Albany, NY -- (SBWIRE) -- 03/22/2021 -- Technology has touched almost every sector and the glass industry is not left behind. The precise blend of glass and technology has led to the development of smart glasses. The smart glass market is predicted to climb the growth ladder steadily during the forecast period of 2016-2024 owing to the growing demand and frequent technological advancements. The smart glass market is classified into active and passive. Smart glass has immense applications in various sectors such as consumer electronics, solar power generation, and transportation.

Manufacturers in the smart glass market are focusing on technologies related to COVID-19 prevention as it has brought unprecedented loss to humankind. To prevent COVID-19, Smart glass country is offering a smart glass that can be controlled through a wall switch, automation, or voice command, thus eliminating the need for touch. These glasses can be of great use in hospitals. A Chinese startup Rokid has developed COVID-19 detection glasses that have inbuilt thermal imaging technology. The T1 thermal glasses use an infrared sensor to identify temperatures of over 200 people within 2-3 minutes as far as 3 meters. The glasses also offer features like a 12-megapixel camera and hands-free voice controls to record live photos and videos. Such innovations are expected to expand the smart glass market growth horizon.
Huge investments are also expected to drive the smart glass market towards growth. For instance, Hyundai has announced its plans to invest US$ 3.3 mn in Gauzy, an Israeli smart glass startup. In another development, DNS Capital and Black30 Ventures invested US$19 million dollars in AR smart glass maker MAD Gaze.

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The use of smart glasses by social media giants to develop new technologies is also expected to boost the growth of the smart glass market. Facebook recently sealed a deal with Plessey, a UK-based display-maker to develop new AR wearable technology.
Green buildings are becoming cornerstones of construction activities across the globe. These buildings are especially popular in developed regions, where environmental conscious consumer, industries, and stringent regulations are paving way for a greener future.

Additionally, green buildings are becoming more attractive for their several economic benefits as well. Green buildings consume less energy and are easier to maintain over the long duration. The smart glass market plays an important role in these economic benefits, by reducing cooling, heating, and lighting costs. The smart glass market offerings also block close to 100% UV light and protects residents from harmful exposure to UV radiation.

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Governments around the world are taking initiatives to promote green development which is driving growth of the smart glass market. The high costs associated with the technology is expected to pose a challenge to its growth during 2016-2024.

However, the global smart glass market is expected to reach US$7.04 by 2024 end, up from US$2.10 bn in 2015. The global smart glass market is expected to grow at a robust CAGR of 14.50% during 2016-2024.

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Large Scale Adoption in Transport Sector Drives the Global Smart Glass Market:

The global smart glass market is in its nascent stages. The established market players are exploring various new opportunities to expand their offerings and applications. The transport sector accounted for over 50% of its total market share in 2015. Hence, the transport sector is emerging as a key sector for the global smart glass market. The smart glass market offerings are quite popular in premium cars. The auto thermal cooling and heating according to external weather changes is extremely important and increases fuel efficiency with less pressure of fuel management on car engines. Hence, smart glass installations on sun roofs, side and rear windows, sun visors are in high demand in the global smart glass market. Additionally, smart glass market has also started catering to aviation sector due to growing demand for digitalization of baggage systems. The growing demand in aviation, and rising demand for automobiles worldwide is expected to drive the global smart glass market during 2016-2024.

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