Global Smart Glass Market Expected to Witness Manifold Increase in Revenue Soon
As the name suggests, smart glass is the innovation of the era. Light transmission properties of smart glass are altered when voltage, light or heat is applied. Generally, smart glass changes from translucent to transparent in such case. The global market for smart glass was valued at more than USD 2.5 Billion in 2016. That means this sector is expected to experience a three-fold increase in next five years. This growth rate is huge.
Market studies across the globe have revealed that the global smart glass market is projected to cross USD 7.0 Billion by 2022 at a healthy compound annual growth rate (CAGR) of above18.0 %.
Smart glass technologies include electrochromic, photochromic, thermos-chromic, suspended particle, micro blind and polymer dispersed liquid crystal devices. The smart glass is basically climate adaptive & blocks UV light radiations. Due to such versatility, this glass is being extensively used in applications such as automotive, aircraft, marine, electrochromic devices, LCDs & others.
Smart glass is also used in end user applications such as architecture, mirrors. Hence, recognising the increasing demand from consumers, manufacturers are striving hard to increase the production. As a result, the difference between production cost of smart glass and its market price is likely to decrease in the nearest future. Similarly, fast-growing aviation vertical is expected to drive the market heavily.
Global smart glass market is also segmented based on demographics. The smart glass industry has spread its wings in North America, Europe, Asia-Pacific (APAC) & rest of the world. Currently, North America leads the market as far as smart glass production is concerned. Knowing that glass imports are not at all cost effective, Europe is making honest endeavours to increase the domestic smart glass production. Asia-Pacific region & especially emerging countries like India are considered as a potential market for this (global smart glass industry) vertical.
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