USD 5.13 billion
Report ID:
SQMIG25K2070 |
Region:
Global |
Published Date: July, 2024
Pages:
157
|Tables:
66
|Figures:
75
Global Smart Glass Market size was valued at USD 5.66 Billion in 2022 and is poised to grow from USD 6.24 Billion in 2023 to USD 13.68 Billion by 2031, growing at a CAGR of 10.3% in the forecast period (2024-2031).
In recent times, the demand for smart glasses is increasing due to the growing energy-conservation initiatives like green buildings and eco-friendly structures. Furthermore, favorable regulatory scenarios like tax and financial benefits are also positively influencing the growth of the market. Latest trends like the utilization of window structures inside the building, increasing area of glazing, and growing external environment interferences are boosting the smart glass market. Furthermore, the use of 5G has also assisted the smart glass manufacturers to enhance AR experiences. 5G technology has immensely helped the market players to minimize their emphasis on processing power and storage capacity. It has increased the focus on reducing the size of the devices and components allowing vendors to make the sensors versatile embedded with additional sensors in it. Furthermore, the potential to save energy and follow environmental regulations has also increased the demand for energy-efficient smart glasses. The main advantage of smart glasses is reduced sun glares, which results in minimized heat gains, increasing the popularity of smart glasses.
US Smart Glass Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 5.13 billion
Largest Segment
Transportation
Fastest Growth
Transportation
Growth Rate
10.3% CAGR
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Global Smart Glasses Market is segmented by Type, Tinting Technology, Connectivity, Operating System, Application and region. Based on Type, the market can be segmented into Monocular Smart Glasses, Binocular Smart Glasses, Immersive Smart Glasses, Audio Smart Glasses, and Others. Based on Tinting Technology, the market can be segmented into Polymer-Dispersed Liquid Crystals, Electrochromic (EC), Photochromic, Suspended Particles Device (SPD), Others. Based on Connectivity, the market can be segmented into Bluetooth, HDMI, USB. Based on the Operating System, the market can be segmented into Android, Linux, and Others. Based on Application, the market is segmented into Education, Gaming, Healthcare, Industrial, and Others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Tinting Technology
Based on tinting technology, the suspended particle device (SPD) is dominating the smart glass market with the largest revenue share. This growth is mainly attributed to the high stability against UV rays. SPD has the potential to block almost 99.5% of visible light, making it ideal for energy control and shading without blocking the views. Furthermore, SPD can be dimmed and tuned by utilizing an automation system and touch panel. This allows users to control the amount of light that can enter the room. It can also mitigate the glare, which minimizes eye strain and offers a comfortable environment. Many SPD can be integrated with personal and public vehicles and smart buildings for minimizing carbon emissions, saving energy, increasing its demand of the segment.
Based on tinting technology, the Polymer dispersed liquid crystal (PDLC) is witnessing the fastest growth in the smart glass market. The PDLC glass is manufactured from smart glazing or film laminated inside two glass panels. The film changes its transparency as a reaction to an electrical signal and the randomly arranged crystals align themselves as a voltage that can be applied throughout the glass panel. It is used for changing the appearance from milky, translucent to a transparent form. Due to this property, PDLC glasses are extremely popular and widely used for the construction of privacy partitions in buildings. Moreover, it is also utilized in automotive glass panels like sunroofs and panoramic windows for controlling the glare and the flow of light within the car chamber. These factors are increasing its demand in the smart glass market.
Analysis by Connectivity
Based on connectivity, the bluetooth segment is witnessing exponential growth with the largest share revenue. This is because Bluetooth’s are easy to use form of connectivity of smart glasses with smartphones and tablets, among other smart devices. In September 2022, Ambrane India Pvt Ltd. launched their Ambrane Glares. It is a type of glass that has an open ear speaker system. Bluetooth V5.1, and many more advanced features. Furthermore, the products are also certified with UV400 UV certification. With more such innovations, this segment will continue to expand soon.
The USB segment is also witnessing the fastest growth in the smart glass market. This growth is primarily due to the availability of better quality of full HD display that can support 3D content with $K resolution. This is boosting the demand of the market. TLC introduced the first generation NXTWEAR G smart glasses. These are embedded with USB type-C connectivity. The product also has Sony OLED lenses which equates to a 140-ich view.
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North America is dominating the market with the largest market revenue. This growth is attributed to the innovations in technologies and collaborations of companies in the region. Furthermore, the rising popularity of smart glasses among athletes and fitness enthusiasts in countries like US and Canada is also increasing the demand. Everysight Raptor and Solos Smart Glasses have been particularly designed for cyclists, runners, and triathletes. This is because these glasses assist them to reach their full potential with real time display of information like average speed, heart rate, and more. The strong presence of many prominent market players, like Amazon Inc. and Bose Corporation, is also creating lucrative growth opportunities for the market.
The Asia Pacific region is experiencing the fastest growth in the smart glass market. This is because of the growing automotive and construction sectors in the region. Furthermore, surge in industrialization in China, India, and South Korea is also positively influencing the growth of the market in this region. The demand for these glasses is also increasing in areas like residential and commercial buildings, hospitals, and tourist destinations. These factors are creating immense growth opportunities for companies operating in the market. Furthermore, growth of the regional market has increased due to the demand for high-end automobiles and increased disposable income. In addition, the adoption of energy-efficient windows and air conditioners is also boosted by the region’s increasing awareness of energy conservation, propelling the market growth.
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Smart Glass Market Drivers
Rising Demand in the Automotive Sector
Increasing Necessity for Privacy in Healthcare and Transportation
Restraints
Initial Upfront Expenses
Reduced Life and Reliability Problems
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The prominent players of the market are focusing on business tactics like mergers, partnerships, and acquisitions of their businesses. However, they are also developing advanced smart glasses for attracting a wider customer base and gain a competitive edge in the market. The competition in the market is extremely intense. But technological advancements are enabling companies to save time and expense while increasing efficiency. These factors are expanding the progression of the smart glass market globally.
Smart Glass Market Top Player’s Company Profiles
Smart Glass Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the demand for global smart glass market is growing exponentially in recent times. This is because smart glasses are used for creating adaptive light environment in residential & commercial buildings, automotive, and power generation units. Furthermore, there are many advantages associated with the smart glass like minimized operational expenses, greater operational efficiency, increased productivity, and remote in-service inspections. These have increased its demand among customers, causing a boost in the growth of the smart glass market.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 5.66 Billion |
Market size value in 2031 | USD 13.68 Billion |
Growth Rate | 10.3% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Smart Glass Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Glass Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Glass Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Smart Glass Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG25K2070
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