According to a new report published by Fast.MR titled, “Smart Glass Market by Technology and Application : Global Opportunity Analysis and Industry Forecast, 2016–2027,” the global smart glass market was estimated at around USD 3.73 billion in 2019 and is expected to grow with the CAGR of 14.1% during forecast period 2020-2027. Rising awareness towards energy efficiency augmenting market growth.
The global movement to reduce carbon footprint and enhance energy efficiency is widely gaining popularity across the globe. This has prompted many regulators to promote the use of energy efficient building material such as smart glass. In addition, the growing prominence of high-rise buildings in Middle East and Asia Pacific region is projected to fuel the market demand for smart glass products.
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The product offers numerous advantages in terms of energy saving, enhanced light texture, and so on. The product is widely employed across the architectural application especially as exterior facades. The increasing challenge to keep architectural superiority while maintaining energy efficiency is pushing the demand for smart glass products.
In European region, product has widely gained prominence as the regulatory bodies pushes for energy efficient building materials. In addition, renovation and remodeling of residential buildings across Europe is projected to further push the market growth for smart glass products in the region.
Key vendors of the industry are Control Systems, Smartglass International, AGC Inc., Corning Inc., Saint Gobain, Polytronix, Asahi Glass Co., Research Frontier, SAGE Electrochromics, Gentex, and Hitachi Chemicals. Industry participants are focusing on mergers and acquisitions to enhance their market presence.
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