The global smart glass and window market seems consolidated, as top three players hold maximum share in the market, witnesses Transparency Market Research. Among top three, Research Frontiers Inc. held 19.2% share back in 2014. However, the competition among the players is likely to increase in the forthcoming years, as there is an increase in application areas. Research and development activities are taken at a large scale with an aim to improve technologies to meet growing needs from large pool of customers. Mergers and acquisition is a key proposition for players to consolidate their position in the market. In the report, researchers have analyzed few prominent players including Pleotint Llc, Research Frontiers Inc., View Inc., Asahi Glass Co., Ltd., and Hitachi Chemicals Co., Ltd.
Considering statics given in the report, the global smart glass and window market is estimated to achieve a revenue of US$6.07 bn over the forecast tenure. This revenue is likely to be generated if the market rises at steady CAGR of 14.7% over the projected period 2015 to 2021.
Among the various technologies, the demand for active smart glass and window is high. During the forecast period, it is expected to be the same rise at a high growth rate. This growth is attributed to dynamic light transmission adjustment property by using single switch. With respect to geography, North America is expected to dominate the market in the near future. Enormous technological developments and supportive government policies make North America an important region for the growth of smart glass and window market.
Rising Investment in Smart Glass and Window to Benefit Global Market
The key proposition of smart glass and window is that it is highly energy efficient. As compared to traditional windows where there is huge amount of loss energy. Moreover, windows are largely installed in almost all offices and residential buildings that make high chances of developing energy. With the use of multi-layer glazing and low emissivity glass, one can reduce energy wastage. The demand for smart glass and window is also increasing, as there is significant boost in demand for eco-friendly and non-electric technologies such as thermochromics.
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Growing application of smart glass and window in various industries including aircraft, construction, automotive, and marine has further augmented the demand in this market. Adding further, increasing investment in infrastructure sector and recovering automotive production are providing fillip in this market.
High Price to Restrict Market Performance
The prices of smart glass and windows are exceptionally high that decreases its chances of easy purchase as compared to static gazing glass and conventional high performance glass. This is one of the major factor challenging the growth in this market. But this is generally seen as a temporary setback, as it is being projected that prices of electrochromic materials are likely to reduce in the near future. With reducing prices, there are high chances that the demand in the global smart glass and window market will increase over the forecast period.