Rising concerns pertaining to energy efficiency among construction companies, building managers, and owners have been fuelling demand for smart glass and window. With leading players exploring applications beyond conventional sectors, Transparency Market Research (TMR) forecasts, the global smart glass and window market to surge at a 14.7% CAGR from 2015 to 2021.
Besides their rising installation across green buildings, demand for smart glass and windows is also expected increase in the automotive, marine, power generation, and construction sectors. Currently, the market has a stronger footprint in developed regions. However, during the course of the forecast period and as a consequence of robust infrastructural development, deployment of smart glass and windows is likely to be widespread across emerging economies.
The global smart glass and window market stood at US$2.25 bn in 2014, says TMR. The market is expected to reach US$6.07 bn by the end of 2021.
Automotive and Construction Sectors Exhibit Highest Demand for Smart Glass and Window
Industries such as marine, construction, automotive, and aircraft presently exhibit the highest demand for smart glass and windows. Of these, the automotive segment emerged dominant in the market, accounting for a share of 46.6% in 2014.
Demand for vehicles offering improved fuel-efficiency will increase exponentially in the forthcoming years. Vehicle manufacturers are therefore exploring the latest technologies to render cars more fuel-efficient. TMR expects the advent of smart glass and window to considerably aid the objectives of auto-manufacturers. Several leading car manufacturers have already incorporated the technology in side view and rear view mirrors. This will bode well for smart glass and window sales.
Construction in the same year emerged as the second-largest application segment in the global smart glass and window market. It held over 43.6% of the market in 2014. The rising need of efficient energy consumption in commercial, corporate, as well as residential buildings will boost installation of smart glasses and windows across the construction sector.
Technological Advancements in North America Boost Installation of Smart Glass and Window across Various Sectors
The global smart glass and window market comprises North America, Asia Pacific, Europe, and Rest of the World. Among these regions, North America emerged dominant in the market in 2014, with a share of 31.8%. The North America smart glass and window market is projected to rise at a CAGR of 14.7% between 2015 and 2021.
The region witnesses rapid technological advancements, high demand for energy-efficient products, and supportive government regulations. Spurred by these factors, the installation of smart glass and windows has significantly increased across the automotive, construction, marine, and other sectors in the region. The U.S. emerged as the largest market for smart glass and window in the region, followed by Canada.
Europe held the second-largest market share in 2014 and is expected to exhibit a CAGR of 15.8% in the forecast period. TMR expects demand from Asia Pacific to rise as well in the forthcoming years. Robust infrastructural development and urbanization witnessed across emerging economies are fueling the demand for energy in the region. This will subsequently bolster sales prospects for smart glass and window manufacturers in the region.
Saint Gobain S.A., Research Frontiers Inc., Asahi Glass Co., Ltd., View Inc., Hitachi Chemicals Co., Ltd., Pleotint Llc, and PPG Industries Inc. are identified in the report as the key players in the global smart glass and window market.