Residential and commercial smart glass worth approximately US$ 15 billion will be sold by the end of 2028. Up from the market value attained in 2018, the global sales of residential and commercial smart glass are estimated to observe a substantial CAGR of over 15% during 2018-2028.
According to a new market study of Future Market Insights, the demand for residential and commercial smart glass will remain on a constant high over the coming years. The global residential and commercial smart glass market is currently receiving strong demand from the commercial sector.
However, it is more likely that the demand for smart glass will gather momentum in the residential sector, in the near future. The report attributes this demand growth to increasing initial interest of buyers in residential and commercial smart glass, particularly for bungalows and luxury apartments.
Energy Control & Other Clean Technology Initiatives to Boost Residential & Commercial Smart Glass Market Growth
Various initiatives for the clean technology and mostly related to energy conservation and sustainable use of energy is driving the customers to use different products which would serve the purpose. Also, these initiatives are compelling manufacturers of residential and commercial smart glass to invest heavily in the development of versatile products compatible for efficient energy consumption, besides basic functionalities of smart glass.
On the other side, residential and commercial smart glass solutions incur heavy initial expenditure that includes procurement as well as installation expenses. High procurement and maintenance expenses will remain longstanding challenges associated with the revenue growth of residential and commercial smart glass market.
Moreover, though most residential and commercial smart glass solutions are dirt-proof and demand occasional cleaning, regular maintenance is required to keep these integrated technologies bug-proof, which further demands expensive regular maintenance. This is projected to have a restraining impact on the overall adoption rate of residential and commercial smart glass solutions.
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Global Residential and Commercial Smart Glass Market Forecast
As far as the residential and commercial smart glass market is observed for indoor conference room, office privacy protection, shower room and product projection application, switchable PDLC (Polymer dispersed liquid crystals) residential and commercial smart glass are used the most.
By region, North America is anticipated to dominate the global residential and commercial smart glass market over the forecast period. North America residential and commercial smart glass market, is expected to be followed by Europe residential and commercial smart glass due to the high percentage of luxurious homes and other commercial building in the region.
In terms of growth rate SEA & others of APAC has the highest CAGR in the residential and commercial smart glass market, followed by China and Latin America residential and commercial smart glass market, which also have a good growth rate compared to the other regions in the market.
The market for the residential and commercial smart glass market is segmented on the basis of end-user, technology type and regions. The end–user segment in the residential and commercial smart glass market is further divided into residential and commercial segments.
The residential segment is then further divided into smart windows & doors, smart glass partitions, smart shower glass, and smart glass walls. The commercial sector is further segmented into commercial buildings, architectural use, automobiles, aircraft, marine, consumer electronics and others.
Residential and Commercial Smart Glass Market: Segmentation
On the basis of end user, the global residential and commercial smart glass market has been segmented into:
- Residential
- Smart Windows & Doors
- Smart Glass Partitions
- Smart Shower Glass
- Smart Glass Walls
- Commercial
- Commercial Buildings
- Architectural Use
- Automobiles
- Aircraft
- Marine
- Consumer Electronics
- Others
On the basis of technology type, the global residential and commercial smart glass market has been segmented into:
- Electrochromic
- Thermochromic
- Photochromic
- Suspended Particle Device
- Liquid Crystal
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Market Projected to Grow 4X Between 2018 and 2028
Evolving preferences of consumers have been offering creative freedom to the manufacturers to foster innovation in the residential and commercial smart glass vicinity. High investments in the manufacturing of customized smart glasses based on the infrastructural requirements are witnessed, which translates into lucrative business opportunities.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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