Smart Glass Market Worth USD 13.19 Billion By 2027. Company strategies and Financials of Gentex Corporation (GNTX (NASDAQ)), Saint-Gobain & Others

The Global Smart Glass Market is projected to reach USD 13.19 billion by 2027, according to a recent report by Emergen Research. Renewed confidence of consumers in the economy, coupled with higher spending, has boosted the sales of light-and heavy-duty vehicles. The demand for automotive glass is driven by various factors. with a rise in the total vehicle population and kilometers driven, the replacement volume of glasses is estimated to mount. Adverse road conditions with difficult weather are likely to stimulate the demand for automotive glass replacement. However, buyers typically defer from fixing minor damage to a windscreen until their vehicle is up for sale or scrutiny. Therefore, sales of recent vehicles, turnover of used vehicles, and laws for vehicle scrutiny propel the demand for smart glasses in the global automotive sector.

Smart glass is ideal for automobile, aviation, and other transportation applications, wherein heat and glare management is vital. Smart glass is employed in applications across the automotive sector like windows, rearview mirrors, sunroofs, and windshields. Smart glass assists in heat management in vehicles, protects from harmful ultraviolet (UV) rays by reducing glare, and reduces energy consumption, enhancing vehicle operation efficiency.

While the smart glass technology was introduced in the market almost a decade back, it is only recently that makers have secured the funding and support necessary to initiate mass production. With the introduction of volume production units, makers are likely to attain scalability, which, in turn, can lower the price. With the increasing volume of production, the price of smart glass is anticipated to lessen by around 35-42%.

Key Highlights from The Report.

• In November 2018, View Dynamic Glass, a US-based smart glass company, received one of the biggest VC investments of USD 1.1 billion from SoftBank Vision Fund. This is to manufacture "dynamic" glass windows that can change the tint to let in the right amount of natural light without obstructing views.

• The electrochromic smart glass technology dominated the market in 2019. The electrochromic technology is not utilized in rearview mirrors in automobiles. With the latest advancements, it is also considered suitable for windows as well as sunroofs. Although the electrochromic smart window technology is not widely used in design or building applications, it will likely revolutionize the design sector in the coming years, contributing to a major share of the market by 2027. Commercial buildings of both corporate and government bodies would be early adopters of electrochromic technology.

• The transportation application is anticipated to dominate the smart glass market through the forecast period, as several automobile makers are incorporating smart glass materials in their vehicle to leverage its dynamic light emission adjustment properties, remote access capability, and antiglare property.

• Although North America held the major share of the market in 2019, Europe is emerging as a potential competitor with a prominent contribution to sales figures from the U.K. With advancements in technology, coupled with a recovering economy, is expected to be the primary driving factors during the growth period. The ever-growing expenditure on energy is likely to trigger the demand for energy-efficient products. Extreme weather conditions being prevalent in multiple areas of Europe, smart glass is an optimal solution to maintain the internal temperature of vehicles and buildings, thereby cutting down energy costs.

• Key participants include Gentex Corporation (GNTX (NASDAQ)), AGC Inc., NSG Group, Saint-Gobain (EPA: SGO), View Inc., AGP Americas, Smartglass International, Polytronix, Hitachi Chemicals, SPD Control Systems, Innovative Glass Corp, Fuyao Glass, TaiwanGlass Group, and Central Glass. among others.

• For the purpose of this report, Emergen Research has segmented the Global Smart Glasses Market on the technology, application, and region:

• Technology Outlook (Revenue, USD Billion; 2017-2027)

• Electrochromic

• PDLC

• SPD

• Thermochromic

• Photochromic

• Application Outlook (Revenue, USD Billion; 2017-2027)

• Architectural

• Transportation

• Consumer Electronics

• Power Generation

• Others

• Regional Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)

• North America

• 1. U.S.

• 2. Canada

• 3. Mexico

• Europe

• 1. U.K.

• 2. Germany

• 3. France

• 4. BENELUX

• 5. Rest of Europe

• Asia Pacific

• 1. China

• 2. Japan

• 3. South Korea

• 4. Rest of APAC

• Latin America

• 1. Brazil

• 2. Rest of LATAM

• Middle East & Africa

• 1. Saudi Arabia

• 2. UAE

• 3. Rest of MEA