Smart Glass and Smart Window Market to Reach $19.6 Bn, Globally, by 2030 at 15.0% CAGR: Allied Market Research
Increase in demand for smart glass-based products in automotive & aviation sectors and stringent regulations by governments drive the growth of the global smart glass and smart window market.
PORTLAND, Ore., May 9, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Glass and Smart Window Market by Technology (Active, Passive), by End User (Automotive, Aviation, Marine, Construction): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global smart glass and smart window industry generated $5.1 billion in 2020, and is estimated to garner $19.6 billion by 2030, witnessing a CAGR of 15.0% from 2021 to 2030.
Drivers, Restraints, and Opportunities
Increase in demand for smart glass-based products in automotive & aviation sectors, lowered expenditure on air-conditioning, heating, & lighting, and stringent regulations by governments drive the growth of the global smart glass and smart window market. However, high initial cost restrains the market growth. Contrarily, reduced prices of electrochromic materials, adoption of new technologies, and advancements in smart glass functions present new opportunities in the coming years.
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The active segment to offer lucrative opportunities
Based on technology, the active segment contributed to the highest market share in 2020, accounting for more than four-fifths of the global smart glass and smart window market, and is projected to maintain its lead position during the forecast period. Moreover, this segment is expected to witness the highest CAGR of 15.6% from 2021 to 2030. This is due to surge in development of smart glass-based products using this technology, recent advancements in technologies, and innovative ideas that influence commercial and residential sectors. The report also analyzes the passive segment.
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The construction segment held the largest market share in 2020
Based on end user, theconstruction segment held the largest market share in 2020, contributing to nearly two-fifths of the global smart glass and smart window market. This is attributed to experimentation in smart glass technology, low cost of products, rise in usage of the eco-friendly products in the sector. However, the automotive segment is estimated to register the largest CAGR of 16.4% from 2021 to 2030, owing to the trend of self-dimming window glass technology and developments in the technology to lower the overall costs of automotive vehicles.
North America generated the highest revenue in 2020
Based on region, North America accounted for the highest market share in terms of revenue in 2020, contributing to nearly one-third of the global smart glass and smart window market. This is due to rise in installation in several offices, hotels, and homes in the region. However, Asia-Pacific is expected to manifest the fastest CAGR of 16.7% during the forecast period, owing to implementation of smart glass and smart windows for saving electricity without harming the environment and its resources in countries such as China, Japan, and India.
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