Smart glass is a technology that enables glass surfaces to change properties and become transparent, opaque, darkened or frosted through electronic control. Smart glass finds wide applications across architectural, marine, aerospace and automotive industries due to properties like enhanced comfort, reduced energy costs and improved safety. The global smart glass market is estimated to be valued at US$ 6.44 Bn in 2024 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Growing adoption of connected and autonomous vehicles has emerged as a major driver for the smart glass market. Smart glass is increasingly being used in vehicles to efficiently manage light transmission and offer enhanced security. Features like automatic dimming and light control based on ambient lighting help improve visibility and safety. Integration of smart glass in rooftops and sunroofs also provides better thermals and energy efficiency in electric vehicles. Leading automakers are focusing on deploying smart glass solutions to enhance comfort, aesthetics and functionality of autonomous cars of the future.
SWOT Analysis
Strength: Smart glass offers features like privacy, information display, and UV protection which gives it an edge over regular glass. They can control light, heat, and glare passing through which enhances user experience.
Weakness: High costs involved in production of smart glass makes it less affordable. Relatively newer technology and lack of standards also limits widespread adoption. Reliability and durability issues need to be addressed to gain user confidence.
Opportunity: Growing construction and transportation industries offer huge potential for smart glass. Increasing preference for energy efficiency will drive its usage in buildings, vehicles, aircrafts etc. Advances in technology are making them thinner, cheaper and more effective over time.
Threats: Stiff competition from conventional glass and alternative technologies. Disruptions in supply chain can impact availability and costs. Stringent regulations around material usage and product certifications pose challenges.
Key Takeaways
The global smart glass market size is expected to witness high growth over the forecast period driven by increasing construction of smart buildings and rising preference for dimmable glass solutions across industries.
Regionally, North America dominates currently owing to technological advancements and high consumer spending on smart home automation solutions. Europe and Asia Pacific regions are expected to offer lucrative opportunities with growing real estate and automotive industries.
Key players operating in the smart glass market are Intel Corporation, Broadcom Inc., Mellanox Technologies (now part of NVIDIA), Cisco Systems Inc., Juniper Networks Inc., Hewlett Packard Enterprise (HPE), Dell Technologies Inc., Huawei Technologies Co. Ltd., Arista Networks Inc., Extreme Networks Inc., Juniper Networks Inc., Marvell Technology Group Ltd., Fujitsu Limited, NEC Corporation, Microchip Technology Inc. Adoption of internet of things, artificial intelligence and focus on low power high performance solutions are the key strategies among these players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it