Smart/Switchable Glass Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[224+ Pages Report]  According to the report published by Facts & Factors, the global smart/switchable glass market size was worth around USD 4,650.5 million in 2021 and is predicted to grow to around USD 7550.5 million by 2028 with a compound annual growth rate (CAGR) of roughly 6.55% between 2022 and 2028. The report analyzes the global smart/switchable glass market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the smart/switchable glass market.

Market Overview

Smart or switchable glass also referred to as smart/switchable window, is glazing or glass with adjustable transmission properties that ultimately control or alter the flow and intensity of solar irradiation around the spaces it covers. A smart glass could fluctuate between transparent and translucent glass depending on the requirement, it either allows light to pass through it or block some or all light wavelengths. Switchable glass technologies use materials that are thermochromic, photochromic, or electrochromic. Thermochromism refers to the property of the object to change color as per the changes in temperature. Photochromic refers to substances that can exhibit properties of reversible transformation of a chemical species, by absorption of electromagnetic radiation. When a material displays changes in color based on an electrical stimulus, the phenomenon is called electrochromism. In some cases, the effects of smart glass can be achieved by placing a smart film on a flat surface that uses acrylic, glass, or polycarbonate laminates. Smart windows in a building arena are capable of self-adapting to cool or heat aimed at energy conservation in residential or commercial buildings.

Key Insights

• As per the analysis shared by our research analyst, the global smart/switchable glass market is estimated to grow annually at a CAGR of around 6.55% over the forecast period (2022-2028).
• In terms of revenue, the global smart/switchable glass market size was valued at around USD 4,650.5 million in 2021 and is projected to reach USD 7550.5 million, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• Based on end-user segmentation, automotive & transportation were predicted to show maximum market share in the year 2021
• Based on technology segmentation, suspended particle devices segment was the leading revenue-generating technology in 2021.
• On the basis of region, North America was the leading revenue generator in 2021

Covid-19 Impact:

Covid-19 is anticipated to leave a long-term impact on the global market cap as during the pandemic the discussions around renewable sources of energy and energy conservation were at their peak. Post the pandemic, there has been a rise in the electric motor vehicles segments which is a step toward sustainable growth, an indication of changing preferences amongst consumers.

Growth Drivers

• Rising discussion around energy consumption to drive market growth

The global smart/switchable glass market is projected to grow as a result of rising discussion toward smarter energy consumption as the current modernized world is completely dependent on a constant supply of energy. However, most of the energy resources that are currently employed are non-renewable sources which are leaving a drastic impact on the global ecological and political scenario. Regional leaders are working toward ways that can reduce or at least make a shift toward smarter ways of consuming the limited supply of energy from non-renewable resources till the time, renewable energy can be harassed for all functions. The current geopolitical situation in Europe, especially Germany, Hungary, and others, with critical energy crises is a live example of the need to shift intelligent energy use which is one of the main reasons that could drive the demand for switchable glass since it can regulate environment temperature in residential and commercial buildings thus optimizing energy use.

Restraints

• High cost of glass to impede market expansion

The global market is anticipated to witness growth restraints owing to the high cost of the glass rendering more of an increase in initial investment and overall cost of the final items. Currently, for personal purposes, the glasses are used mainly by high–income groups, or for commercial purposes, businesses at the higher end of the investment.

Opportunities

• Growing research & development to provide excellent market growth opportunities

The global smart/switchable glass market size is anticipated to benefit from the rising R & D in the industry. For instance, manufacturers are investing in spray-on methods for the application of clear coatings to prevent heating and also conduct electricity, whereas some smart films can be applied on regular glasses. Such activities may contribute to a higher consumer market and revenue.

Challenges

• Less market penetration in the low-income group to pose major expansion challenges

The global market cap may face growth challenges since smart glasses currently have a low market penetration in low-income groups or economies where the cost of utilization of smart technology is not economically feasible. Even though switchable glasses are important for efficient energy utilization, a vast number of poor economies are unable to use the technology owing to less awareness, and limited energy availability, along with other factors.

Segmentation Analysis

• The global smart/switchable glass market is segmented based on end-user, technology, and region.

Based on end-user, the global market segments are automotive & transportation, architecture & construction, electronics, aerospace & defense, and others. The global market was dominated by the automotive & transportation segment in 2020 owing to the rising applications of smart glass to manufacture premium-grade windshields, sunroofs, and other glass-related parts, especially in high-end cars. For instance, In 2021, BMW i Ventures announced a USD 300 million fund for modern technology adoption.

Based on technology, the global market is divided into polymer dispersed liquid crystal (PDLC), photochromic, suspended particle devices (SPD) glass, thermochromic, and others. SPD glass is projected to generate the highest revenue owing to features involving remote control. The technology patented by Research Frontiers Inc. garnered an increase of USD 434,584 from licensing activities.

Recent Developments:

• In September 2021, BMW, a German automotive giant, and LG, a South Korean multinational electronic global leader, unveiled new products that use smart glass technology, in a collaboration. The technology is developed by Gauzy, an Israeli company. The BMWi Vision Cellular is an all-electric vehicle developed for the circular economy.
• In July 2021, Viracon, a global fabricator of single-source architectural glass, introduced a new range of Helio-powered smart glass. The newly launched technology is being termed a breakthrough in the small glass industry and is projected to break the status quo in this segment. It is termed Viracon PLUS Smart Glass.

Report Scope

Regional Analysis

• North America to generate the highest revenue during the forecast period

The global smart/switchable glass market is projected to witness the highest growth in North America, mostly driven by the high adoption rate of energy-saving glasses in the regions of Canada and the United States. The country's governments are laying extreme focus on reducing carbon emissions and using cleaner sources of energy or incorporating ways to help efficient energy utilization. For instance, as per official records, the United States government signed an Inflation Reduction Act in August 2022. The bill is valued at USD 750 billion and incorporates the Dynamic Glass Act. With the aid of the new act, the government intends to encourage end-consumers to use smart glass technology as the act will offer a tax credit to businesses that use active smart glass in their commercial premises. The Inflation Reduction Act will come into action by January 2024. The signing of the bill is being hailed as a revolutionary point for the smart glass industry in the United States region and will propel the demand for the technology in the coming years. Canada has been striving to reduce its carbon footprint and a lot of industry players are entering the region to benefit from the potential the region holds.

Competitive Analysis

• Royal DSM 
• Mitsubishi Chemicals 
• Ashland Inc. 
• Chevron Philips Chemical Company 
• Nova Chemicals Corporation 
• IneosStyrolution Group GmbH

The global smart/switchable glass market is segmented as follows:

By End-User

• Automotive & Transportation
• Architecture & Construction
• Electronics
• Aerospace & Defense
• Others

By Technology

• Polymer Dispersed Liquid Crystal (PDLC)
• Photochromic
• Suspended Particle Devices (SPD) Glass
• Thermochromic
• Others

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America