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(Chicago.CityRegions.Com, March 09, 2017 ) According to the new market research report "Smart Glass Market by Technology (SPD, Electrochromic, PDLC, Thermochromic), End-Use Industry (Architecture, Transportation, Power Generation, Consumer Electronics) - Global Forecast to 2022" the smart glass market is expected to grow from USD 2.34 Billion in 2015 to reach USD 8.13 Billion by 2022, at a CAGR of 19.2% between 2016 and 2022.
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Suspended Particle Devices (SPD) technology expected to grow at the highest CAGR during the forecast period:
The SPD glass offers significant benefits owing to its unmatched working capacity of changing its light emission property to the desired level. SPD glass can provide approximately 50% saving on the consumption of energy. The customization and superior working helps reduce the load of the heating, ventilating, and air-conditioning (HVAC) systems of the buildings. The growth of SPD smart glass is mainly driven by the increase in the demand for energy-efficient and ecofriendly products. Moreover, the cost efficiency of SPD smart glass products reduces its maintenance cost, making these products a popular choice in industries.
Transportation market segment expected to dominate the smart glass market during the forecast period:
Transportation is one of the major end–use industry of smart glass products. Smart glass is used in the transportation sector in the form of doors, windows, sunroofs, windshields, rear mirror, and skylights. The automotive sector under the transportation segment is the leading consumer of smart glass products. Many automobile manufacturers include glass material in their vehicles’ designs because of the advantages of smart glass such as anti-glaring, remote access capacity, and dynamic light emission adjustment property.
Key players in the smart glass market see APAC as a lucrative region:
APAC is an emerging market for smart glass and holds a lucrative position in the market. Hence, many players in the smart glass market are strategizing to tap the market in this region. Companies such as SAGE Electrochromics Inc. (U.S.) and Research Frontiers Inc. (U.S.) have collaborated with distributors and partners in the APAC region to enter the unexplored territories. SAGE has also entered into partnership with Mechosystems, Jun Hao Group Companies, and Spohn Associates Inc. to expand its foothold in the smart glass market, especially the APAC region, which is expected to be fastest-growing market for smart glass.
The major players in this industry include SAGE Electrochromics (U.S.), Research Frontiers, Inc. (U.S.), View, Inc. (U.S.), AGC, Ltd. (Japan), PPG Industries (U.S.), Gentex Corp. (U.S.), and Hitachi Chemicals Co., Ltd. (Japan), among others.