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Smart glass market for architecture expected to grow at highest CAGR between 2017 and 2023

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Smart glass market for architecture expected to grow at highest CAGR between 2017 and 2023

March 03
18:52 2020
Smart glass market is expected to reach USD 8.35 Billion by 2023 from USD 2.80 Billion in 2016, at a CAGR of 16.61% between 2017 and 2023.

The overall smart glass market is expected to grow at a CAGR of 16.61% between 2017 and 2023, to be worth USD 8.35 billion by 2023. The increasing demand for energy-efficient products and emerging eco-friendly buildings offer key opportunities for the market. The growing demand for smart glass in automobile applications, strong government support through mandates and legislations for energy-efficient construction, and optimal energy saving through smart glass applications are some of the key factors driving the smart glass market.

The key players operating in the smart glass market include the major players operating in different stages in the entire value chain of smart glass systems; these players are SAGE Electrochromics, Research Frontiers, View, Inc., Asahi Glass Co., Gentex, Hitachi Chemical, Glass Apps, Pleotint, Polytronix, RavenWindow, Scienstry, Smartglass International, and SPD Control Systems. Most of the leading companies focus on organic growth strategies such as product launches and developments, and inorganic strategies such as agreements, partnerships, and collaborations to boost their revenues.

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Top 2 Players in the Smart Glass Market:

 SAGE Electrochromics develops electrochromic glass, with the main focus on the architectural applications. The company claims that its electrochromic smart glass has the potential to reduce the size of equipment for building heating and air conditioning by up to 25%, resulting in the reduction in the construction costs. The company holds over 500 patents and offers a solution for office spaces, schools and universities, and healthcare facilities, among others. It sells its products through independent representatives in the US and internationally, and has successfully installed electrochromic glass in 700 projects and buildings globally. In June 2017, SageGlass installed 25,000 ft2 of dynamic glass at the new Center for Natural Sciences, Mathematics and Nursing at Bowie State University, US. In June 2015, SAGE Electrochromics Inc. partnered with Jun Huo—a supplier of building façade and curtain wall solutions in China—to supply dynamic glass to the building market in China as the country aims to balance the huge demand for new buildings with the need for sustainable building practices.

Research Frontiers expanded its business by issuing licenses to various glass companies. These licenses are based on the SPD-smart light-control technology of the company. The SPD technology is used in various product applications including architectural windows, automotive windows, sunroofs, sunvisors, flat-panel displays of consumer products, sunshades, instrument panels, and navigation systems. The technology offered by the company is gaining a wide acceptance from its customers. Research Frontiers is earning significant revenues by licensing its patented SPD technology to the players from the automotive and aerospace sectors. In April 2016, Vision Systems (France), a licensee of Research Frontiers, introduced a new solution for the light and glare issues commonly experienced in aircraft cockpits.

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