With a few leading players, namely, ASAHI GLASS,
Saint-Gobain, DuPont, and Guardian Industries, driving the entire
market, the global market for smart glass demonstrates a consolidated
structure, finds a report by Transparency Market Research (TMR).
These players, collectively, held a share of 40% in this market in
2015. With participants increasingly involving into mergers,
acquisitions, and strategic alliances, the competition within the
market is expected to intensify over the forthcoming years, state the
report.
As per TMR’s estimations, the opportunity in the
global market for smart glass is likely to rise at a CAGR of 14.50%
over the period from 2016 to 2024, increasing from US$2.10 bn in 2015
to US$7.04 bn by the end of the period of the forecast. The demand
for smart glass is higher in the transportation sector compared to
other end users.
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The scenario is anticipated to remain the same
throughout the forecast period, thanks to the expanding application
base of these mirrors in automobiles, such as increased usage in sun
visors, sun roofs, and rear and side windows in high-end premium
cars. The current boost in the worldwide aviation and the automotive
industries is also projected to fuel the demand for smart glass in
the transportation sector significantly over the next few years.
North America to Gain Supremacy among all
Regional Markets
According to the research report, the worldwide
market for smart glass is spread across North America, the Middle
East and Africa, Asia Pacific, Latin America, and Europe. The global
market has been led by North America over the past few years and is
expected to remain so throughout the forecast period. The growth of
this regional market can be attributed to the increasing prominence
of renewable sources of energy, specifically solar energy. As smart
glass has an important role to play in the generation of solar
energy, the demand for smart glass is expected to increase with the
increasing uptake of solar energy in this region.
North America acquired 30% of the overall market
in 2015 and was closely followed by Asia Pacific and Europe. The
smart glass market in Asia Pacific is relatively new and is showing
immense potential for future growth; however, Europe, being a mature
market, is predicted to witness a decline in its market share over
the next few years, notes the study.
Demand for Sustainable Energy to Influence
Uptake of Smart Glass
On the grounds of the depleting sources of energy,
the demand for sustainable energy, nowadays, has increased
substantially, compelling governments across the world to implement
regulations and take initiatives to reduce the consumption of energy.
The promotion of green buildings is one of the most prominent
initiatives for energy conservations taken by the governments in a
number of developed countries. “Since smart glass play a
significant role in saving the energy required for heating, cooling,
and lighting in green buildings, its demand has soared, globally,”
says an analyst at TMR.
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With the increasing proliferation of green
building across the world, the global smart glass market is likely to
fare impressively in the near future. However, the high price
associated with it and the easy availability of cheap substitutes may
obstruct the growth of this market to a bit in the years to come,
states the report.
The study presented here is based on a report by
Transparency Market Research (TMR), titled “Smart Glass Market
(Technology - Electrochromic, Thermochromic, Photochromic, Liquid
Crystal, and Suspended Particle Device; End User - Architectural,
Consumer Electronics, Transportation, and Solar Power Generation) -
Global Industry Analysis Size Share Growth Trends and Forecast 2016 -
2024.”
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