Smart glass: Key market research findings
- Application of smart glass in the automotive sector drives market growth
- The transportation segment accounts for a majority share of the market’s revenue
- Key vendors – Atheer, Epson, Google, Microsoft, ODG, Recon, Sony, and Vuzix
Technavio’s market research analysts predict the global market smart glasses to grow at a CAGR of around 20% between 2016 and 2020. The growth of the market can be accredited to the increasing application of smart glass in the automotive sector. Smart glass is used in various auto components such as rear and front view mirrors, windows, dashboard displays, and windshields. The use of smart glass products reduces the cost to maintain the comfortable temperatures inside the vehicles. During 2015, the global smart glass market was dominated by EMEA, which accounted for around 42% of the overall market share, with Germany being the primary revenue generator. The rise in the use of smart glass for the construction of energy-saving buildings with the wide glazing area is expected to propel the demand for smart glass in EMEA during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the smart glass segments based on the application.
“The market is currently witnessing the rising use of smart glass in infrastructure development. With the governments of many countries around the world opting to construct buildings and offices with energy-saving properties, smart glass is being increasingly used in the construction sector. In 2015, the infrastructural development segment accounted for an impressive 25% of the market,” says Chandrakumar Badala Jaganathan, Lead Analyst, Chemicals & Materials, Technavio Research.
By 2020, the transportation segment will account for around 62% of the overall market revenue to become the key revenue generator in the global smart glass market. In the transportation sector, smart glass is used in doors, windows, sunroofs, windshields, rear-view mirrors, and sky-facing windows. The use of smart glass minimizes heat build-up, shading, and restrains the viewing degree. The automotive segment of the transportation industry is the main consumer of smart glass products.
The key vendors in the market include Atheer, Epson, Google, Microsoft, ODG, Recon, Sony, and Vuzix. The market is in its nascent stages of growth and is witnessing the entry of several new smart glass companies and start-up vendors who have successfully received crowdfunding through their innovative products. However, the small vendors will find it difficult to sustain their businesses due to the competition from large players in the market. Small vendors are currently focusing on either developing cost-effective smart glasses or in developing products, especially for a specific application segment. Since the entry barriers are low and as the market presents an enormous growth potential, the coming years will witness the entry of many new smart glass manufacturers. Owing to the low awareness of AR technology and lack of AR content, the market landscape is not expected to change dramatically in the next four years. Analysts also predict that the market will be led by vendors who provide attractive designs along with standardized technology.
A more detailed analysis is available in the Technavio report, Global Smart Glass Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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