The Global Smart Glass Market is expected to reach USD 4.71 billion by 2022, according to a new study by Grand View Research, Inc. The construction industry has emerged as a key end-use area. Adoption in architectural applications is steadily increasing in both new-construction as well as in the replacement sector owing to several benefits such as natural insulation, environmental protection, safety, and security. The shift toward replacing cement, brick, and granite with glass is expected to benefit smart glass market growth.
Residential and automotive segments have witnessed a dynamic phase change in functionalities from legacy weather protection features to advanced energy conserving and seclusion apparatus. Sophisticated interfaces have been developed, which consider the entire range of PDLC in fabrication of contemporary tech gadgets.
Lack of awareness among consumer about the functionality and benefits of this product may hamper smart glass market growth. Extensive marketing endeavors by a select geographical roll-out scheme are expected to augment the sales by consumer awareness. Increased deployment and further recognition by word-of-mouth publicity would reduce the encumbrance caused by lack of awareness.
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Further key findings from the study suggest:
· SPD smart glass is widely deployed in the automotive sector due to their dynamic applicability in numerous areas such as rear-view mirrors, window panes, and in sun-roofs. Premium car manufacturers have already deployed SPD glasses in their select models thereby helping the glass fabricators to regain their ROI at an elevated pace. SPD films can be incorporated into a variety of products, resulting in dynamic applicability. Liquid crystal technology growth can be attributed to operational feasibility offering fast response time and optical translucence property.
· Key application areas include defense & aerospace sector clients along with premium automobile manufacturers and construction firms. Another distribution approach comprises sophisticated technology vendors such as digital eye glasses fabricators. This product serves as a basic raw material in fabrication of digital eye glasses which are foreseen to revolutionize the market over the forecast, thereby driving demand.
· North America accounted for over 30% of the global demand in 2014. Smart glass mandates have been established by the European Union and other regional administrative bodies to monitor energy efficiency along with administering the levels of glass tinting & transparency quotient.
· Leading players are involved in mass production, while new participants find it difficult to incorporate mass production strategies due to inadequate number of orders by associated patrons, thereby reducing their break-even point (BEP) revenue. Consequently, the smart glass market is projected to be dominated by few leading manufacturers, creating an oligopolistic scenario. Key industry players include DuPont, Sage Electrochromics, Corning, Asahi, etc.
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