The smart window market size was valued at USD 5.09 billion in 2022 and is expected to reach USD 14.63 billion by 2032, growing at a CAGR of 11.1% during the forecast period (2023-2032).
Smart windows are innovative glass products that can alter the light transmission in response to the external factors such as voltage, light, or heat. The primary use of smart windows is to enhance optimize lighting conditions, and improve energy efficiency in buildings and vehicles.
The smart windows are installed in the smart building area because they create the capability to save from the heating rate, environment or weather adaptive building shells, and help in proper air-conditioning. The increase in demand for smart buildings, strict regulations by the government to reduce carbon emission and bring efficiency in usage of energy in airconditioning, heating, and lighting are some of the main drivers that boost the growth rate of the smart windows market globally. The smart window market is anticipated to grow significantly over the next decade due to increasing demand for energy-efficient and environmentally friendly technologies.
The negative impact of the pandemic has led the industries to opt for virtual working and come up with innovative trends and strategies that will help the market emerge from the losses and help the market grow as per the previous set targets and market objectives. Smart windows are witnessing an increase in both the hospitals and the public sector. The main reason behind this growth is that these glasses and windows help in providing privacy and also limit the transmission of both lights and sounds in the place where they are placed in. The need of the hour is to opt for hygienic alternates and maintain proper cleaning cycles.
The manufacturers of the automotive and construction sector are focusing on developing modular and technology solutions to target a larger audience base. The Smart Window Market is witnessing an increase in smart glass-based products and encouraging regulations from the government and aviation sector are some of the factors that will strive for the growth of the Smart Window Market at an excellent rate during the forecast period that ends in 2032. The rising influence of the products being designed and launched on a large scale has good prospects to offer to the global market during the forecast period.
There are some critical aspects that present restraints to the market on the way of its growth during the forecast period that ends in 2023-2032. The Smart Window Market is witnessing issues like lack of awareness, unavailability of material costs, high installation cost, increasing electricity costs, and durability issues as a part of the functional features that are challenging the growth of the Smart Window Market by the end of the forecast period in 2032.
The blackout smart glasses on installation help in blocking a huge quantum that is 99.4% of the ultraviolet light and also help in reducing fabric fading. The global market also deals in SPD-type smart glasses that are a result of conjunction with the help of the low emissivity coatings. Through the installation of the smart windows in the building and construction areas, there is a creation of capabilities that will help in saving from the heating rate and will also prevent the environment or the weather from building the adaptive shells, further helping in cooling. Mostly, the demand for smart windows is more in the automotive industry, alongside others like buildings used for personal property and commercial buildings, as well.
Smart window market is anticipated to witness significant growth owing to the performance of different market segments. Among these, the transportation segment will be the fastest-growing and also contribute towards Smart Window Market growth more than any other segment as these smart windows are used in manufacturing luxury vehicles. For an amplifying use the market has been segmented into the following on different bases:
North America is the largest market for the Smart Window Market, accounting for more than one-fourth of the total market share in 2022. The region is expected to maintain its significant position throughout the forecast period. North America is anticipated to the lead the growth of the market due to its advanced technological infrastructure and high consumer purchasing power. The growth of the market is also driven by its application in the automotive sector. The growth of the electric vehicle and efficient energy management is driving the growth of the market in the region.
Asia-Pacific is the second-largest market for the Smart Window Market in 2022. The region is expected to witness a fastest CAGR of 12.0 % between 2023 and 2032, driven by rapid urbanization, sustainability initiatives, and increasing regulatory support.
Also, the market for Europe is anticipated to hold substantial market share in 2022. The growth of the market in the region is driven by adoption of smart buildings, rapid application in commercial buildings and growth of the automotive industry.
Smart Window Market Key Player & Competitive Landscape
To get a detailed and profound idea about the Smart window market insights, it is very important to create a competitive environment amongst the different key players at different market locations all around the world. All the market players are competing with each other globally in the international markets by implementing various types of strategies such as product launches and upgrades, mergers and acquisitions, partnerships, etc. The prime players of Smart Window Market include:-
SAINT-GOBAIN GROUP-
RAVENWINDOW-
PPG INDUSTRIES, INC.-
KINESTRAL TECHNOLOGIES, INC.-
The Smart window market report presents a shift analysis that includes market drivers, opportunities, and restraints that are available in the global market. The Smart Window Market report helps in predicting the CAGR rate of growth and also the value at which the market will be evaluated by the end of the forecast period in 2027 based on the points raised by the industry leaders and experts. The report discusses the impact of covid-19 on the key players of this market. The report also tells about the market segmentation on a different basis and how a competitive environment is developed among the key players around the globe. At last, the report presents some recent developments in this industry.
| Report Attribute/Metric | Details |
| Market Size 2032 | USD 14.63 billion |
| CAGR | 11.1% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2021 |
| MarketForecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Saint-Gobain Group (France), RavenWindow (US), PPG Industries, Inc. (US), LTI Smart Glass, Inc. (US), Kinestral Technologies, Inc. (US), Gentex Corporation (US), Merck KGaA (Germany), Pleotint, LLC ( US), E-Chromic Technologies, Inc. (US), ChromoGenics AB (Sweden), AGC, Inc. ( Japan), Hitachi Chemical Co., Ltd (Japan), Nippon Sheet Glass Co., Ltd (Japan), and Innovative Glass Corporation (US) |
| Key Market Opportunities | Smart windows are being increasingly adopted by hospitals as well as the public sector as they provide privacy by limiting the transmission of light and sound. |
| Key Market Drivers | The growing demand for smart windows in transportation applications.The use of smart windows in the healthcare sector. |
Frequently Asked Questions (FAQ) :
The global Smart window is expected to record a significant market valuation of USD 14.63 billion by 2032.
The expected global Smart window would register a moderate 11.1% CAGR in the forecast period.
As the fastest-growing segment, the automotive segment is expected to expand.
The North America region is poised to develop as the fastest-growing regional market.
Some of the major market players identified in the global Smart window market are Saint-Gobain Group (France), RavenWindow (US), PPG Industries, Inc. (US), LTI Smart Glass, Inc. (US), and others.
The demand for electrochromic technology smart windows is rapidly growing in numerous applications.
The major strategies adopted by key players to increase the profitabilty of the market is growing R&D investment towards product enhancement.
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Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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