- Surge in demand for products manufactured using smart glass in the construction sector and its influence on the automobile industry have boosted the growth of the global smart windows market.
PORTLAND, Oregon, April 2, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Smart Windows Market by Technology (Suspended Particle Device Light Modulator, Polymer Dispersed Liquid Crystal Devices Scanner, and Electro Chromic), Type (OLED Glass, Self-Dimming Window, and Self-Repairing), Application (Residential, Commercial, Industrial, and Transport): Global Opportunity Analysis and Industry Forecast, 2019-2026". According to the report, the global smart windows industry was pegged at $4.22 billion in 2019, and is projected to reach $8.97 billion by 2026, growing at a CAGR of 11.4% from 2019 to 2026.
Driving factors for the market
Surge in demand for products manufactured using smart glass in the construction sector and its influence on the automobile industry coupled with rigorous government regulations to control risk-oriented incidents have boosted the growth of the global smart windows market. However, lack of awareness on long-term benefits hampers the market growth. On the contrary, lowing prices of advance materials is expected to create lucrative opportunities in the near future.
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OLED glass segment dominated the market
By type, the OLED glass segment held the largest share in 2019, accounting for more than two-thirds of the market, owing to its various advantages over conventional display technologies such as being light in weight and its flexibility. However, the self-repairing segment is expected to register the highest CAGR of 14.7% during the forecast period, due to its application in harsh environments such as industrial, automotive, construction, and manufacturing.
Commercial segment to portray the fastest CAGR through 2026
The commercial segment is expected to manifest the fastest CAGR of 14.0% from 2019 to 2026, due to the high adoption of intelligent solutions in the commercial sector to operate automatically and conserve energy and reducing human efforts. However, the transport segment held the largest share in 2019, contributing to nearly half of the market. This is due to increase in demand for smart windows in commercial vehicles, trains, passenger vehicles.
North America region held the lion's share
The market across North America accounted for the largest share in 2019, holding nearly one-third of the total revenue. This is due to the presence of the largest residential and commercial sector that demands smart glass in their properties. However, the market across Europe is projected to portray the highest CAGR of 13.3% during the forecast period, as it is a multi-purpose building material and is widely used by architects, engineers, and designers.
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