Smart Glass Market size was valued at USD 5.42 billion in 2022 and is poised to grow from USD 5.98 billion in 2023 to USD 14.56 billion by 2031, growing at a CAGR of 10.8% during the forecast period (2024-2031).
Smart glass is a rapidly evolving sector with emerging trends like control systems evolution, advancements in technologies, and growing use in several sectors. The market is particularly influenced by rising demand for high-class energy solutions in transportation and construction and improvements in technologies. Moreover, the key drivers involved in the growth of the smart glass market are increasing number of OEMs, increasing spending power of consumers, and its changing properties depending on external factors offers multiple options to end users.
Smart glass is fragmented by numerous technologies comprising suspended particle devices, electromagnetic, and liquid crystals. Every technology delivers unique advantages like better user control and high energy efficiency. Moreover, modernizations in control systems from manual and virtual to voice-based control and mobile-based controls are progressing smart glasses and making them more accessible and user-friendly. Today, smart glasses hold a wide range of applications in industries like transportation in aerospace, automotive, and marine, architecture in commercial and residential, and power generation. This expansion is remarkably widening the reach of the market.
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Innovative Technologies in Smart Glass Will Drive the Future of Buildings
Smart glasses have been undergoing several improvements including switching their states manually or automatically and are widely used for managing the amount of light or heat transmitted, glare, and more. Smart glass technology is dependent on chromismwhich causes changes in the color of the material. Essentially, there are three forms; Thermochromic, electrochromic, and photochromic. The electrochromic glasses use electricity triggers, i.e. when exposed to power, ions transfer into another glass layer, and reflectiveness and tint change. The thermochronic glass is impacted by the sunlight heat. Depending on the temperature outside of the building, it automatically changes to opaque from transparent and return. Photochromic glasses possessnearly similar qualities and change as per exposure to light.
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- Gentex Corporation announced that it signed a contract with ADASKY as the top financer in a Series B financing round in May 2023. The company has also established an engineering, commercial, and a manufacturing alliance contract to help introduce branded technology of ADASKY to the market.
- In April 2022, through electrochromic glass subordinate SageGlass, Saint-Gobain pronounced that it would reprocess more than 1,000 tons of glass annually for the coming 5 years, distracting the remains from landfills and revamping the elements for use in future by contracting with a 3rd party processor in Minnesota.
- In April 2024, View Inc. announced signed contract with RXR and Cantor Fitzgerald, L.P. for financial rearranging that is carefully designed to boost the company’s positioning and balance sheet for the future.
- In June 2024, Corning Incorporated, a smartphone glass maker in the United States and OptiemusInfracom, a domestic telecommunications provider player developed a new venture, Bharat Innovative Glass Technologies, also known as BIG Tech plant in Chennai. This new building will manufacture finished glass cover components for smartphone CE (consumer electronics).
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Shift Towards Energy Efficient Solutions to Considerably Transform Construction Sector
The global smart glass market holds strong growth routes impacted by sustainability initiatives, improvements in technology, and explosive demand from diverse sectors. With growing industrialization and urbanization and the world inclining towards better energy solutions, smart glass is poised to significantly transform the future of modern structure. Its capability blends functionality with modern looks, making it a key component in shift towards smart and sustainable future.
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