Strong Growth Forecast For Smart Glass Market

The global smart glass market size is expected to reach US$7.5 billion by 2028, says a report by Grand View Research, Inc. It is expected to expand at a compound annual growth rate (CAGR) of 6.8 per cent from 2021 to 2028. The growing trend of using smart technology in new buildings has propelled the demand for smart glass products in the architectural sector. The SPD (suspended particle device) technology segment is expected to register a significant growth rate during the forecast period. This can be attributed to its high functionality and pan-industry applications. Modern-day glass solutions offer on-demand privacy in the form of dynamic glazing or smart glass. The technologically-advanced products can turn from clear to opaque in no time. Furthermore, smart glass can help transform the indoor experience by providing an outside view and preserving environmental sustainability. As a result, the demand for smart glass in hospitals, restaurants, and commercial buildings is soaring. Moreover, residential buildings are getting renovated to make them more energy efficient, thereby providing new business avenues for glass manufacturers. Power generation is a key emerging application of smart glass technology. Researchers from Shanghai University have discovered the ideal material for smart windows that can convert sunlight into electricity. Smart windows designed to generate electricity could reduce the buildings' air conditioning demand, making a sizeable environmental impact. Thus, architects and urban planners are increasingly focusing on the adoption of smart glass technology in new buildings.