segmentation Analysis
The global smart/switchable glass market is segmented based on technology, end-user, and region.
Based on technology, the global market is divided into polymer dispersed liquid crystal (PDLC), photochromic, suspended particle devices (SPD) glass, thermochromic, and others. SPD glass is projected to generate the highest revenue owing to features involving remote control. The technology patented by Research Frontiers Inc. garnered an increase of USD 434,584 from licensing activities.
Based on end-user, the global market segments are automotive & transportation, architecture & construction, electronics, aerospace & defense, and others. The global market was dominated by the automotive & transportation segment in 2021 owing to the rising applications of smart glass to manufacture premium-grade windshields, sunroofs, and other glass-related parts, especially in high-end cars. For instance, In 2021, BMW i Ventures announced a USD 300 Million fund for modern technology adoption.
The global Smart/Switchable Glass market is segmented as follows:
Browse the full “Smart/Switchable Glass Market Size, Share, Growth Analysis Report By End-User (Automotive & Transportation, Architecture & Construction, Electronics, Aerospace & Defense, and Others), By Technology (Polymer Dispersed Liquid Crystal (PDLC), Photochromic, Suspended Particle Devices (SPD) Glass, Thermochromic, and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/smart-switchable-glass-market
The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards. Some of the main competitors dominating the global Smart/Switchable Glass market include -
Key Insights from Primary Research:
Key questions answered in this report:
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The global smart/switchable device market is projected to generate the highest revenue in North America. This could be driven by the rising emphasis on the government on the utilization of clean energy resources as well as smarter ways of using energy. Buildings are known to be heavy contributors to the rise in carbon emissions that are impacting the global environment. As per official data, around 40% of yearly carbon dioxide (CO2) emissions are from the building industry. The United States is at the forefront since it employs Millions of skyscrapers across the regional states. As per the official site detailing information about New York, in 2020, the city was responsible for over 56.5 Million tons of CO2 equivalent. However, there is a significant rise in efforts toward reaching 0 carbon emissions by 2050 and smart glasses are expected to play an important role in achieving this vision. Asia-Pacific may also register high growth due to technological adoption in the automotive field for consumers demanding better vehicles that are also eco-friendly.
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