Kenneth Research, in its repository of market research reports, has recently added a report on Smart Glass Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Smart Glass Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Smart Glass Market products.
Final Report will add the analysis of the impact of COVID-19 on this industry.
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Kenneth Research, in its repository of market research reports, have recently added a report on Smart Glass Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022 2031. The Smart Glass Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017.
On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017. Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2031, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2031.
The Smart Glass Market is majorly affected by the recently hit global pandemic, COVID-19, which has devastated several businesses worldwide. Although, the ICT industry has observed a significant rise in the utilization of cloud applications, yet several manufacturing organizations in the ICT industry are facing significant issues, especially in places where the ICT infrastructure is not that satisfactory.
By Technology (Liquid Crystal, Suspended Particle Display, Thermochromic, Photochromic, Electrochromic, Micro-Blinds), Application (Transportation, Power Generation Plants, Architecture, Consumer Electronics), and Regional Market Size, Status and Forecast to 2031
The Global Smart Glass Market was valued at USD 2.78 billion in 2016 and is projected to reach USD 11.20 billion by 2025, growing at a CAGR of 16.75% from 2017 to 2025.
Smart Glass is a glass or glazing whose light transmission properties are altered when voltage, light or heat is applied. Smart glass is used usually in doors, windows, partitions and skylights in residential as well as commercial buildings. There are several benefits of smart glass including – helps maintain privacy, glare reduction, blocks UV rays, energy saving, easy cleaning, high durability, enhance corporate image hygienic and low maintenance.
1. Market Drivers
1.1 Rising demand for energy efficient products
1.2 Emerging eco-friendly buildings
1.3 Rising potential in solar power generation plants
1.4 Energy saving through smart glass applications
1.5 Government support and energy-efficient construction
1.6 Increasing demand for smart glass in automobile applications
1.7 Reducing cost of electrochromic materials
2. Market Restraints
2.1 High initial cost for R&D and manufacturing
2.2 Poor awareness of long-term benefits of smart glass
2.3 Costly smart glass
2.4 Issues with the performance of smart glass
The Global Smart Glass Market is segmented on the technology, application, and region.
1.1 Liquid Crystal
1.2 Suspended Particle Display
2. By Application:
2.2 Power Generation Plants
2.4 Consumer Electronics
3. By Region:
3.1 North America (U.S., Canada, Mexico)
3.2 Europe (Germany, UK, France, Rest of Europe)
3.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
3.4 Latin America (Brazil, Argentina, Rest of Latin America)
3.5 Middle East & Africa
The major players in the market are as follows:
1. View, Inc.
2. Hitachi Chemical
7. SPD Control Systems
9. Smartglass International
10. Asahi Glass Co.
11. Research Frontiers
12. Glass Apps
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Smart Glass Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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