With a few leading players, namely, ASAHI GLASS, Saint-Gobain, DuPont, and Guardian Industries, driving the entire market, the global market for smart glass demonstrates a consolidated structure, finds a report by Transparency Market Research (TMR). These players, collectively, held a share of 40% in this market in 2015. With participants increasingly involving into mergers, acquisitions, and strategic alliances, the competition within the market is expected to intensify over the forthcoming years, state the report.As per TMR’s estimations, the opportunity in the global market for smart glass is likely to rise at a CAGR of 14.50% over the period from 2016 to 2024, increasing from US$2.10 bn in 2015 to US$7.04 bn by the end of the period of the forecast. The demand for smart glass is higher in the transportation sector compared to other end users. The scenario is anticipated to remain the same throughout the forecast period, thanks to the expanding application base of these mirrors in automobiles, such as increased usage in sun visors, sun roofs, and rear and side windows in high-end premium cars. The current boost in the worldwide aviation and the automotive industries is also projected to fuel the demand for smart glass in the transportation sector significantly over the next few years.
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North America acquired 30% of the overall market in 2015 and was closely followed by Asia Pacific and Europe. The smart glass market in Asia Pacific is relatively new and is showing immense potential for future growth; however, Europe, being a mature market, is predicted to witness a decline in its market share over the next few years, notes the study.
Demand for Sustainable Energy to Influence Uptake of Smart Glass
On the grounds of the depleting sources of energy, the demand for sustainable energy, nowadays, has increased substantially, compelling governments across the world to implement regulations and take initiatives to reduce the consumption of energy. The promotion of green buildings is one of the most prominent initiatives for energy conservations taken by the governments in a number of developed countries. “Since smart glass play a significant role in saving the energy required for heating, cooling, and lighting in green buildings, its demand has soared, globally,” says an analyst at TMR.
With the increasing proliferation of green building across the world, the global smart glass market is likely to fare impressively in the near future. However, the high price associated with it and the easy availability of cheap substitutes may obstruct the growth of this market to a bit in the years to come, states the report.
The study presented here is based on a report by Transparency Market Research (TMR), titled “Smart Glass Market (Technology – Electrochromic, Thermochromic, Photochromic, Liquid Crystal, and Suspended Particle Device; End User – Architectural, Consumer Electronics, Transportation, and Solar Power Generation) – Global Industry Analysis Size Share Growth Trends and Forecast 2016 – 2024.”