Portland, OR -- (SBWIRE) -- 02/26/2018 -- The growth of the global smart glass market is driven by growing construction of organizational structures such as corporate offices and educational institutions, increasing developments in the automotive industry, expanding application areas of smart glass, and emerging new competencies of smart glass in the wearable technology sector. However, high cost of manufacturing and lack of know-how of the innovations hamper the market growth. Reduction in the cost of smart glass products and increased awareness about energy conservation offer lucrative opportunity for market growth.
The construction segment accounted for the highest share, in terms of volume, owing to increase in use of smart glass windows in residential and office spaces to achieve energy saving. Commercial buildings accounted for majority of the share in 2015 owing to the rise in demand for smart glass for windows and other applications.
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The global market is expected to reach $8,729 million by 2022, growing at a CAGR of 20.4% from 2016 to 2022. Construction segment occupied more than half of the total market share in 2015.
In 2015, North America dominated the global smart glass market with maximum share, in terms of both revenue and volume. This was attributed to the high percentage of manufacturers as well as consumers of smart glass & windows. Apart from that, Asia-Pacific is expected to grow with the fastest rate, registering CAGR of 21.6% throughout the forecast period, owing to extensive development in the automotive industries of the developing countries such as India and China.
The key players of smart glass market profiled in this report are SAGE Electrochromics, Inc., Research Frontiers, Inc., View, Inc., Asahi Glass Company Ltd., Hitachi Chemicals Co., Ltd., Smartglass International Ltd., Polytronix, Inc., Schott Corporation, RavenBrick LLC, and Pleotint, LLC.
Some Key Findings of Smart Glass Market:
- North America dominated the global smart glass market in 2015, accounting for over one-third of the share, in terms of revenue.
- In 2015, smart glasses used in transportation accounted for two-fifths share of the global market.
- The automotive segment accounted for over two-thirds share, and is anticipated to maintain its lead during the forecast period.
- Germany generated one-fifth of the total revenue in European smart glass market, and is expected to show highest growth rate.
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