ID: MRFR/ICT/1298-CR | October 2019 | Region: Global | 130 pages
Global Smart Glass Market size can reach USD 9,083.7 Million by 2025, according to Market Research Future (MRFR). It can exhibit a 17.8% CAGR over the forecast period (2018-2025). Smart glasses are electronically controlled devices that provide control to the user for controlling the volume of glare, light, and heat. Sustainable solutions coupled with incentives can drive the market demand over the forecast period.
The COVID-19 pandemic has severely hit the production of smart glasses as the virus spreads globally. Decline in construction projections and hurdles in supply chains can affect market sales. However, an opportunity belies smart glasses as creativity and continued business activity needs to run on-site production. Investment in a digital instruction and inspection execution platform can enable the use of a smart glass for ensuring the production runs smoothly. Proceedix is an instance of such a platform that provides workers with such instruction that can be reviewed by their direct supervisors remotely.
Growing Demand for Smart Glass in Transportation
High Potential for Solar Energy
High Costs and Security Concerns
SPD to Rule Global Smart Glass Market
The SPD segment is expected to account the largest market share and will touch a valuation of USD 949.7 million by 2025. This is attributed to energy consumption levels in commercial and industrial buildings. Reduction of electric power can increase energy savings due to utilization of daylight.
Electrochromic to Register High Growth
The electrochromic technology segment can register the highest growth rate during the forecast period owing to high blockage power to UV rays and reduced response time for applying glass effects. Huge disposable income levels and rising demand in luxury automobiles are prime drivers of the segment.
Transportation and Healthcare to Command Huge Market Demand
APAC to Rule Global Smart Glass Market Growth
APAC is expected to be lucrative for the global smart glass market growth owing to applications in protection of humans from UV rays and fading of furniture and fabrics. Implementation of smart glasses in latest construction projects can bode well for the region. Moreover, opportunities in transportation and consumer electronics sectors as evident by the use of SPD in latest variants of Mercedes Benz cars.
North America to Command Huge Market Share
North America is expected to command a huge demand share of smart glass owing to favorable mandates for lowering energy costs. Moreover, the mandatory use of smart glasses in the transportation sector and the growing automotive production can bode well for the regional smart glass market growth.
Global Smart Glass Market is highly competitive with similar head-mounted display technology being launched by various players. Partnerships with prominent social media companies seem to be the norm as the large consumer database act as a vital litmus test for its success. The appeal of an immersive lifestyle combined with innovations in AR and VR can shape the market in the forthcoming years.
It is segmented in the following manner:
Frequently Asked Questions (FAQ) :
Smart glass is effective in saving substantial amount of energy, which is facilitating the rising popularity of the product.
The smart glass market is presumed to strike 17.8% CAGR.
The market size is expected to reach USD 9083.7 Mn by 2025.
North America is poised to mark 19.6% CAGR over the review period.
The smart glass market, by technology, has been segmented into electrochromic technology, photochromic, PDLC, SPD, and others.
By technology, the electrochromic technology segment is poised to mark the highest CAGR.
High cost, as well as security concern, is poised to pose challenge to market participants.