Global Smart Glass Market Rising at Phenomenal 14.5% Gathers Steam From Renewables Drive - TMR
ALBANY, New York, October 5, 2018 /PRNewswire/ --
In a consolidated global smart glass market companies that enjoy a stronghold are DuPont, Asahi Glass Co., Guardian Industries, and Saint-Gobain. The market is predicted to get further consolidated in the near term as players engage in dealmaking activities such as mergers and acquisitions and alliances.
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A report on the global smart glass market finds that it would rise at a CAGR of 14.5% over the course if the course of the forecast period from 2016 and 2024. Rising at this pace, the market is set to reach a value of US$7.04 bn by 2024-end.
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Numerous end use segments are serving to drive demand in the global smart glass market. Those include consumer electronics, transportation, architecture, and solar power generation. Among those, the segment of transportation is generating most of the demand in the global smart glass market and will likely continue doing so in the near future. This is because of the rising usage of smart glass in sun roofs, sun visors, and side and rear windows in premium cars. From a geographical standpoint, North America accounted for a substantial share of 30.0% in the global smart glass market in 2015. In the near term too, the North America smart glass market is predicted to retain its dominant position. This is mainly because of the growing thrust on renewable energy sources.
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Ability to Conserve Energy Drives Uptake of Smart Glass
At the forefront of driving demand in the global smart glass market are two things: rising thrust on protecting the environment by cutting back on greenhouse gas emission and also complementing the thermal power supply which is fast draining the fossil fuel reserves. Elaborates the lead analyst of the TMR report, "Governments across nations are making every effort to reduce consumption of energy. This has resulted in high demand for smart glass because of the crucial role they play in conserving energy required for cooling, lighting, and heating, especially in green buildings. They play a crucial role in the generation of solar power as well."
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Apart from the automotive sector, the global smart glass market is also being buoyed by the aviation sector. Demand is also being created by the architecture and consumer electronics end use sectors in the market. Efforts by players to create more evolved versions of the product is benefitting the global smart glass market too.
Availability of Cheap Substitutes Hampers Growth Pace
Acting as a deterrent to growth of the global smart glass market is the plethora of substitutes available at cheaper rates. Besides, the high cost of smart glasses too is affecting its market. Despite such challenges, the market is set to rise owing to the proliferation of green buildings. The high uptake of solar energy in China and North America is also serving to prop up growth in the global smart glass market.
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The review is based on the findings of a TMR report, 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."
The report segments the Global Smart Glass Market into the following:
Global Smart Glass Market, by Technology
- Electrochromic
- Liquid Crystal
- Suspended Particle Device
- Thermochromic
- Photochromic
Global Smart Glass Market, by End User
- Architectural
- Consumer Electronics
- Transportation
- Solar Power Generation
Global Smart Glass Market, by Region
- North America
- U.S.
- Canada
- Europe
- France
- U.K.
- Germany
- Spain
- Italy
- Rest of Europe
- Asia Pacific (APAC)
- China
- Japan and South Korea
- ASEAN
- Rest of APAC
- Latin America (LATAM)
- Brazil
- Mexico
- Rest of LATAM
- Middle East and Africa (MEA)
- GCC
- South Africa
- Rest of MEA
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