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Market Overview:
The Smart Glass and Smart Window 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 and Smart Window 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 consumer awareness about the benefits of smart glass and smart windows Enhanced user comfort through automatic light and heat control are the main drivers of market expansion and are fueling the growth of the Smart Glass and Smart Window industry during the forecast period.
Europe Dominated the Market in 2023:
Europe accounted for the largest share of 35% of the Smart Glass and Smart Window Market in 2023. The smart glass and smart window market is driven by increasing demand for energy-efficient building solutions, advancements in smart home technologies, stringent government regulations on energy consumption, and rising consumer awareness of environmental sustainability. Innovations in smart materials and expanding applications in automotive and construction sectors also propel market growth.
Smart Glass and Smart Window Market: Key Takeaways
Expansion of the Construction Sector, Especially in Developing Regions:
The expansion of the construction sector in developing regions is significantly driving the smart glass and smart window market. Urbanization is boosting demand for energy-efficient and sustainable building solutions. Smart glass technologies, offering automatic light and heat regulation, are increasingly integrated into architectural designs. Government-promoted green building practices further fuel adoption. In August 2023, total construction spending reached US$1.98 trillion, a 7.4% year-over-year increase. Nonresidential construction spending saw a 17.6% growth. The rise of advanced infrastructure projects creates lucrative opportunities for smart glass manufacturers, as these projects prioritize advanced materials to meet contemporary environmental standards.
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Growing Automotive Industry Incorporating Smart Glass for Improved Vehicle Features:
The growing automotive industry is increasingly incorporating smart glass to enhance vehicle features, driving innovation and adoption in the smart glass market. This advanced material offers numerous benefits, including improved energy efficiency, enhanced comfort, and greater safety. Smart glass technology allows for dynamic control of transparency, reducing glare and heat while providing privacy on demand. Automakers are leveraging these features to differentiate their products, enhance user experience, and meet stringent regulatory requirements for energy efficiency and emissions. The integration of smart glass in automotive applications underscores the industry's commitment to innovation and sustainability, making it a key driver in the smart glass market.
Scope of the Report:
Recent Developments:
• In September 2023, Meta and EssilorLuxottica launched Ray-Ban Meta smart glasses featuring live streaming, Meta AI, enhanced audio, and a 12 MP camera, with availability in multiple styles and regions. The glasses offer seamless content sharing and customization.
Smart Glass and Smart Window Market: Competitive Landscape
Key companies profiled in the Smart Glass and Smart Window Market are Sumitomo Corporation, Tesla, Inc., Yazaki Groupe, Siemens AG, Schneider Electric, Fujikura, Robert Bosch GmbH, Amphenol Corporation, Huber+Suhner, TE Connectivity, Aptiv PLC, Hirose Electric Co., Ltd., Molex, Hu Lane Associates Inc., Korea Electric Terminal Co. Ltd and others.
About IndustryARC™:
IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.
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IndustryARC
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