Smart glass and window market is driven by growing surge for efficient consumption of energy in buildings
Albany, NY -- (SBWIRE) -- 05/17/2018 -- Slightly over half the market share in the global smart glass and window market is held by just three top players, finds a research study prepared by Transparency Market Research. The report adds that the leading company operating in the market named Research Frontiers Inc. accounted for a share of 19.2% in 2014. Some of the other noteworthy companies competing in the market profiled by in the report are Saint Gobain S.A., View Inc., Asahi Glass Co., Ltd., Pleotint Llc, Hitachi Chemicals Co., Ltd., and PPG Industries Inc.
It also uncovers that the global market for smart glass and window is highly competitive due to keen players trying to figure out increasing application areas. They are seen focusing hard on research and development to come up with improved technologies, keeping in mind the various specific needs of a vast pool of consumers. They are also banking upon mergers and acquisitions to take on the competition in the market.
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The TMR research study states that the market for smart glass and window will rise at an impressive 14.7% CAGR from 2015 to 2021 to clock a value of US$6.07 bn by 2021-end from US$2.2 bn in 2014.
Smart glass and window find application in construction, marine, automotive, and aircraft. Among them, the flourishing automotive segment led the market with a share of 46.6% in 2014.
Geographically, Asia Pacific, North America, Europe, and the Rest of the World are some of the main segments of the global market for smart glass and window that have been studied in the report. As per it, North America leads the market with maximum share – in 2014 it came to around 31.8%. The market in the region has been majorly boosted by government regulations pertaining to energy conservation and reduction in carbon footprints, and the resultant demand for energy-efficient products. Constant technological progress which are being incorporated every now and then to the products is also positively influencing the market. The U.S. is at the forefront of driving demand in the region.
The primary USP of smart glass and windows is their energy efficiency. This has led to their increasing uptake. Explains the lead study author, "Energy loss in traditional windows can result in almost about half the total energy consumption in residential buildings and offices. However, low emissivity glass and multi-layer glazing are effective solutions for such energy wastage. Such benefits are driving up demand for smart glass and windows," says a lead TMR analyst.
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Another factor fuelling the global smart glass and windows market is the booming automotive sector that is manufacturing a rising number of technologically superior automobiles equipped with sophisticated features such as SPD-enabled smart glass for side and rear windows. Such type of glass has numerous, fast switching capabilities that lower unwanted light.
Steep Price Hampers Demand
One challenge for the market for global smart glass and window is their steep price. The TMR report states that smart glass and windows cost twice than static gazing glass and conventional high performance glass. However, our analysts state that this is a temporary setback as prices of electrochromic materials will likely come down in the near term, thereby making smart glass and windows more affordable.