Smart Glass Market is to Touch $10.2 Billion by 2030; innovative technologies and increasing demand for energy-efficient solutions propels market growth.

The Smart Glass Market size is estimated to reach $10.2 billion by 2030, growing at a CAGR of 12% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Smart Glass Market – By Technology (Electrochromic, Thermochromic, Photochromic, Suspended Particle Devices (SPD), Polymer Dispersed Liquid Crystal (PDLC), and Others), By Application (Architectural, Transportation, Power Generation, Consumer Electronics, and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

Rising adoption in automotive applications and the growing trend toward sustainable architecture are fueling the growth of the Smart Glass industry during the forecast period.

In 2023, Europe dominated the smart glass market, holding a share of over 35%. This demand is primarily fueled by the region's growing automotive and construction sectors, particularly in key economies like the U.K., Germany, and France. German automotive manufacturing is known for its creativity, reliability, and sustainable architecture, with new car sales rising 7.3% to 2.8 million units in 2023, according to the KBA federal transport authority. Despite this growth, the end of government subsidies led to a decline in electric vehicle sales, shifting consumer focus back to traditional models. In the U.K., the construction sector is increasingly integrating electrochromic smart glass window systems to improve energy efficiency in residential and commercial buildings. The U.K. construction market, valued at $386 billion in 2023, employed 2.8 million people, according to the International Trade Administration. With the automotive and construction industries expanding, demand for smart glass in Europe is expected to grow throughout the forecast period. 

The automotive sector has seen substantial growth, driven by increased consumer confidence and higher investments. Several factors contribute to the rising demand for smart glass in automotive applications. As the global vehicle population expands and average miles driven increase, so does the need for glass replacements. Harsh weather and poor road conditions further contribute to the demand for automotive glass repairs. However, after vehicle trade-ins, sales, or inspections, customers often delay addressing minor windshield damage. The production of new vehicles, turnover of used cars, and strict vehicle inspection regulations positively influence the demand for smart glass across various countries. In 2022, approximately 81.6 million vehicles were produced globally, according to the International Organization of Motor Vehicle Manufacturers (OICA). China led the production with 26.1 million vehicles, followed by the U.S. and Japan. Additionally, South Africa, Morocco, and Egypt ranked among the top 31 vehicle producers, further highlighting the global spread of automotive manufacturing.

Solar power plants are increasingly adopting smart glass technology to optimize energy production. In solar panels, smart glass enhances efficiency by utilizing the full spectrum of light to generate electricity. With energy prices consistently rising and the demand for alternative energy sources growing over the past decade, solar energy has emerged as a key solution. Thermochromic and photochromic smart glass, which adjust based on sunlight, play a crucial role in reducing energy consumption, particularly in heating and cooling systems. According to the Ministry of New and Renewable Energy, ongoing projects like the Development of Solar Parks and Ultra Mega Solar Power Projects are expected to boost the demand for smart glass within the solar sector. As governments push forward renewable energy initiatives, the growth of the solar industry will create significant opportunities for the smart glass market to expand. 

• In January 2023, Meta recently acquired Netherlands-based 3D smart glass maker Luxexcel, enhancing its metaverse vision by integrating augmented reality elements into prescription lenses, solidifying a strategic partnership for future innovation.

Key companies profiled in the Smart Glass Market are AGC Inc., ChromoGenics, Gauzy Ltd., Gentex Corporation, Halio Inc., Saint Gobain, Research Fronteirs, Smartglass International, Innovative Glass Corp, Nippon Sheet Glass Co., Ltd and others.