The global smart glassmarket hasbeen prognosticated in a report by Transparency Market Research (TMR) to bear aconsolidated characteristic for its vendor landscape owing to the presence of ahandful of companies operating therein. Some of the leading players of themarket are Guardian Industries, DuPont, Saint-Gobain, and Asahi Glass Co. Inthe recent past, these players had showcased their dominance in the market bysecuring a handsome share. As predicted in the report, the competition in themarket could escalate during the course of the forecast tenure as participantsengage in strategic alliances, mergers, and acquisitions.
TMRhas foretold the global smart glass market to expand at a 14.50% CAGR between2016 and 2024 to reach to a US$7.04 bn growth by the completion of the forecasttenure. By end user, the market could honor the transportation industry as aleading segment owing to its larger share. On the basis of region, NorthAmerica has been foreseen to account for a staggering share in the comingyears.
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Promotionof Green Buildings to Conserve Energy Increases Demand
Therehas been a substantial increase in the demand for sustainable energy these daysdue to significant depletion of energy sources. This has compelled governmentbodies to take initiatives and implement regulations to curb the consumption ofenergy. In several developed nations, governments have been taking powerfulinitiatives to conserve energy, including the promotion of building greenstructures. The demand for smart glass could surge expansively in theforeseeable future on account of growing awareness about its important role insaving energy that is required for lighting, cooling, and heating purposes ingreen buildings.
Thedemand for smart glass has been projected to stay strong in the transportationindustry because of growing application in the manufacture of mirrors, rear andside windows, sunroofs, and sun visors for premium automobiles. Risingapplications in the automotive and aviation industries could also help theworld smart glass market to increase growth in the near future.
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CheapAlternatives and Extortionate Price of Smart Glass Discourage Adoption
Easyavailability of economical substitutes and expensive price of smart glass havebeen anticipated to hamper market growth during the forecast tenure. However,the international smart glass market could make a comeback on the back ofincreasing promotion of green buildings. Furthermore, rising significance ofsolar energy and other forms of renewable energy sources could support thegrowth of the market in North America. The swelling adoption of solar energy inthe region has been expected to work in the favor of the market as smart glassis studied to find a vital application for generating solar energy.
Stringentregulations and policies set up by governments around the globe to reduce theconsumption of energy have been envisaged to promise the birth of lucrativeopportunities for growth in the international smart glass market. Theincreasing requirement of solar panels in various industries such as solarenergy generation, consumer electronics, transportation, and construction andhousing could also augur well for market growth in the coming years.
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Theinformation presented in this review is based on a TMR report, titled “SmartGlass Market (Technology - Electrochromic, Thermochromic, Photochromic, LiquidCrystal, and Suspended Particle Device; End User - Architectural, ConsumerElectronics, Transportation, and Solar Power Generation) - Global IndustryAnalysis Size Share Growth Trends and Forecast 2016 - 2024.”
KeyTakeaways:
· Demand surges as smart glass plays asignificant role in saving energy required for various purposes in greenbuildings.
· North America banks on increasingprominence of renewable sources of energy to lead the market.
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