Global Smart Glass Market
Dublin, Sept. 26, 2022 (GLOBE NEWSWIRE) -- The "Smart Glass Market by Technology (Suspended Particle Display, Electrochromic Glass, Liquid Crystals, Micro blinds, NanoCrystals, Photochromic and Thermochromic), Application, Control Mode and Geographic Analysis - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global smart glass market is projected to grow from USD 5.0 billion in 2022 to USD 8.2 billion by 2027; it is expected to grow at a CAGR of 10.4% from 2022 to 2027. The market has a promising growth potential due to several factors, including high potential in solar power generation plants, new avenues for growth, growing need for sustainable buildings, minimalist architecture have huge potential for smart glass ,and rising demand for energy-efficient products. Moreover, the increasing importance of smart glass in the healthcare industry and the energy-saving capacity of smart glass could play a key role in driving the growth of the smart glass market.
Increasing Usage of smart glass in commercial architecture for energy efficiency
The Architecture segment is projected to grow at the highest CAGR from 2022 to 2027 for the smart glass market, by application. Energy efficiency continues to be a key factor for the adoption of smart glass in the architecture sector. Stringent energy conservation laws for buildings and government policies supporting green buildings would boost the adoption of smart glass in the architectural segment.
Suspended Particle Display technology to hold the largest share of smart glass market during the forecast period
The suspended particle display is projected to account for the largest size of the smart glass market from 2022 to 2027, by technology.SPD smart glass-enabled products have fewer maintenance costs, making these products a popular choice in industries. SPD smart glass has a strong presence in the architecture application. SPD smart windows offer energy savings, lower maintenance costs, and increase the aesthetic value of a structure, which, in turn, is helping the market to grow.
India is projected to grow at highest CAGR in Asia Pacific Region between 2022 and 2027
The increasing awareness level about smart glass and the advantages associated with its use are expected to drive the smart glass market in India. Smart glass products are increasingly being used in the architectural and transportation sectors. Government policies and support for energy efficiency and regional government support for green buildings would boost the demand for smart glass. Smart glass is utilized by Indian railways in its premium superfast trains' first-class compartments. These developments show stronger adoption of smart glass in this region.