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The global smart glass market size is projected to reach USD 15,788.0 million by the end of 2027. The increasing investments in the research and development of low cost and efficient products will bode well for market growth. The increasing integration of smart glasses in the aerospace industry will have a positive impact on market growth. According to a report published by Fortune Business Insights, titled “Smart Glass Market Size, Share & COVID-19 Impact Analysis, By Technology (Polymer Dispersed Liquid Crystal Glass, Suspended Particle Device Glass, Electrochromic Glass, Photochromic Glass, and Thermochromic Glass), Application (Architectural, Automotive & Transportation, Consumer Electronics, Power Generation, and Others), and Regional Forecast, 2020-2027,” the market was worth USD 4,651.3 million in 2019 and will exhibit a CAGR of 17.2% during the forecast period, 2020-2027.
Smart glass is a type of specialty glass that works on the principle of light transmission. The product has the ability to change its appearance when a light or voltage is passed through it. The properties of this product make it suitable for use in several modern applications in the ICT as well as a few other industries. The increasing demand for smart homes and advanced products in industrial applications will contribute to the growth of the overall market in the coming years. Moreover, the efforts put in by government as well as private organizations towards minimizing power consumption in gadgets will lead to a wider product adoption across the world. The increasing investments in the research and development of smart glass, with the aim of minimizing costs and enhancing shapes and sizes of the products will bode well for the growth of the market in the coming years.
Suntuitive Dynamic Glass’ Collaboration with Thomsa Glass will have a Massive Global Impact
The report highlights a few of the major industry developments of recent times and discusses their impact on the global market. The massive potential held by smart glass has encouraged companies across the world to raise their investments in the development of efficient products. The healthy market competition has encouraged companies to adopt newer strategies, with the aim of establishing a strong presence in the global market. In February 2019, Suntuitive Dynamic Glass announced that it has collaborated with Thomsa Glass. The companies will develop a special architectural glass. Through this collaboration, Thomsa Glass will look to maximize Suntuitive’s exceptional range of products and will look to build on the company’s recent success. Increasing number of such company collaborations will have a massive impact on the growth of the overall market in the coming years.
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Increasing Integration of SPD Glass in the Aerospace Industry will have a Massive Global Impact
Accounting to the exceptional properties of smart glasses across the world, companies are looking to enable flexibility within the product, to make it suitable for use in diverse industries. The rising investments in these glasses have not just benefited the companies but also helped several industrial sectors. The aerospace industry is among the list of sectors that have significantly benefited from the integration of smart glasses and increasing number of innovations will lead to a wider product adoption.
Major Companies are Focused on Product Innovations
The massive potential held by smart glasses across the world has encouraged companies to raise their investments in product innovations. It is seen that product innovations have helped companies generate massive returns in short periods and as a result, most companies are primarily focusing on adopting these strategies.
List of companies profiled in the report:
The global market is segmented on the basis of:
Value (USD Million)
Technology; Application; and Geography